Up to 2 million Child Trust Funds have been forgotten.
Every child born in the UK between 1st September 2002 and 1st January 2011 received a child trust fund and many of them have been forgotten about.
According to the latest figures, 1.8 million vouchers were invested by the government on behalf of children. Those accounts now 17 years later may be worth a fortune.
The voucher children received was worth between £250 and £500. Some children benefited from a subsequent voucher of the same amount depending on their circumstances.
Parents and friends and family could add from £10 a month. A 17-year-old would now have £3,610 in their account a bonus of nearly £2,000 if £10 a month had been invested.
The money can be accessed when the child is 18 years old.
Figures have shown that 1.8 million parents forgot to invest the vouchers. And the government chose a handful of providers to do so on their behalf.
Provider OneFamily is urging families to track down their accounts. A lot of parents could have forgotten the accounts existed. But now is the time to act. In some cases, forgotten vouchers could be worth £2,000 even if there haven’t been any additional top-ups.
To help with the issue OneFamily has set up a dedicated page to help parents and children over 16 find their accounts. The government also offers advice and links to help.