According to figures from HM Revenue and Customs (HMRC), approximately three-quarters of a million young adults are sitting on unclaimed pots of cash. Some 758,000 people aged between 18 and 23 have yet to claim their matured child trust fund, which is worth an average of £2,242 each.
Child trust funds are long-term, tax-free savings accounts that were established for children born between September 1, 2002 and January 2, 2011, with an initial Government deposit of at least £250.
Youngsters can take control of their account at 16, but once the account holder turns 18 it matures and they can decide whether they want to withdraw the money or re-invest it.
Angela MacDonald, HMRC's second permanent secretary and deputy chief executive, said: "If you're between 18 and 23, you could be sitting on a savings payout and not even realise it. Just search 'find my child trust fund' on gov.uk to find your savings account today."
The savings accounts are not held by the Government but in banks, building societies or other savings providers. If young people or their parents or guardians already know who their child trust fund provider is, they can contact them directly.
For those who do not know where theirs is, they can use the gov.uk locator tool to find it quickly and for free. More than 563,000 young people went online to find their account in the 12 months to the end of August 2025, HMRC said.
Shelley Doorey-Williams, chief executive of the London Foundation for Banking and Finance said: "With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives."
Charlene Young, a senior pensions and savings expert at AJ Bell, said once young adults had tracked down their child trust fund “it’s up to you what you do with it. You can transfer it to an adult Isa in your own name or withdraw the money. Until then your money will just sit in an account that no-one else has access to”.
She added: “Anything you transfer to an adult Isa at maturity will not count towards your annual Isa allowance, which is £20,000 for over-18s.”
