Did you know there might be money waiting for you? The HM Revenue and Customs (HMRC) has a message for many people in the UK: it’s time to check for hidden savings! About 671,000 people could have a savings account with money just sitting there, and it could be worth as much as £2,212!

What’s Going On?

Many young people in the UK, especially those aged 18 to 22, might have a Child Trust Fund (CTF) that they have not claimed yet. The government set up these accounts for every child born between September 1, 2002, and January 2, 2011. When these kids were born, the government deposited £250 into each account to help them save for the future.

The good news is that once you turn 16, you can take control of your Child Trust Fund. And at 18, you can finally take out your money. This money can be very helpful, especially when starting adulthood, going to college, or saving for something special.

However, many people are unaware that they even have a Child Trust Fund or don’t know how to find it. This situation means that thousands of pounds are just waiting to be claimed by young adults who might need it.

How to Find Your Hidden Savings

If you think you might have a Child Trust Fund, you can find out easily. The HMRC has an online tool on their official website, GOV.UK, to help you locate your account. To use this tool, you will need a few things:

Your National Insurance number (you can find this on the HMRC app or your pay slip).
Your date of birth.

Using this tool is free, and it can help you discover if there is money waiting for you!

Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, wants to make sure young people can easily find their money. She stated, “Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.”

Beware of Scams!

While it’s exciting to think about finding your money, be careful! Some companies are trying to take advantage of people by charging them to search for their Child Trust Funds. They might ask for a fee or a percentage of your savings, which could take away a big chunk of what you find.

You don’t need to pay anyone to find your Child Trust Fund. It’s as simple as searching for “find your Child Trust Fund” on GOV.UK. By doing this yourself, you can keep all your money and avoid any hidden fees. Remember, searching on the official website is completely free!

Why This Money Matters

You might wonder, why is it important to check for this money? Well, think about all the things you might want or need as you start your adult life. Whether you’re planning to go to college, buy a car, or save for a trip, having that extra money can really help.

It’s also a great way to learn about savings and financial responsibility. Knowing that you have money saved up can motivate you to continue saving and managing your finances wisely. Plus, finding unexpected money can feel like discovering a treasure!

Getting Started

If you or someone you know falls into the age group of 18 to 22, it’s time to act! Here’s a simple step-by-step guide to help you get started:

Gather Your Information: Get your National Insurance number and your date of birth ready.
Visit GOV.UK: Go to the official website and find the tool to locate your Child Trust Fund.
Follow the Steps: Enter your information and see if you have a Child Trust Fund waiting for you!
Claim Your Money: If you find an account, follow the instructions to claim your money.
Spread the Word: Tell your friends and family! They might also be eligible to claim hidden savings.

The Bigger Picture

Finding hidden savings is not just about money; it’s also about understanding the importance of saving. When young people learn about savings, they become more financially responsible. They will be better prepared for life’s surprises, whether they are good or bad.

Savings can help you in times of need, allowing you to feel secure about your finances. This knowledge can also encourage young people to keep saving, making smart financial choices throughout their lives.