What's happened
Recent articles highlight ongoing issues with UK children's long-term savings. Over 750,000 young adults haven't claimed their child trust funds, worth an average of £2,240. Meanwhile, junior ISAs remain a popular, tax-free way for parents to save for children’s futures, with advice on how to maximize returns.
What's behind the headline?
The UK faces a significant gap in awareness and access to long-term savings for young adults. The high number of unclaimed child trust funds suggests many are unaware of their existence or how to claim them. The shift to junior ISAs offers a more flexible, tax-efficient alternative, but the lack of active promotion means many parents and guardians may miss out on optimal savings strategies. The government’s advice to search GOV.UK for unclaimed funds is crucial, yet the risk of scams remains high, with some third-party agents charging exorbitant fees. The future of these savings depends on increased awareness and proactive management, especially as the potential for tax-free growth can significantly impact young people's financial stability.
What the papers say
The Guardian reports that over 750,000 young adults have yet to claim their child trust funds, with an average value of £2,240, emphasizing the importance of awareness and proactive claiming. The Independent highlights the government's efforts to encourage young people to find and access these funds, warning against costly third-party agents. Both sources underscore the ongoing challenge of unclaimed assets and the need for better communication and education about long-term savings options for children and young adults.
How we got here
Child trust funds (CTFs) were introduced in 2005 to encourage savings for children, with government deposits for eligible children. They were replaced in 2011 by junior ISAs, which do not include government contributions but offer tax-free growth. Many young adults still haven't claimed their CTFs, which can be accessed at 16 and withdrawn at 18, leading to unclaimed assets worth millions.
Go deeper
- How do I find my unclaimed child trust fund?
- What are the advantages of junior ISAs?
- How can parents maximize savings for their children?
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