Don’t forget to access Child Trust Funds
I AM writing to urge all parents and young people about to turn 18 to check their Child Trust Funds, which were set up when they were born.
The Child Trust accounts, which were introduced to help boost children’s savings are at risk of going unclaimed after the UK Government scrapped the Labour scheme in 2011.
All children born from September 1, 2002, received an initial payment of £250, with children from low-income families receiving an additional £250.
The Child Trust Fund accounts were topped up again at the age of seven and in 2009 the Welsh Government launched the Child Trust Fund Cymru scheme, providing an additional top-up for children in Wales as they began primary school.
The first of these accounts are due to mature in September this year, with access to savings for all children born in 2002.
However, many people don’t know that they have these accounts because the UK Government has failed to promote them.
These funds offer an opportunity for young people to re-invest and save further or cover immediate costs; at 18 years of age they face some of their most important life decisions. They should face no barrier in accessing the savings that they are entitled to. I am urging all young people who turn 18 in September to check their funds.
If you would like more information or help on how to access these funds, please get in touch with my office on 0300 200 7150 or at vaughan.gething@assembly.wales or visit: https://www.gov.uk/child-trustfunds. Vaughan Gething AM Cardiff South and Penarth