MP reminds teenagers to check on their funds
Young people turning 18 are being reminded they can now access funding put away for them.
From September 1, those turning 18 can access their Child Trust Fund accounts for the first time.
The Government-funded scheme was introduced by the last Labour Government to ensure every young person had access to savings and a financial springboard at the start of their adult life.
For every young person born on or after September 1 , 2 0 02 , th e th e n G ove r nment put at least £250 aside, invested in a fund from only which that young person can draw money which could be topped up by their parents annually.
The scheme was scrapped by the Coalition Government in 2011 but Sharon Hodgson, MP for Washington and Sunderland West, is reminding e l i g i b l e you n g s te r s o f th e scheme.
S h e s a i d : “C h i l d Tr u s t Funds (CTFs) were an incredibly bold policy introduced by the last Labour Government to ensure that every child had access to savings at the start of their adult life, no matter what their background.
"This month, the first people to benefit from CTFs turn 18, and can access the money put aside for them for the first time.
“Over the next nine years, thousands of young people in Washington and Sunderland
West will be able to manage and access the money put aside for them.
“In our constituency, over 8,700 accounts were created, but not all by parents. I don’t want any 18-year-old to miss out on their CTF.
“I would encourage everyone to visit www.gov.uk/ c h i l d - tr u s t- f u n d s / to f i n d their fund.”