Could You Have Cash Waiting for You? MP Urges Local Young People to Check Child Funds.

Thousands of young people across Stoke-on-Trent and Staffordshire could be missing out on savings sitting in forgotten Child Trust Fund accounts, according to Stoke-on-Trent North and Kidsgrove MP David Williams.

Child Trust Funds were introduced by the last Labour Government in 2005 to help give every young person a financial foundation as they entered adulthood. The tax-free savings accounts were automatically set up for children born between 1 September 2002 and 2 January 2011, with most receiving an initial Government contribution of at least £250. Families on lower incomes received additional support.

The accounts could not be accessed until the account holder turned 18, but millions of pounds remain unclaimed nationally, with many young people unaware they even have an account.

David Williams is now encouraging local families to check whether they or their children may have money waiting to be claimed.

He said: 

“Young people in Stoke-on-Trent North and Kidsgrove deserve the best possible start in life. Too many have grown up through years of austerity, rising costs and pressure on local services, making it harder to get ahead.

“This Labour Government is focused on giving young people and working families more security and more opportunity, whether through breakfast clubs, support with the cost of living, or helping people build a better future.

“But Labour has long believed that background should not determine opportunity. Child Trust Funds were created to make sure every young person had something behind them as they entered adulthood, yet thousands of accounts are still sitting untouched. 

“That money could help with driving lessons, education, training, housing costs or simply provide a financial cushion at an important stage in life.

“I would urge every young person to check whether they have an account waiting for them, and I would encourage parents and grandparents to help spread the word.”

Young people who already know their provider can contact their bank or savings provider directly to access their account. Those unsure where their account is held can use HMRC’s free online tracing service by entering their details to find their account provider.

Mr Williams added:

“The young people in our area face enough challenges already. I do not want to see anyone miss out on money that belongs to them and could help them take their next step in life.

“If you think you might have a Child Trust Fund, check today.”