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Scottish teenagers each to get access to a pot of money over the next nine years

Hundreds of thousands of teenagers in Scotland are set to benefit from the maturity of Child Trust Funds.


August 19, 2020, UK: Hundreds of thousands of teenagers in Scotland are set to benefit for the first time from money in Child Trust Funds (CTFs) that has been waiting for them since they were young children.


Since 2002, around 6.3 million CTF accounts have been set up across the UK, roughly 4.5 million by parents or guardians and a further 1.8 million set up by HMRC where parents or guardians did not open an account. In Scotland, there are approximately 447,000 accounts.


This means some children do not know there are accounts in their name, so are unaware their money is waiting for them.


From 1 September 2020, the oldest children will turn 18 and be able to access their money.

If a parent or guardian is unsure of where their child’s CTF account is held they can also use this tool.


For those who do not have the identifying information required to access the tool, HMRC will provide an alternative, non-digital routes to finding a CTF provider upon request.


HMRC and The Share Foundation are also working together to help children in need of further support.


HMRC will send details of the CTF provider by post within three weeks of receiving their request.


Economic Secretary to the Treasury, John Glen, said:

We want to make sure all young people can access the money which has been set aside for them, to invest in their future and continue a savings habit, as they turn 18. If you’re unsure if you have an account or where it may be, it’s easy to track down your provider online.

UK Government Minister for Scotland, Minister Duguid, said:

This will be a welcome boost for many Scottish young people, particularly welcome in what has been a difficult year for many. I encourage all young people aged between 16 – 18 years in Scotland to check if they have a dormant Child Trust Fund. This money, provided by UK Government, is rightly yours. It only takes a few minutes of your time to check your eligibility online.
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