Over one million young people are missing out on £1.7bn in unclaimed Child Trust Funds (CTFs).
Many have already benefitted from CTFs and accessed money put aside for them by the last Labour Government. Here in Llanelli, 7,765 CTF accounts were created and I don’t want anyone to miss out on their child trust fund which is rightfully theirs.
For every child born after 1 Sept 2002, until the Tories axed the scheme in 2011, the Labour Government put at least £250 aside for them. The money went into an account parents could open. For children whose parents didn’t use their voucher, the government set up an account instead. Parents, grandparents and others could top up the account too.
The idea was simple. People with access to savings have long had the ability to put down a deposit on a flat, buy a car, start a business or whatever else they choose to do with that money. Labour wanted to extend to every young person the options that wealthier families took for granted.
More info and how to check if you or a loved one is missing out can be found here : https://www.gov.uk/child-trust-funds/find-a-child-trust-fund