03-06-2025
- Business
- South Wales Argus
£69m unclaimed Child Trust Funds in Wales, charity says
In Wales alone, £69 million remains untouched in HMRC-allocated Child Trust Funds (CTFs), according to The Share Foundation.
Nearly half of these accounts (46.1 per cent) belong to young people from low-income backgrounds.
The Share Foundation is calling for automatic payments of these funds to eligible account holders once they turn 21.
Gavin Oldham, chairman of trustees at The Share Foundation, said: "Child poverty is becoming one of the big issues of our time.
"We need to break the cycle of deprivation which is why, over the past 12 years, we have been committed to establishing starter capital accounts for young people in care and helping young people from low-income backgrounds access Child Trust Funds they never even knew existed.
"These initiatives are delivering positive outcomes exactly when families need them most."
The charity has already helped more than 85,000 young people access at least £165 million in matured CTFs.
