Young people! Could thousands of pounds be sitting in a bank account with your name on it? | Rajiv Prabhakar

In these hard times, the government should be doing more to reunite child trust fund account holders with their cash

Imagine that you are about to turn 18 and there is £2,000 sitting in a bank account on your birthday. What would you do with it? Spend it on a laptop, clothes for work or save it for a rainy day? But there’s a catch: you don’t know the money is there and so you do not get it.

This may be the case for thousands of young people today. The latest data on child trust funds (CTFs) up to April 2022 shows that there is £943m in matured CTFs lying unclaimed or untransferred.

Dr Rajiv Prabhakar is a senior lecturer at the Open University and author of Financial Inclusion: Critique and Alternatives

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from The Guardian https://ift.tt/i3XLCBH