HMRC alert: Millions of young adults could have unclaimed savings worth thousands

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HMRC alert: Millions of young adults could have unclaimed savings worth thousands.

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HM Revenue and Customs (HMRC) has issued a fresh warning urging young adults to check whether they have unclaimed savings in forgotten Child Trust Funds.The tax authority said anyone born between September 1, 2002 and January 2, 2011 could have a savings account waiting to be claimed once they turn 18.Officials warned that thousands of these accounts remain unclaimed, with many young people unaware the money exists.HMRC said: "Could you be sitting on unclaimed money?

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If you were born between September 1, 2002 and January 2, 2011, you may have a Child Trust Fund ready to claim once you're 18." TRENDING Stories Videos Your Say Child Trust Funds were introduced by the Government to provide financial support to children as they reached adulthood.Eligible children were automatically given an account, often with an initial Government contribution, while family and friends were able to add further savings over time.However, many of these accounts have since been forgotten or lost track of,...

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