Nearly half of those entitled have not claimed the money
More than £1.7billion in Child Trust Funds to help young people financially in early adulthood has not yet been claimed, a cross-party panel of MPs has said - worth an average of £1,900 per person. The Public Accounts Committee , which scrutinises government spending, raised concerns that many account holders do not know about their savings or have lost track of them.
They also said providers, which are earning "very high" fees of up to £100million a year for passively managing CTFs mostly composed of government money, are not doing enough to link up forgotten accounts with their owners. CTFs are long-term, tax-free savings accounts for people born between September 1, 2002, and January 2, 2011, which they can access when they turn 18.
PAC chair Dame Meg Hillier said: "The aims behind Child Trust Funds are laudable - for young people to come into a pot of money on reaching 18, with the promotion of financial literacy and good savings habits. But many young people are unaware that they have money waiting to be claimed. "In an ongoing cost of living crisis, our young people need every bit of support we can give them. HMRC still has time to make sure that CTFs are given the chance to be the boost to young people's futures which they were designed to be."
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
HMRC Tax Credits warning ahead of July 31 renewal deadline - what you must doMore than 170,000 tax credit recipients are being warned they have just one week to act or risk having their payments stopped.
Læs mere »
One million families urged to claim £2,000 annual tax-free childcare from HMRCWorking families with children up to the age of 11 can save up to £500 on childcare costs every three months.
Læs mere »
Poor IT performance took out HMRC call centers for five daysDigital revolution at HMRC left 99,000 UK taxpayers on hold over five-day fiasco
Læs mere »
Former pastor charged with murder of girl in Pennsylvania nearly 50 years agoDavid Zandstra, 83, has been charged with the murder of Gretchen Harrington, who disappeared in August 1975 while walking to a summer bible camp in Marple, Pennsylvania.
Læs mere »
More than three-quarters of burglaries reported go unsolved, coming to nearly 600 per dayMore than 200,000 burglaries reported in England and Wales went unsolved last year, coming to nearly 600 per day
Læs mere »