HMRC warns that approximately 671,000 young adults are missing out on average savings of £2,212 in unclaimed Child Trust Funds, encouraging them to locate their accounts.
Angela MacDonald, HMRC's second permanent secretary, emphasizes the importance of reuniting young people with their funds and simplifying the process to find unclaimed Child Trust Funds.
The Child Trust Fund scheme, which offered initial state contributions for children born from 2002 to 2011, was designed to encourage savings but many accounts remain forgotten.
Parents or teenagers must know their national insurance number and date of birth to access information about their Child Trust Fund accounts on the official website.
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