Young people could be owed millions from government scheme Curiously
Hundreds of millions of pounds in a government scheme to help young people financially in early adulthood has not yet been claimed, according to a spending watchdog.
A CTF is a long-term tax-free savings account for children born between September 1, 2002 and January 2, 2011, which they can access when they turn 18. The government paid more than £2 billion into CTFs for 6.3 million children born during this period.Most children received around £250 each from the government at the time their CTF was started, while those from low-income families or in local authority care received an additional £250.
By April 2021, around 320,000 CTFs had matured in the seven months since the first CTF account holders reached 18 in September 2020. Of these, 175,000 had been claimed by the account holders and the accounts closed, and 145,000 remained unclaimed.
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