Students Born After 2002 Can Claim Thousands In Free Cash From £9BN Government Pot

There’s a huge £9 billion pot of money available for young people to claim, that you probably don’t know exists.

Yep, you read that correctly. Back in 2005, the government set up a scheme known as Child Trust Funds which allows parents to put money away for their kids, to encourage them to save money for their kids as they got older.

The way this scheme worked is that the government pledged to put in the first £250 into every child’s account, and those from low-income backgrounds were eligible for an additional £250 on top of this. Then parents were encouraged to take over and add money into the accounts when they could, with a maximum of £9,000 allowed to be deposited in one year.

Chances are, you may have one of these accounts which has savings in and you might not even know about it!

If you were born between September 1st 2002 and January 2nd 2011 which is when this scheme ended and were living in the UK you would’ve automatically had an account set up for you.

The average fund is now worth around £2,100 and young people are being encouraged to access these savings to help with the cost of living crisis. Those who are over 16 or over can take control of their account, but you’ll only be able to withdraw the money once you’re 18.

To get access to your fund, it’s best to ask your parents if they can remember which company provided your trust fund but if they’re not sure you can search on the government’s website.

Chances are, you could have a few hundred or even a thousand pounds saved up in there and you might not even know it, so have a look into it and see if you have savings to claim to help you out this winter!

Don’t forget to check out what to do if your finances are affecting your mental health.