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Six million CTFs were set up for children born between September 1 2002 and January 2 2011, with around 55,000 CTFs maturing each month. Yet, more than half a million (525,000) accounts are thought to have matured since September 2020, with 53 percent of these, valued at £765million, still unclaimed.
At a time when many people are struggling due to the rising cost of living, news that hundreds of thousands of people could be missing out on savings they already have might come as a surprise.
According to the company’s calculations, the average value of lost Child Trust Funds is £2,200.
Gretel’s research also found 74 percent of consumers have never tried to track down a lost or dormant account including CTFs, pensions, bank accounts and investments.
Almost a third (31 percent) haven’t tried to find them because they didn’t know how to do it or where to start – up from 26 percent in 2020.
Duncan Stevens, Chief Executive of Gretel said: “We want to get the money from ‘lost’ Child Trust Funds back to the younger generation where it could make a huge difference to their life.
A fifth of all UK adults believe they may have lost track of a CTF or let one set up on behalf of children or grandchildren become dormant, which we estimate is valued at £2.2billion and this is money that could be used to help buy a first flat, pay off educational debts or buy a first car.
“Our mission at Gretel is to get the billions of dormant, lost and unclaimed money from savings, investments and pensions back into the hands of the consumer, where it belongs.”
Paul Bridgwater, Head of Investments at OneFamily said lots of people could be owed money even if they never set up a CTF in the first place.
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He explained: “If parents didn’t get round to opening up a CTF and depositing the savings voucher given to them by the Government, the money wasn’t ever lost – it was automatically invested in a CTF on their child’s behalf.
“So, for the 18 years up to maturity the account may have been accruing value without their knowledge. By now it could be a handy nest-egg.
“If a OneFamily CTF isn’t claimed when the young person reaches 18, they don’t need to worry about their savings disappearing.
“The money continues to be held safely with us and receives the benefits of the fund until the young person gets in touch.”
Gretel estimates that 19.6 million people in the UK have lost financial services products including obe million Child Trust Funds and 10 million bank accounts.
This figure also includes 2.5 million life insurance policies and 1.6 million pensions, which has generated dormant or unclaimed money with a collective value of over £50billion.
People can check for free by using online hub Gretel and it takes less than three minutes.
The money is not completely lost and can still be claimed.
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Gretel also found that 74 percent of consumers have never tried to track down a lost or dormant account including CTFs, pensions, bank accounts and investments.
The research showed almost a third (31 percent) haven’t tried to find them because they didn’t know how to do it or where to start.
Furthermore, one in five (19 percent), rising to 25 percent of those aged 18-34, don’t even known they can search for lost and dormant accounts, while 15 percent assumed it was so long since they lost track of their account/money that it was no longer theirs anyway.
Additionally, one in ten (10 percent) think the process to track down lost money is too costly, rising to 17 percent among those aged 18 to 34 years.
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