Money Box
Child Trust Funds and Gilts
Feb 15, 2025
Discover the hidden world of Child Trust Funds! A senior MP advocates for automatic payouts, potentially unlocking millions for unaware young adults. Delve into the realm of gilts—UK government bonds—understanding their reliability and investment perks. Learn about bridging gaps in National Insurance to maximize retirement income and hear a couple's success story on boosting their weekly earnings after tuning in. It's a treasure trove of financial insights!
24:59
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Quick takeaways
- Initiatives to automatically pay out unclaimed Child Trust Funds could significantly help nearly half a million young adults gain access to their money.
- Completing National Insurance record gaps before the April deadline can substantially increase state pension income for individuals nearing retirement.
Deep dives
Accessing Child Trust Funds
Many young adults in the UK may be unaware of the existence of Child Trust Funds, which were established for every baby born between September 2002 and January 2011. These funds were initiated with government contributions, offering parents the opportunity to add to them over the years. An alarming number of these funds, amounting to around £927 million, remain unclaimed, primarily because individuals do not know they exist. Initiatives by organizations like the Share Foundation aim to automatically pay out unclaimed funds to those who have not accessed them by a certain age, potentially making a significant difference to their financial situations.
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