Child Trust Fund accounts (CTFs) are released for the first time. The accounts were introduced by former Chancellor Gordon Brown two decades ago for children born between 2002 and 2011 to help them invest in their future.
And in September, thousands of them are set to mature, which means teens turning 18 will be able to cash in on their 'hidden' savings.
Since 2002, around 6.3million trust funds have been set up, roughly 4.5million by parents or guardians and a further 1.8million by HM Revenue & Customs (HMRC) where parents or guardians did not open an account.
This means some children do not know there are accounts in their name and are unaware their money is waiting for them. Economic Secretary to the Treasury, John Glen, said: “We want.
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