Powys Council Urges Young People to Claim £9,000+ in Unclaimed Funds

Young people in the Welsh council area of Powys may be eligible to access over £9,000 in unclaimed Child Trust Funds. The local authority is encouraging eligible individuals born between September 1, 2002 and January 2, 2011 to check whether they have funds awaiting them. Many young people may not be aware that they have money saved in accounts they can now access.

Established by the UK Government, Child Trust Funds were designed to provide children with a financial foundation. Those who are now aged 16 can take control of their accounts, deciding how to invest or contribute to the funds. Upon reaching 18, they can withdraw the accumulated money. With financial pressures mounting for many, the council believes this could significantly help those in need.

The council is urging all eligible young people in Powys to take the necessary steps to claim their Child Trust Funds. According to Cllr Matthew Dorrance, deputy leader and cabinet member for a fairer Powys, “Many young people may not realise they have money waiting for them in a Child Trust Fund. At a time when finances are tight, it could make a real difference.”

In order to assist young people in accessing these funds, the Share Foundation provides a free online tool to determine if an account exists. Interested individuals will need their National Insurance Number for verification. For those who do not have this information, the organization Meic Cymru can provide support.

Cllr Dorrance emphasized the importance of claiming these funds, stating, “This money belongs to you. If anyone tries to control how you use it or take it from you, please reach out to Meic or speak to someone you trust.” He further encouraged eligible young people to consider their future plans, whether for education, housing, or savings.

As of now, Powys Council has reached out to HMRC to ascertain how many Child Trust Funds remain unclaimed across the country. The call to action aims to ensure that young individuals do not miss out on financial resources that rightfully belong to them.

For those wishing to pursue this opportunity, checking for a Child Trust Fund could be a vital step towards financial independence and stability.