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Child Trust Funds were introduced by the UK Government in 2005. Accounts were opened for almost 6 million children born in the UK between 1st September 2002 and 2nd January 2011.
The Child Trust Fund was meant to:
⚬ make sure that every child has some savings by their 18th birthday
⚬ help get into the habit of saving
⚬ teach the benefits of saving
⚬ help understand personal finance
If your parents/guardians didn’t get around to opening your account by your first birthday, then the HMRC (responsible for tax, payments and customs) did it for you.
Meic is the helpline service for children and young people up to the age of 25 in Wales. From finding out what’s going on in your local area to help dealing with a tricky situation, Meic will listen even when no-one else will. We won’t judge you and will help by giving you information, useful advice and the support you need to make a change.