Child Trust Fund Accounts
Debate between Baroness Lister of Burtersett and Lord Wilson of Sedgefield(2 weeks, 3 days ago)
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Lord Wilson of Sedgefield (Lab)
As of 5 April 2024, some 2.5 million child trust funds accounts and 670,000 mature child trust fund accounts had not been claimed. The Government recognise the importance of ensuring that we marry up young people with those accounts. HMRC is working very closely with opinion-formers and stakeholders to try to ensure that this group is reached. This includes, for example, working closely with UCAS, joining with younger influencers who discuss personal finances online, and using traditional media and HMRC’s own social media channels to target young people to ensure that they know the trust funds exist.
Baroness Lister of Burtersett (Lab)
My Lords, I very much support my noble friend in his efforts, but as there do not seem to be any more questions on that subject, I will broaden it out to another of the Treasury’s responsibilities for children. I realise that my noble friend may not be able to answer this now, but is there any evidence of the impact of the high-income charge, introduced by the previous Government, on the take-up of child benefit? Child benefit is a crucial source of secure income for parents.
Lord Wilson of Sedgefield (Lab)
I thank the noble Baroness for that question, and she is absolutely right: it is not an area I know very much about. I will get the department to write to her with the answer she requires.