Maike Currie, vice president of personal finance at PensionBee, said: “Young people are entering adulthood against a challenging backdrop – Britain today has close to one million young adults not in education, employment or training, technology is reshaping the labour market and the route into secure employment can feel less straightforward.
“Meanwhile thousands of young people could be sitting on a financial head start they don’t even know they have. A Child Trust Fund could help with study costs, driving lessons, a first car or the first steps towards a home. If the money isn’t needed immediately, think about keeping it invested in an ISA or even putting some towards a pension, which could give that money another 30 or 40 years to potentially grow.
“A forgotten Child Trust Fund may look like a relatively modest pot today, but combined with time, patience and regular saving, it could become the first building block of long-term wealth.”
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