Child Trust Funds still unclaimed
Some 728,000 people who have recently turned 18 have not claimed their Child Trust Fund, figures1 show, with the total value of unclaimed money amounting to £1.4bn. Many eligible young people do not know that their account exists, campaigners say. MPs are urging more action from HMRC to inform potential recipients.
Youth still trust ‘finfluencers’
Social media remains the most popular place for those under 30 to find information about money, research2 shows, with six in 10 young people following one or more financial influencer (‘finfluencer’) online. Even more strikingly: almost eight in 10 young people say they trust everything finfluencers say. The Financial Conduct Authority (FCA) has launched targeted action against finfluencers who may be touting financial services products illegally, as increasing numbers of young people are falling victim to scams. Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, commented, “Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt. Finfluencers need to check the products they promote to ensure they are not breaking the law and putting their followers’ livelihoods and life savings at risk.”
Pension priority for young workers
Workers aged 18 to 34 are contributing almost 10% of their wage to a pension each month, a report3 suggests. On the other hand, many older workers are now regretting that they will have to live a more frugal lifestyle than hoped, the report reveals. Don’t have regrets, prioritise your pension now.
1The Share Foundation, 2024, 2MRM, 2025, 3Royal London, 2024
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The value of your investments (and any income from them) can go down as well as up.
