Child Trust Funds - know what they are? If you are turning 18, you should


woman holding coins to her eyes

MyPocketSkill mission is to hep Gen Zs to become more financially capable. We do so by enabling them to earn, save and learn about money. So it is good to know that as of September 2020 those turning 18 are now able to access their Child Trust Funds. Let us tell you what they are.

The Child Trust Funds were set up in 2005 and children born between September 2002 and January 2011 were eligible. These funds, now defunct, were replaced with Junior ISA’s in 2011 but the accounts remained open and active and happily their values have increased.

Now that many beneficiaries of the Child Trust Funds are turning 18, it bears the obvious question for teens: what shall we spend the money on? However for us, with financial capabilities hat on, it goes beyond just the spending question. For the young people beginning to receive these payments the question is also what financial skills and knowledge do they have to understand their options for these payments? What conversations can parents have to foster good financial habits and planning for the future?

Financial education was first introduced into the national curriculum 6 years ago in September 2014, in recognition that the ability to manage money well is an essential life-skill for young people. However in 2019, just 8% of young people said they learned about money skills in school and 17% said they were self-taught. As well as this, 82% of young people said they wanted to learn more about finance and money. So what can be done?

Research says that financial education is at its best when delivered at relevant time and in practical learning-by-doing way. The Child Trust Fund payments are a perfect opportunity to have some a conversations with young people about financial wellbeing. Research, plan and implement some strategies to make sure they get the most out of the payments. Discuss investment and how it works, how the lessons they learn with this money can be applied to financial decisions for their future.

In today’s challenging circumstances, spending time equipping young people with these tools of financial skills is more essential than ever for the future.

Recent posts

‘Buy Now Pay Later’? We say ‘Save Now Spend Later’ as the Better Alternative to Helping Young People Manage Their Money

Teens, Skills, Digital Natives and How They Can Power Small Businesses in the UK

Ambassador Spotlight: Alex Cuesta

Ambassador Spotlight: Bilaal Ashfak

Talk Money Week 2021: Why Should We Be Talking to Young People About Money?

Instagram for Small Business: how to attract new followers

Earn, Save, Learn.. Global Money Week 2021

Keeping Safe While Babysitting During COVID-19

What is the best age to start volunteering? We say start young!

Babysitting: let us think outside the box

Looking Back at One Year of Our £5 for 45 Programme

Celebrating Our Team on International Women's Day 2021

Top Tips to Support Young People Learning Financial Literacy

Three new (year) rules that will form good financial habits for my kids

Young People: Good Financial Behaviour Habits for Christmas and for Life!

Child Trust Funds - know what they are? If you are turning 18, you should

Helping to Build Financial Capabilities of Young People in the Time of Covid-19

Student Ambassador Spotlight: Charlotte Wills, East Sussex

Student Ambassador Spotlight: Lola Yuille-Clough, Kent

COVID-19: How are teenagers coping? With inspiration and innovation..

So, do you want your kids to make a difference?

How do you nurture financial capability in children and young people?

Inspirational teens series: Phoebe Shergold-Willis

Pocket money revolution: how can teens earn pocket money

Debate: Will a lie-in help to improve my teenager's grades?

From tasks to start-ups … how young entrepreneurs really start...

Skills Development 1: What practical steps can I take to improve my chances of securing a place at a medical school

MyPocketSkill Skills Day 2020



Jan 2022 Jan 2022 Dec 2021 Nov 2021 Nov 2021 Sep 2021 Mar 2021 May 2021 Mar 2018 Apr 2017 Apr 2021 Mar 2021 Mar 2021 Jan 2020 Dec 2020 Oct 2020 Jul 2020 May 2020 May 2020 Apr 2020 Mar 2019 Sep 2018 Feb 2020 Oct 2016 Feb 2017 Oct 2020 Mar 2020 Jun 2020