One million youngsters have money in child trust funds that have gone astray - how to check if yours is one of them

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Nearly one million children are thought to have money in child trust funds that have 'gone missing' according to analysis by Share Radio.

The national radio station's analysis, compiled with DIY investing platform the Share Centre, estimates that one in six CTFs - nearly 1million accounts - opened for children have inaccurate addresses, with the value of the lost funds totalling £600million.

CTFs were a government scheme open to all children born between September 2002 and 2 January 2011. The Government kicked off each fund with a £250 opening voucher, cut to £50 for the final months of the scheme. The idea was that it would start all children off in life with savings and encourage a savings habit. 

Show me the money! Share Radio is urging the Government to start a high profile campaign for parents to discover the whereabouts of their child's starter nest egg

Family and friends were able to top up the funds, but children are not able to access it until their eighteenth birthday.  

However, the scheme has since closed, and many children have lost the link with their CTF. 

Share Radio is now calling for the Government to introduce a high profile campaign to re-link them to children.

The finance and consumer radio station, which recently went national on digital radio, is the home of the weekly This is Money show at 11am on Fridays, which is also released as a podcast on Audioboom and iTunes.

The proportion of these lost CTFs allocated by HMRC is significantly higher than those applied for by parents, the data found.

Accounts that have been automatically allocated by HMRC for children whose parents had not applied within one year of birth comprise more than quarter of the total.

The estimates highlight the amount of money that may not reach its intended source. The oldest children will now be 14 and they will be able to access the cash in less than five years' time. 

Gavin Oldham, managing director at Share Radio, said: 'There is an online facility to "find" a CTF hosted by HMRC, but very little is done to publicise this, or get the message out.

'That's why we are calling on Government to launch this campaign to help families find their lost CTFs.'

Sarah Pennells, presenter on Share Radio, said: 'CTFs were the "big idea" to get parents who'd never saved before, to invest for their children, so it's pretty shocking that so many have lost contact with their accounts.

'I'm pleased we're able to highlight this issue on Share Radio as I get lots of emails from parents who are confused about the best way to save for their children.'

CTFs were enabled to be transferred into junior Isas from April 2015 after the Government bowed down to our campaign to allow it after rates started to crumble.

To check the whereabouts of your child's CTF, you can visit the HMRC website: where is your child's trust fund held?