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Child trust fund

RiverRiver Posts: 5,347 Part of The Furniture
in Home, Law & Money
I got my child trust fund but what do you actually do with it? I’m so confused :lol:
✨ ℐ 𝒶𝓂 𝒷𝓇𝒶𝓋ℯ. ℐ 𝒶𝓂 𝒷𝓇𝓊𝒾𝓈ℯ𝒹. ℐ 𝒶𝓂 𝓌𝒽ℴ 𝒾𝓂 𝓂ℯ𝒶𝓃𝓉 𝓉ℴ 𝒷ℯ ✨

✨ 𝒯ℋℐ𝒮 ℐ𝒮 ℳℰ ✨

Comments

  • independent_independent_ Community Connector Posts: 10,126 An Original Mixlorian
    I was one of the first to get one of these. I had a meeting with the bank that held it just after I turned 18 and they told me that I can either take it out and spend it, take it out and put it in another savings account, or leave it with them and allow the interest to grow. I wasn’t sure what to do at that point so I left it where it was, and it’s still there now. So it’s really up to you what you want to do with it. Lots of people spend them, get something nice, do something you’ve wanted to do for a while. Equally it’s perfectly ok to save it up and keep it for when you need it, or when you can think of something else to do with it. It’s worth looking into different options, those are just the choices I was given and they were very new at that time, so there might be other options now.
    “Sometimes the people around you won’t understand your journey. They don’t need to, it’s not for them.”
  • Sian321Sian321 Community Manager Posts: 3,654 Community Veteran
    Hey @Rose113 , this is such positive news!

    You might wish to check out some of the following places if you did want some support thinking about your next steps and options. Thank you @independent_ - this is so useful! I really echo this - ultimately, Rose, its about what you want to do. That fund is there for you <3
    https://moneyadvicetrust.org/
    https://www.citizensadvice.org.uk/debt-and-money/
  • RiverRiver Posts: 5,347 Part of The Furniture
    Hey @Sian321 this might sound silly but why do I actually have the fund :open_mouth: was it just for specif people, or could they just tell that I’d need a lot of therapy so come up with child trust funds :p

    Maybe I could use it for that? To get private therapy for trauma as lots of people do it privately? Idk :lol: i can’t be trusted with money haha
    ✨ ℐ 𝒶𝓂 𝒷𝓇𝒶𝓋ℯ. ℐ 𝒶𝓂 𝒷𝓇𝓊𝒾𝓈ℯ𝒹. ℐ 𝒶𝓂 𝓌𝒽ℴ 𝒾𝓂 𝓂ℯ𝒶𝓃𝓉 𝓉ℴ 𝒷ℯ ✨

    ✨ 𝒯ℋℐ𝒮 ℐ𝒮 ℳℰ ✨
  • AnonymousToeAnonymousToe Posts: 2,818 Boards Guru
    I think everyone gets it? Or everyone in a certain age range got it? I dont know. Mine is just left as it is because i dont know what to do with it lol
  • Past UserPast User Posts: 0 Trailblazer
    edited February 2025
    hey @Rose113 children born between 1st september 2002 and 2nd january 2011 will have had a child trust fund, hope that’s helpful🙂

    also, when i got mine i had the option to speak to an advisor from the organisation to help decide next steps.
  • independent_independent_ Community Connector Posts: 10,126 An Original Mixlorian
    It's everyone born between the dates posted above. So everyone who turns (or turned) 18 between 1st september 2020 and 2nd january 2029 will have one. The government basically gave a certain amount of money for every child that would stay where it was until they were 18, with the option for parents to top it up. But my parents didn't and I imagine lots didn't either
    “Sometimes the people around you won’t understand your journey. They don’t need to, it’s not for them.”
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