Child Trust Funds and Gilts

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 15 February 2025

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

A senior MP has backed calls to start automatically paying out hundreds of millions of pounds to young adults if they haven’t claimed government-backed child trusts funds by the time they turn 21. Sir Geoffrey Clifton-Brown, who is also chair of parliament’s Public Accounts Committee, says the move would help nearly half a million people born between 2002 and 2011 access one billion pounds of their own money that they don’t even know about. The government says the idea would be complex and costly.

There has been a lot of talk on the news about gilts and the bond market. We're joined by Russ Mould, the investment director of AJ Bell, to explain what a gilt is and whether you can buy one?

There's less than three months left to boost your state pension by to filling old gaps in your National Insurance record. At the moment people who have not yet reached pension age and those already on the new state pension can fill gaps in their record back as far as 2006. From this April that window will be shut. What should you do, if you think you've got gaps to fill?

And, the couple who boosted their income by more than a hundred pounds a week after listening to Money Box. Find out how they did it.

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Eimear Devlin and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 18th January 2025)

Transcript

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0:00.0	Before you listen to this BBC podcast, I want to tell you why I love podcasting.
0:04.7	Hi, my name's Tommy Dixon, and I make podcasts for the BBC.
0:08.4	I'm a big fan of stories, always loved a good book.
0:11.4	But when I started commuting for my first job, I discovered podcasts.
0:15.4	I was blown away by how a creative idea and the right mixture of sounds could take you into
0:19.2	a whole new world full of incredible stories. You know, the type that make you go, wow. And that kind of inspired me to
0:25.2	give it a go myself, which to cut a long story short led to a BBC training scheme and a whole
0:30.0	new career giving other people that exact same feeling. So if you want to hear amazing stories
0:34.2	that make you go wow like I did, they're just a tap or click away on BBC Sounds.
0:40.8	BBC Sounds, music, radio, podcasts. Hello, welcome to this Moneybox podcast. Should you perk up your
0:48.4	investments by going on a guilt trip? Could you perk up your state pension by paying extra
0:54.0	national insurance contributions?
0:56.0	Be quick, though, the windows narrowing from April, and the couple who perked up their
1:00.6	income by more than £100 a week after listening to Moneybox. But first, a senior MP has told
1:07.4	this programme that more needs to be done to give almost a million young people
1:11.5	access to well over a billion pounds that has been saved up for them by the state in child trust funds.
1:18.6	We'll hear my interview with the Chair of Parliament's Public Accounts Committee, Sir Geoffrey Clifton Brown, in a couple of minutes.
1:24.6	But first, Moneybox reporter Dan Whitworths here. Dan, just remind us about
1:28.4	these child trust funds. Well, the trust funds were given to every baby born in the UK
1:33.1	between the 1st of September 2002 and the 2nd of January 2011. So anyone who right now is
1:40.4	age between roughly 14 and nearly 22 and a half. Well, they have one. Now, they were
1:45.7	started off by a payment from the government, usually £250 or £500 for babies from
	...

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