Martin Lewis Apologises for ‘Terrible Phrasing’ on Child Trust Funds
Money-saving legend Martin Lewis has issued a swift apology after a slip-up on Tuesday night’s Martin Lewis Money Show on ITV. The guru admitted to using “terrible phrasing” when discussing Child Trust Funds during a live broadcast.
What Went Wrong?
Lewis was explaining who might be missing out on unclaimed Child Trust Funds worth up to £1,000. He said “adoptive children or your children,” an unfortunate choice of words that raised eyebrows. Quickly realising the gaffe, Lewis took to social media to apologise, saying:
“Just realised in the heat of live show I said ‘adoptive children or your children’ – terrible phrasing, sorry. Adopted children are of course your children.”
He stressed the importance of parents checking gov.uk to see if adopted children aged 12 to 21 have unclaimed Child Trust Fund money.
What Are Child Trust Funds?
Child Trust Funds are tax-free savings pots set up by the government for children born between September 1, 2002 and January 2, 2011. Each child received an initial government deposit of at least £250, accessible once they turn 18.
Why You Should Care
- A recent UCAS survey found most university students are curious about their Child Trust Fund balances and how to claim them.
- Angela MacDonald, a financial expert, says many 18-21 year-olds could use the money for big life steps like uni, first jobs, or buying a home.
Over 5.3 million accounts exist. Those aged 16+ can manage their funds, but can only withdraw after turning 18. Since September 2020, more than 500,000 accounts have been claimed or transferred. Families can add up to £9,000 yearly tax-free until the account matures.
Experts Urge Youngsters to Act
Sharon Davies, CEO of Young Enterprise, calls on youngsters to check for unclaimed funds. She warns these savings could be “life-changing,” especially for those from disadvantaged backgrounds. Davies also highlights the need for early financial education and planning.
Martin Lewis Keeps It Real
Martin Lewis’s quick apology shows his commitment to respectful and clear financial advice. His reminder about Child Trust Funds is timely: thousands of young people could unlock a financial boost just by claiming what’s rightfully theirs.
