Spend It Wisely

For many young people, the idea of suddenly receiving a potentially large sum of money with "no strings attached" is a pretty exciting concept and one that doesn't come around very often. However, it's easy for us to get carried away when we suddenly find ourselves with more budget than planned, and in some scenarios, this can have some dangerous consequences for ourselves and our families. Money spent responsibly is money well spent and while it's great for us to treat ourselves, it's vitally important that we avoid spending our Child Trust Funds on things that can do more harm than good.

We appreciate that many parents may be a little worried that their children may soon gain independent access to their Child Trust Funds. Legally, there is no alternative to this and it’s important you discuss the situation with your children before their Child Trust Fund matures. In those cases where you are concerned that your children may use their Child Trust Fund money in a way that could harm themselves, there are services that you can contact. We have detailed some of these below.


Young Minds

Young Minds is the UK’s leading charity when it comes to supporting young people with mental health challenges. Their website is filled with useful information on a range of different topics that young people can access. This includes important information on supporting your child when it comes to drugs and alcohol problems.

You can learn more here: https://youngminds.org.uk/find-help/for-parents/parents-guide-to-support-a-z/parents-guide-to-support-drugs-and-alcohol/


The Money Charity

The Money Charity supports people of all ages and backgrounds on various money management tips and advice. They have a great guide on how to manage your money effectively as a young student.

You can find this here: https://themoneycharity.org.uk/work/young-people/student-moneymanual/


Big Deal

Big Deal is a charity dedicated to providing information, advice and support to anyone who is affected by gambling. They have some great information to support young people who think they might be affected by gambling addiction.

You can find this here: https://www.bigdeal.org.uk/


This list is by no means extensive and we plan to keep adding and updating it to make sure it holds the most useful information we can find. We’d also love to hear from anyone who has any recommendations for other helpful resources that we can add to our list. If you do, get in touch as we’d love to hear from you. 

Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website www.fsa.gov.uk/register or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.