Over 750,000 Brits missing out on free payment averaging £2,200 urged to check 'dead' account

If you were born between 2002 and 2011 - part of the so-called Generation Z, in other words - you may well be entitled to a surprise lump of dough.

Traditionally, the 'Trust Fund Kid' label is slyly derogatory, but most people with a Child Trust Fund account are actually not the offspring of billionaires who can helicopter their way to school or have a butler hanging on their every request.

There are apparently more than three-quarters-of-a-million British citizens who don't even know they have Child Trust Funds - missing out on an average of £2,200.

GOV.UK tweeted as much only a few days ago, urging anyone within that specific age group to do some digging.

"If you were born between 1 September 2002 and 2 January 2011, you could be one of over 750k people who are missing out on £2,200 on average in their Child Trust Fund," read the social media announcement.

"Contact your Child Trust Fund provider directly if you know who the account is with. You can also use the online tool on http://GOV.UK to find your Child Trust Fund provider."

An average of £2,200 is waiting in Child Trust Funds across the UK (Getty Stock Image)

Incase CTFs are an unknown entity to you: they were offered to most children born between 2002 and 2011 (who will now be aged 15-24).

Due to them no longer being openable though, these savings accounts are classed as 'dead', therefore the interest rates tend to be on the low side.

If that's the case, then switching the CTF into a Junior ISA would make more financial sense, given the higher-rated interest available.

Up to £9k can be added each year to an existing CTF and the money exclusively belongs to the child, who is granted control when they turn 16 and are then able to access the funds two years later.

They are totally tax-free in nature and will not affect any benefits one might already be receiving.

MoneySavingExpert.com has published a neat guide on them, identifying the top-paying CTFs in the country.

Martin Lewis is the Money Saving Expert we have all come to trust (ITV)

Meanwhile, MoneySavingExpert founder Martin Lewis recently revealed that 500,000 people in the UK are missing out on free money from their employer.

It's all to do with the Workplace Pension system, where companies are now legally required to automatically enrol its eligible staff while also making monthly contributions.

A percentage of an employee's wage is paid into the plan before taxes are deducted from the payslip, followed by the company's contribution to help bolster their staff's retirement kitty.

However, a study by Lubbock Fine Wealth Management of the Department for Work and Pensions (DWP) found that the number of people opting out of AE (auto-enrolment) has reached 500,000 a year, per PensionAge.

They then discovered that 9.8 percent of those opting out were under the age of 30.

Why would you let that precious retirement money slip through your fingers so easily?