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The government has issued a warning to Brits that they could have hundreds of pounds stashed away that they don’t even know about - depending on when they’re born.
HM Revenue and Customs took to X to urge Brits to check if they have a sum averaging £2,000 sitting around gathering dust.
In a post, HMRC said: “Were you born between 1 Sep 2002 and 2 Jan 2011?
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“Check if you have forgotten savings in a Child Trust Fund – worth around £2,000 on average (T&Cs apply)."
Martin Lewis has previously issued a similar warning to those who are eligible to take action.
Child Trust Funds are long-term, tax-free savings accounts that the government set up for every child born between 1 September 2002 and 2 January 2011.
Upon opening the accounts, the government contributed an initial deposit of at least £250, with many parents regularly adding to it - but there’s also plenty of youngsters who may be completely unaware they even have one.
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Those who have the trust funds are able to withdraw their cash when they turn 18.
But the government has previously warned that thousands of the accounts that have matured are currently going unclaimed and is urging people to claim or transfer their money now.
Speaking in September last year, Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “Many 18-21 year olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their Child Trust Fund is a pot of money with their name on.
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"I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their Child Trust Fund.
"It could make a real difference to their future plans.”
Sharon Davies, CEO of Young Enterprise, also said: “We would encourage all young people to investigate if they have money which is unclaimed in a Child Trust Fund and to use it wisely.
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"A disproportionate amount of the money is unclaimed by young people from disadvantaged backgrounds who are the very people who would benefit most from these funds.
"The investment could be placed into an adult ISA or put towards driving lessons, education or starting a business.
“The money in a Child Trust Fund has the potential to be life changing and the lack of knowledge about them shows the importance of financial education and financial planning from a young age”.
To find out more, you can visit the HMRC website here or if you already know you have one and want to find out where it’s held, you can head here.
Featured Image Credit: Rasid Necati Aslim/Anadolu Agency/Getty Images/Getty Stock Images