Martin Lewis is urging parents across the UK to check if their children are owed a lump sum worth around £1,000.
The Money Saving Expert founder wants parents of kids aged 12-21 to do a simple check to see if they could get the cash though a Child Trust Fund. These are long-term, tax-free savings accounts set up by the Labour Government for every child born between September 1, 2002 and January 2, 2011.
He said: “Any child between the 1st of September 2002, which is basically a 21-year-old, and the 2nd Jan 2011, so a 12-year-old, will have had a Child Trust Fund and the State will have added money even if you didn’t. Up to a million children have these accounts unknowingly.
“They are worth on average around £1000-ish. So if you don’t know about it and you have a kid that age, go to gov.uk, Child Trust Funds, and you can locate and trace where the money is.”
He urged parents to children who are under 18 are able to check online while those 16 can also check for themselves, Birmingham Live reports. Mr Lewis continued: "If you don't know if you have one of those, it really is worth checking if you're in that age bracket".
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."
"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."
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