Need to know: Martin Lewis urges parents and young people to check for 'forgotten' £2,000 in Child Trust Funds.
MoneySavingExpert founder Martin Lewis is urging parents and young people to check for forgotten Child Trust Funds that could be worth £2,000. Appearing on a recent episode of ITV's The Martin Lewis Money Show, Lewis said: "There are some who are missing out on thousands of pounds."
He specifically targeted those aged 15 to 23. He said millions have these accounts, but "many don't know about them".
HMRC is currently writing to around 750,000 21-year-olds about unclaimed Child Trust Funds. These accounts were the predecessor to junior ISAs and typically hold around £2,000, though Lewis noted the amount "varies vastly" depending on parental contributions and investment performance.
Anyone born between September 1, 2002, and January 2, 2011, can use the free Find a Child Trust Fund tool on gov.uk. Different age groups have different access requirements - under-16s need parental help, while those aged 16-18 can act independently or with parental assistance.
The government originally provided initial deposits into these accounts. Martin Lewis revealed that the typical amount stands at £2,000, meaning "everyone who has one has some money in it, if they haven't taken it out," he explained.
However, the MoneySavingExpert founder issued a crucial scam warning. He said: "Just be careful of scams. Go and find the provider's details yourself and be careful of emails, calls and texts."
