Martin Lewis says thousands of people born between 2002 and 2011 may have '£2,212' in forgotten HMRC fund

Financial guru Martin Lewis issued an important alert to parents and anyone aged between 13 and 22

Thousands of people across the UK could have as much as '£2,212' at their fingertips, according to Martin Lewis. This week, the money-saving expert issued an important alert to people born between September 1, 2002, and January 2, 2011, encompassing anyone whose aged between 13 and 22 years old right now.

On a new BBC Podcasts episode, he said the Government gave every child born within this period a special type of tax-free savings account, called a Child Trust Fund. Over the years, many of these have garnered an unbelievable amount of interest, but shocking figures suggest that 671,000 accounts haven't been touched.

"Anybody who was born between the 1 September 2002, which is age 22 now, to the 2nd of January 2011 - and of course, it could be your kids - which is age 13 now, was given a Child Trust Fund by the State which is a form of tax-free savings account," he explained on The Martin Lewis Podcast. "But what was crucial about those periods is the State started it off with money, normally £250, in some cases £500.

"So, every child born between those dates, aged 13 to 22 now, had a Child Trust Fund and you can access it when you are aged 18. Now, the stats show 671,000 Child Trust Funds for the age group who are now 18 to 22 haven't ever been touched."

Importantly, Martin stressed that Child Trust Funds were not an 'opt-in schemes', everybody received them, and the initial funds may have been invested or accrued interest. He continued: "And the average amount in those 671,000 accounts that have never been touched is £2,212 now. Now, why am I doing this right now?

"I've been spurred to do this because there are third-party claim firms especially on TikTok trying to charge people £350 to access their money or 25% of the savings to access their money when they are doing absolutely nothing for you. These firms are not doing anything that you cannot do yourself absolutely simply, so I just want to talk people through what you need to do."

If you're unsure where to find your Child Trust Fund, asking a parent is a good first step. However, if they're equally clueless it's then worth heading to the Government's website.

Here, you can use HMRC's free tool to find the provider of your Trust Fund. Parents can do this on the behalf of children under 18, and anyone aged 16 or over can do it on their own behalf. Online, the form takes an average of 10 minutes to complete, though you can also print a document to send to HMRC.

Once you know the name of the investment provider or bank, you should then give them a ring. "That's how you locate it and all the firms that are charging you £350 are doing is exactly the same thing," Martin Lewis added. "So, you do not pay anybody to do this."

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