Martin Lewis issues urgent advice to anyone aged under 22 to check if they can claim £2,000

The Money Saving Expert has issued new advice to anyone aged 22 or under, who could be missing out on a significant sum of money without even realising it

Money Saving Expert Martin Lewis has highlighted an important pointer for those aged 22 or under, suggesting they check if they might have an overlooked Child Trust Fund account. Child Trust Funds were given to youngsters born between 1 September 2002 and 2 January 2011 with an initial voucher of £250, or £500 for children from less affluent backgrounds, aimed at fostering a culture of saving.

Parents could enhance their child's fund yearly up to £9,000. Should a parent have missed setting up a Child Trust Fund, HMRC stepped in to create one on the child's behalf.

This inadvertently led to numerous unclaimed accounts - leaving a potential sum of money untouched by its rightful owners. Access to the funds is granted once the child turns 18.

Those who've mislaid details of a Child Trust Fund can reclaim it through simple, free methods. In his latest social media update, specifically on X/Twitter, Martin warned against unnecessary expenditure, cautioning: "A warning to those age 22 or under. You may have £2,000 in a Child Trust Fund. You can access it for free. Yet some firms are trying to charge you to get your own money. Don't pay.", reports the Mirror.

HMRC's most recent statistics reveal that upwards of 670,000 individuals between the ages of 18 and 22 haven't retrieved their respective Child Trust Funds, with the average value being around £2,212. Although the possibility to open a new Child Trust Fund has been shelved since 2011, contributions into current accounts are still welcomed.

How to find a lost Child Trust Fund account

If you're aware of your Child Trust Fund provider's name, you can directly get in touch with them for more information about your account. If you've misplaced details of your account, HMRC can assist you in locating it by completing a form on GOV.UK. Parents or guardians of children under 18, or individuals aged 16 or over searching for their own account, can request HMRC to locate a Child Trust Fund.

To complete the online form, you'll need your National Insurance number and Government Gateway - which is free to set up. After providing the correct information, HMRC should inform you of the Child Trust Fund provider's name within three weeks.

Alternatively, you can request details via post by writing to: Charities, Savings and International 1, HMRC, BX9 1AU. Try to include as many details as possible, such as the full name, date of birth and address of the account holder, along with their National Insurance number.