Martin Lewis sends '£2,000 warning' to everyone aged between 13 and 22

Money is sitting in accounts unclaimed

Martin Lewis has issued an 'important' warning to everyone aged between 13 and 22. The financial guru has said that people could have thousands in a Child Trust Fund.

Martin said 670,000 people between 18 and 22 who have a Child Trust Fund have not touched the cash - and many do not know about the account. The average amount is £2,212.

The Money Saving Expert founder warned against firms claiming to get people access to their cash for a fee when the process is actually free. The long-term, tax-free savings account is for children born between September 1, 2002 and January 2, 2011.

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In a video posted on X, formerly known as Twitter, Martin said: "This is an important warning for anybody aged 22 and under. You may have £2,000 in a Child Trust Fund that you don't know about, and you can get the money out for free.

"I've started to see adverts and videos on social media from firms trying to charge you to access your own money, or trying to get a cut of your savings to give you your money. Don't touch them, don't sniff them, son't smell them, don't go near them.

"This is easy to do yourself." Child Trust Funds launched with a £250 deposit from the government when savers were born.

The scheme closed in 2011 but many accounts remain untouched and unclaimed. Young people can take control of their account at 16 or withdraw the funds when they turn 18 - when the account matures.

Parents can also add up to £9,000 a year to these accounts without incurring any tax. It does not affect your benefits or tax credits.

The savings are held in banks, building societies or other saving providers until it is withdrawn or re-invested. Martin said: "Your parents could put money in it but everyone was also given a sum by the State to start it off.

"Normally, £250 but in some cases £500. You can take the money out of your Child Trust Fund, although in some cases, if you were active with it, you can convert it into what's called a Junior Isa too.

"You can take the money out of it and access the cash when you're aged 18, which many of you now are." HMRC said that if teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly.

You can use this online tool on GOV.UK to find out your Child Trust Fund provider. Young people will need their National Insurance number – which can be found using the HMRC app - and their date of birth to access the information.

You should get a reply within three weeks telling you who your money is with.