Money saving expert Martin Lewis has urged teenagers and their parents to check that they're not missing out on up to £2,000. He said that those aged 12 to 20 will have had a Child Trust Fund account set up by the Government, but that up to a million have been forgotten about.
The initiative provided a long-term tax-free savings account to children born between September 1, 2002 and January 2, 2011, with the intention of helping them out with some money when they reached adulthood. Parents could pay into the account, but the state also started everyone off with £250, or £500 for some children from low-income backgrounds.
Around 6.3 million Child Trust Funds were set up, but Martin warned that up to a million have been forgotten about. This means people may not be aware that they have savings that could be worth up to £2,000, CoventryLive reports.
