Martin Lewis has alerted parents to a little-known government cash scheme for kids if they were born between 2002 and 2011.
Martin Lewis has issued an 'important warning' to anyone aged under 22 – as they could be missing out on more than £2,000. The Money Saving Expert took to X, formerly known as Twitter, to alert parents to a little-known government cash scheme that could help their kids.Explaining there are 670,000 people aged 18 to 22 who have unclaimed Child Trust Funds in their name, he advised how to check if your child has one – and how to claim the money.
In the video, the money guru continued: 'This is an important warning to anyone aged under the age of 22. 'I have started to see adverts on social media from firms trying to charge you to access your own money or trying to get a cut of your savings to get you your money.What is a Child Trust Fund? If you have a child currently aged between 13 and 18, and they were born specifically between 1 September 2002 and 2 January 2011, they will have a Child Trust Fund.'Now your parents could put money in it, but everyone was also given a sum by the state to start it off.
'And the stats show that 670,000 people aged between 18 and 22 who have one of these have not touched the money – and many of them don't know about it. And the average amount in there is £2,212.'
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis' MSE urges over-55s to act 'fast' over key issueThe Money Saving Expert website, founded by Martin Lewis in 2003, has issued an important message for everyone aged 55 and over
Read more »
Lewis Hamilton’s verdict on Max Verstappen’s ‘not realistic’ F1 title claimLewis Hamilton has his say on "not realistic" claim, writes Lewis Larkam in Baku
Read more »
Martin Lewis urges people born in certain years to add £50k to their pensionThe potential boost is only 'worth it' for those over a certain age - between age 45 and 73, so born in 1951 to 1979
Read more »
Martin Lewis warning to Brits who have £3,600 in savingsMartin Lewis and Adrian Chiles issued a warning to savers on the latest episode of the BBC Sounds' Money Clinic podcast - with the Money Saving Expert founder explaining why you need to switch savings accounts
Read more »
Martin Lewis urges Brits to do one simple thing right nowMartin Lewis has issued a reminder to viewers to check their eligibility for a cash top-up, which he says is currently 'chronically under-claimed' and worth a check
Read more »
Viewers convinced Martin Lewis was 'raging' after losing out at NTAsMany viewers said the emotion in Martin's face was clear
Read more »