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.
"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.
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?
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.
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