Average of £2,212 left unclaimed by thousands of young Brits

Young people across the country are being encouraged to put a claim in for potentially forgotten account and receive an average of £2,212.

A total of around £1.4bn has been left sitting in a number of Child Trust Fund accounts. Child Trust Funds are tax-free long-term savings accounts established for every child born between 1 September 2002 and 2 January 2011, with the government initially depositing £250 into each one.

At 16, teenagers can manage their fund, and upon turning 18, they can access the money as the account matures. The funds are kept with banks, building societies, or other financial institutions until withdrawn or reinvested. Yet, thousands remain unclaimed because many are unaware of their account's existence or their provider.

Technical Officer for LITRG, Joanne Walker, previously highlighted the problem, stating: "There are many young people who are not aware they have a Child Trust Fund. Their parent or guardian may not have taken up the government's offer when they were born, but HMRC would have opened an account on their behalf."

To find their Child Trust Fund provider, young people can use the online tool on GOV.UK. Before you start, you will need your National Insurance Number as well as adoption details if applicable.

Parents can also search for their child's trust fund on their behalf, however, they will need the following details on hand:

HMRC highlighted that the form needs to be completed in one sitting as it won't save. Therefore, it's important yo uhave all the details you need available before you start.

The free tool's key purpose is to find out who your Child Trust Fund provider is and whether the account exists or not. It will not tell you how much money is actually in the Child