Martin Lewis slams 'disgraceful situation' that has left 80,000 people unable to claim £2,000

The Money Saving Expert Martin Lewis has criticised the 'disgraceful situation' that thousands of teens find themselves in when they reach adulthood, where they are unable to access thousands of pounds held in their name due to government bureaucracy.

More than a million teens who were born between September 1, 2002, and January 2, 2011, have a government-backed Child Trust Fund that was opened automatically at birth. More than £2bn of taxpayer money was poured into these funds, designed to help parents save for their child's future.

Between £250 and £500 was paid into these funds at birth depending on household income, with another £250 or £500 paid in on each child's seventh birthday, with parents able to pay in more money to boost its value. More than a million of these funds remain unclaimed, which now has a total value of more than £10bn - but not every teenager is even allowed to claim this money.

READ MORE: Martin Lewis issues advice on cutting major household bill that millions overpay

Martin Lewis took to social media to call the situation that teens with learning disabilities find themselves in "outrageous", as 80,000 of them are unable to withdraw the average £2000 fund balance that is rightfully theirs. This is due to the Mental Capacity Act, which would require a parent or guardian to apply for a Deputyship Order to be able to access the money in the account.

Often, the legal costs of gaining access to this cash can be equal to the amount of money in the account, pushing many away from claiming the money in their fund. This has been an issue that Martin Lewis has campaigned on for years, but today (March 19), the topic of Child Trust Funds is finally being debated in parliament.

Martin Lewis said: "The