Martin Lewis Child Trust Fund

Unlock Your Treasure Chest: Martin Lewis Reveals £2000 Waiting for You!

Did you know there’s a stash of cash just waiting for you? Martin Lewis spills the beans on hidden Child Trust Funds with an average value of £2212!

Have you ever heard of a Child Trust Fund and thought it sounded like something belonging in a fairy tale? Well, it turns out it’s more like your Hogwarts acceptance letter - not quite a ticket to magic, but definitely a key to unlocking some hidden treasure! Financial wizard Martin Lewis has recently waved his wand over the under-23 crowd, revealing a staggering amount of unclaimed cash in these trusts. If you’re between the ages of 13 to 22, you might just have an average of £2212 waiting for you!

The Child Trust Fund was introduced way back in 2005 - a generous gift from the government to every child born between September 1, 2002, and January 2, 2011. The idea was to boost savings for young people, giving them a head start in life. Martin points out that approximately 670,000 individuals in the 18 to 22 age bracket have these pots of gold, but sadly, many of them don't even know it. So, before you decide to splurge on that new phone, why not check if there’s money you can claim? It’s as easy as pie, and surprisingly, you won’t need a map or a treasure hunt!

Lewis emphasised the importance of not falling into the trap of paying firms to locate your funds – there are free resources available that make it a breeze! With the potential of receiving up to £2,000, imagine what you could do with that?! Travel, treat yourself, or even invest in something to set you up for life – the choice is yours! Just make sure you check whether you have a Child Trust Fund and take the sensible route to claim what’s rightfully yours.

Also worth noting, the Child Trust Fund was designed as a long-term, tax-free savings account. And once the funds are claimed, they can stay invested until you reach the age of 18, at which point you’ll have full access. So remember, that bit of dormant cash isn’t just sitting there – it’s working for you!

Fun fact: Child Trust Funds were initially set up to ensure all children had some form of savings for their future, with the government providing a starter payment. And did you know that by 2020, the total amount held in Child Trust Funds was estimated to be around £5 billion? Who knew hidden treasure was lurking in your accounts, just waiting for a brave adventurer like you to find it!