Martin Lewis issues warning to everyone born between 2002 and 2011
Martin Lewis has issued an alert to millions of people in the United Kingdom who were born between 2002 and 2011.
The money expert took to social media to tell folks about the warning; something he labelled as 'important to anyone aged under 22'.
It's not the first warning from Martin this week that concerns younger people, with the Money Saving Expert founder issuing key advice to everyone who isn't married in the UK.
He's also shared a handy hack on how to get flights for less than a fiver to some of the most stunning places across Europe, and shared his 'shock' at how many people are making a costly car insurance mistake.
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It's been a busy week for the Mancunian, then.
Well, he's not stopping there. On Thursday (10 October), Lewis shared a fresh warning to those aged 22 and under.
What is Martin Lewis warning us about?
It's to do with something called a Child Trust Fund. And while it sounds pretty fancy, it's not.
Child trust funds were long-term tax-free savings accounts and you will have (or have had) one if you were born between 1 September, 2002, and 2 January, 2011.
Importantly, your parent or guardian will have also had to have a child benefit claim for you, and you will have had to have been living in the UK and not been subject to immigration control.
While your parents could have put money in it, everyone was also given an initial £250 voucher from the government. Those from lower income households were also eligible for an additional £250 payment.
Why is Martin Lewis warning us about Child Trust Funds?
"You may have £2,000 in a Child Trust Fund that you don't know about and you can get the money out for free," Lewis says in a video posted to X (previously known as Twitter).
"I've started to see adverts and videos on social media from firms trying to charge you to access your own money, or trying to get a cut of your savings to give you your money. Don't touch them, don't sniff them, don't smell them, don't go near them."
Lewis said that he and his team have seen firms trying to take as much as 25 percent of the Child Trust Fund total to do the claim for you.
On your Child Trust Fund, Lewis explains that you can take the money out of your account when you hit the age of 18.
He says: "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? £2,212."
Pls share with anyone its relevant to
— Martin Lewis (@MartinSLewis) October 10, 2024
A warning to those age 22 or under. You may have £2,000 in a Child Trust Fund. You can access it for free. Yet some firms are trying to charge you to get your own money. Don’t pay. Watch this instead… pic.twitter.com/0mtDUtxplT
How to find and access your Child Trust Fund
If your parents didn't open the account for you within a year of your birth, HMRC will have done it for you in the form of a 'stakeholder' Child Trust Fund.
Over on Gov.uk, there is a free tool that will help you find your account, whether it was set up by HMRC or not.
"All you will need is your National Insurance number and your date of birth in order to be able to use the tracing service," Lewis explains.
"It will reply within three weeks and then it'll tell you which bank, savings or investment provider your money is with and then you are able to take your money out if you want."
Lewis says that if you don't need the money now, it might be worth putting it in a savings account or inside a cash ISA.
Topics: Martin Lewis, Money, Politics, Hacks, UK News, Social Media, Twitter
Tom Earnshaw