People aged 13-22 could have hidden savings - here's how to check

The government is urging young people across the UK to utilise a free service to check for forgotten sums in Child Trust Funds .

The Low Incomes Tax Reform Group raised concerns over firms targeting young adults through social media, promising to locate and access their CTFs for a hefty fee, potentially costing them hundreds, Wales Online reports.Nonetheless, expensive services are unnecessary as the government offers a free online tool to help owners of CTFs, or their parents or guardians if under age, to find their fund. Also, several organisations assist in locating CTFs without charging.

She went on to advise: "If they want to find out if they have a Child Trust Fund and withdraw the money, they do not need to pay someone else to do this for them. HMRC offers a free service for people who know the name of the savings provider that holds their account." "There is nothing wrong in using a company that will charge for their services as long as people make an informed choice to do so. However, these simple steps can ensure young people are able to find and access their fund, without the need for an expensive fee."

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