The government is urging young people across the UK to utilise a free service to check for forgotten sums in Child Trust Funds (CTFs).
These savings accounts were set up for most individuals born between 1st September 2002 and 2nd January 2011, who can access them when they turn 18.
The warning comes amid concerns of companies charging high fees to find these funds. The Low Incomes Tax Reform Group (LITRG) 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. Read more: Two more arrested after men shot and stabbed in Oldham 'targeted attack' 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. Technical Officer for LITRG, Joanne Walker, spotlighted the problem, noting: "There are many young people who are not aware they have a Child Trust Fund.
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