Martin Lewis warns children born in these years are missing out on thousands of pounds

Martin Lewis warns children born between these years are missing out on thousands of poundsITV

Transcript

00:00Really important for anyone aged 13 to 22.

00:03Specifically, we're talking about people born between

00:05the 1st of September 2002 and the 2nd of January 2011.

00:12There was a thing called the Child Trust Fund.

00:14It's a tax-free form of savings that everybody of that age

00:17automatically had one set up.

00:18In some cases, your parents chose a savings or investments,

00:21or if they didn't, it went to a default form of savings

00:24and investment.

00:25Now, the key to it is the state added money automatically.

00:30So everyone had at least 250 quid in it from the state.

00:35Now, many of the people born in that age

00:37are now over the age of 18.

00:39So they're between the ages of 18 and 22.

00:41Like Sam.

00:42Just like Sam.

00:43And once you're age 18, you can access that cash.

00:47But, and I need to put my glasses on to read this number.

00:49Go on, do it, the new glasses.

00:50671,000 18 to 22-year-olds have not touched their money.

00:56And there is an average of £2,212 in these accounts.

01:02Now, the reason I'm doing this today

01:04is we've started to see a trend on TikTok of no-win,

01:08no-fee firms advertising to give you access to your money.

01:12Some of them charge 350 quid.

01:13Some of them are taking 25%.

01:16Do not touch them.

01:17Do not sniff them.

01:18Do not smell them.

01:19You do not need to use those firms.