The Lancaster MP has backed a drive for young people to check if they have a trust fund which could be worth thousands.
Cat Smith has asked young adults or their parents to check if a Child Trust Fund may still be held for them, as a joint government and banking taskforce seeks to encourage young people to claim their funds.
Around 6.3m Child Trust Fund accounts were opened for children born between September 1 2002 and January 2 2011, predominantly by parents and guardians, with the remainder established by HMRC (His Majesty's Revenue and Customs).
More than 750,000 young people aged between 15 and 23 need reconnecting with their Child Trust Funds, which now have an average of £2,200 of savings to access.
It's believed total unclaimed savings could be worth more than £1.6bn, and an average of £2,200 individually.
"Too many young people are missing out simply because they are not aware of where their Child Trust Fund is or how to access it, and the government want to fix that with this simple check," said Ms Smith, MP for Lancaster & Wyre.
Accounts can go unclaimed for a number of reasons, including difficulty locating them, people forgetting they have them, or deciding to leave the funds invested for the time being.
Anyone born between September 1 2002 and January 2 2011 can search for their account on GOV.UK. The search is free, requires only a National Insurance number, and takes minutes. Those aged 18 or over can access funds immediately.
Check online today at: https://www.gov.uk/child-trust-funds/find-a-child-trust-fund
Child Trust Funds were set up by the previous Labour Government in 2005, and were seeded with up to £500 to invest in every child by giving them a financial boost at the start of adulthood.
The Trust Funds were continued until they were abolished by the Coalition Government in 2011, who said at the time it would save £520m.
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