Brits of a certain age group have been urged to check if they’re owed a payment of more than £2,000. HM Revenue and Customs (HMRC) reveals that thousands of these payments remain unclaimed. And with September being the most popular birth month, more people may have become eligible for the payout. Anyone who is aged between 18 and 23 is urged to check if they are owed an average of £2,242.

The report showed a staggering 758,000 18 to 23-year-olds have yet to claim their matured Child Trust Fund. These funds are long-term, tax-free savings accounts which were set up for children born between September 1, 2002 and January 2, 2011, boosted by an initial deposit of £250 by the Government. Huge numbers of youngsters went online in the last 12 months to find out if they are owed money, and more are being encouraged to check as a significant number of funds remain unclaimed.

Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said: “If you’re between 18 and 23, you could be sat on a savings payout and not even realise it. Just search ‘find my Child Trust Fund’ on GOV.UK to find your savings account today.”

These accounts allow young people to take control at the age of 16. However, at 18, they can decide to withdraw the money or reinvest it.

If they or their parents already know who their Child Trust Fund provider is, then they can contact them directly. It takes around five minutes to submit a request to find a Child Trust Fund using the online tool. On average, it will take under three weeks to hear back.

The official online “Find your Child Trust Fund” tool on GOV.UK is free to use, so there’s no need to pay third-party agents extortionate rates to source your account for you.

You will need the National Insurance Number of the young saver to submit this request.

“As a committed member of the YFCG (Youth Financial Capability Group), the London Foundation for Banking & Finance welcomes HMRC’s call for young people to claim their Child Trust Fund savings,” said Shelley Doorey-Williams, CEO of the London Foundation for Banking & Finance.

“It’s encouraging to see the Government making efforts to reunite people with money they may not even realise was theirs. With an estimated average of £2,242 waiting in unclaimed accounts, this is real money at a crucial time, that can help young people right at the start of their financial lives.”