Around three-quarters of a million young adults are sitting on unclaimed pots of cash, according to HM Revenue and Customs (HMRC) figures. Some 758,000 18 to 23-year-olds have yet to claim their matured child trust fund, worth £2,242 on average each.

Child trust funds are long-term, tax-free savings accounts which were set up for children born between September 1, 2002, and January 2, 2011, with an initial Government deposit of at least £250.

Young people can take control of their account at 16, but once the account holder turns 18 it matures and they can decide whether they want to withdraw the money or re-invest it.

How to check if you're owed money by HMRC

Angela MacDonald, HMRC’s second permanent secretary and deputy chief executive, said: “If you’re between 18 and 23, you could be

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