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New figures from HM Revenue and Customs (HMRC) indicate around three-quarters of a million young adults are sitting on unclaimed pots of cash. Some 758,000 18 to 23-year-olds have yet to claim their matured Child Trust Fund, worth £2242 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 UK 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. ‌

READ MORE: New ‘clampdown’ on Child Benefit fraud to help UK Government save £350 million READ MORE: Former DWP emplo

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