More than £1.5 million is waiting to be claimed by young people who may not realise they are owed money from their child trust funds.

The previous Labour government established child trust funds as a way to get the younger generation saving, with accounts opened by the government on behalf of children born between September 2002 and January 2011.

But some parents may have “forgotten they have an account, or don’t know where it is”, said MoneyWeek .

With September “the most common birth month”, said HMRC , thousands of 18-year-olds may not realise they have just become eligible to claim their child trust fund savings pot. And it is those currently aged between 18 and 23 who could benefit.

What is a child trust fund?

Child trust funds were government-backed saving schemes opened wit

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