Around 758,000 people may have a Government-made account with a pot of money in it that they are unaware of. The unclaimed cash is sitting in child trust funds. Child trust funds (CTFs) are long-term tax-free savings accounts set up under the previous Labour Government for children born between September 1, 2002, and January 2, 2011, meaning those currently aged 15 to 23 may have them.

The Government initially set up the accounts, with children receiving around £250 to £500. There were potential further top-ups when the children reached the age of seven, with the possibility for parents to also add cash.

At the age of 16, young people can take control of their accounts. Funds can be withdrawn when they are 18.

Latest figures from HMRC show that the accounts are now worth an average of £2,242, reports Sky News.

The Child Trust Fund scheme closed in 2011. You can apply for a Junior ISA instead.

You cannot have a Child Trust Fund as well as a Junior ISA. If you open a Junior ISA, ask the provider to transfer the trust fund into it.

You can continue to add up to £9,000 a year to an existing Child Trust Fund account.

The money belongs to the child and they can only take it out when they're 18. They can take control of the account when they're 16.

There's no tax to pay on the Child Trust Fund income or any profit it makes. It will not affect any benefits you receive.

According to HMRC, it takes approximately five minutes to submit a request to locate an account using an online tool. It takes around three weeks to hear back.

To find the account, you will need only the young person's national insurance number and date of birth.

Investment platform AJ Bell says that more than a quarter of the accounts were set up by the government, rather than parents, meaning many people may not be aware they have one.