More than 80,000 teens are unable to access money held in their name
The Money Saving Expert Martin Lewis has criticised the 'disgraceful situation' that thousands of teens find themselves in when they reach adulthood, where they are unable to access thousands of pounds held in their name due to government bureaucracy.
Between £250 and £500 was paid into these funds at birth depending on household income, with another £250 or £500 paid in on each child's seventh birthday, with parents able to pay in more money to boost its value. More than a million of these funds remain unclaimed, which now has a total value of more than £10bn - but not every teenager is even allowed to claim this money.
Martin Lewis said: "The disgraceful situation for children with special ed needs Child Trusts Funds is being debated at parliament tomorrow - its outrageous their money is still locked away. I wrote to the then children's minister about it but got nothing.Disability rights campaigner Andrew Turner, who pushed for the debate, said: "Thanks so much for your support Martin. 80,000 disabled young people denied access to £ms of their savings.
"Due to Mental Capacity rules, the families of young people with learning disabilities unable to manage their money, have to apply through the court of protection to access their Child Trust Funds. This is a prohibitively lengthy, costly and complex process.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis says get £1,256 from HMRC paid directly into bank accountITV's Martin Lewis says everyone should claim the money now
Read more »
Martin Lewis urges people to claim up to £1,256 from HMRC before April deadlineHMRC paid over £1,000 into one viewer’s bank account within two weeks of claiming.
Read more »
Martin Lewis urges two million people to claim £1,256 HMRC payoutThe financial guru says there's one cash payout which millions of people are missing out on and the deadline is fast approaching due to the new tax year
Read more »
Martin Lewis urges 2m people to claim £1,256 payout from HMRC before deadlineThe financial guru says there's one cash payout which millions of people are missing out on and the deadline is fast approaching due to the new tax year
Read more »
Martin Lewis Urges People Born Between These Years To Put £1 In An ISADuring his ITV show, the Money Saving Expert urged that people need to deposit £1 before turning 40.
Read more »
Martin Lewis warns parents about changes to Child BenefitMartin Lewis warns parents about the changes to Child Benefit and clarifies that previous penalties still need to be paid.
Read more »