More than 55,000 teenagers are set to receive a windfall next month, as the first wave of child trust funds are released to mark their 18th birthdays.
The accounts, which were automatically opened for children born between September 2002 and January 2011, are set to mature for the first time, meaning many will be able to unlock a lump sum.
It's linked to a legacy scheme launched by Gordon Brown almost two decades ago to help invest in the generation of today.
Some were then given a second voucher at the age of seven.
Parents were given the option to add to this fund, while others simply allowed it to grow without any extra contributions.
The idea was that at 16, the money would be transferred into the child's name, and at 18, they'd be able to access it.
However, many of these vouchers were never claimed - and so the government invested it for them.
There are currently 1million lost or dormant child trust funds valued at approximately £2.2billion, according to investment platform Gretel.
Duncan Stevens, chief executive of Gretel said: "Many teenagers will soon be able to access money that has been saved over the last 18 years in child trust funds.
"While the government gave an initial £250 per child, many parents and grandparents topped that up with one-off or regular savings. This may be why we see that so many people - almost a quarter of all adults - in our study believe they may have become disconnected with their savings and have a lost or dormant child trust fund."
The story behind child trust funds
Six million child trust funds were set up for children born between September 1, 2002 and January 2, 2011 and from September this year, the first wave will start to mature as the account holders turn 18.
HMRC figures show 55,000 will mature each month from September, with over 700,000 accounts expected to mature every year in total.
The amounts invested will vary, but holders now have several decisions to make about what to do with the money that has accumulated.
"If you are one of around 55,000 young people who is turning 18 in September this year, you can look forward to an unexpected and worthwhile present: your child trust fund will mature on your birthday, explains Martin Shaw, chief executive of trade body association Financial Mutuals.
"The average child trust fund will be worth over £1,000, but many accounts will hold significantly more than that."
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Find a hidden child trust fund
Child trust fund providers will be sending out statements just before the account holders turn 18, showing how much the fund is worth and what to do next.
If you haven’t received a statement, you should check who currently holds the money as the provider may not have your latest address.
HMRC has a handy online tracker to help people who don’t know who currently holds their money.
You can enter your details to find out if you have a forgotten account, here.
All you need to track down an account is your National Insurance Number which you should have received on your 16th birthday.
Don’t panic, make a plan
If you discover that you do have some savings stashed away, try not to rush into a decision on what to do with your money, as it will be held in a protected fund until you have decided.
Talk to a trusted adult or someone you know who is good with money before deciding whether to spend or reinvest the money.
And remember, while the original voucher to open the child trust fund came from the government - parents or grandparents may have topped up the child trust fund over the years, and will have a view on what to use the money for, so it's worth getting their input.
The current child trust fund provider or a financial advisor can also help if you have any questions.
If you're hoping to save for a home, you may want to consider a Lifetime Isa. You can find out more on saving to get on the ladder, here.
Alternatively, we've got guides on all of the best-value savings accounts, here.
