Millions of pounds worth of savings are stuck in accounts belonging to around 80,000 young people who can’t access the cash, a new report suggests.
The money is locked away in Child Trust Funds that can’t be touched because the owners don’t have capacity to make financial decisions.
Instead, families must go through the courts to access the savings when the accounts mature.
Only 15 accounts were accessed this way in 2021, according to a new report by the BBC.
Child Trust Funds were offered to most children born between 2002 and 2011, having been launched by Labour in 2005.
Each child received a voucher worth £250 (or £500 for those from lower income families) as an incentive to set up an account.
Have you had trouble accessing a Child Trust Fund? Let us know: levi.winchester@reachplc.com
Families could then add up to £9,000 a year, with the child able to access the money when they turn 18.
Child Trust Fund accounts can no longer be opened, after the scheme stopped in 2011 - but you can continue to pay into existing accounts.
A report by Renaissance Legal suggests there are more than 80,000 accounts that cannot be accessed without going through the Court of Protection.
But this can be costly and take months to complete.
Michele Creed told the BBC she spent nearly £750 trying to access her daughter Alana's savings account - a process which took around a year.
Alana had £7,500 in her account but because she has severe learning disabilities, was not allowed to access her savings.
Michele said: "Her older sister was just able to get her money without a problem, but with Alana, there was this huge block that we had to fight to get past.”
Michele described the court process as "long, bureaucratic and expensive" and urged: "If you can leave the money where it is, and hopefully things will change one day, I would do that because it changes everything."
Philip Warford, managing director of Renaissance Legal, says in some cases young people have £75,000 worth of savings effectively locked away.
By 2029, there could be up to £210million locked away by the time these accounts mature.
The Ministry of Justice (MoJ) told the BBC it is trying to speed up cases.
A spokesperson told The Mirror: "We understand parents’ frustration which is why we are simplifying the system and have waived court fees in these cases to ensure families should no longer incur significant costs to access funds.
"During our consultation families and experts warned against removing vital safeguards which protect against fraud and abuse.
"That is why we are focussed on digitising the court process so families can access the money they have saved quicker, while maintaining important protections."
If you've lost track of a Child Trust Fund, you can find your account through a special page on the Gov.uk website.
Parents will need need to sign into the Government Gateway, or sign up for an account, then fill out a form.
Once you've entered the right information, the website will tell you the name of the provider where you have funds held.
