Lost Accounts

May 7, 2024

Up to £800m of pension and insurance assets and an even higher amount of savings could be lying dormant, according to new data1. Bank and savings accounts may be declared dormant if you don’t touch the account for several years and any letters from the bank or building society may fail to reach you if you’ve changed address.

You can check for free if you have any forgotten savings or current accounts at the government-backed website www.mylostaccount.org.uk, making sure to check that the service is suitable for you.

Future generations prioritised

According to research², parents and guardians have been prioritising their children’s savings rather than investing for themselves. Between October and December 2023, the number of JISAs opened soared by 101% compared to 2019 when data was first tracked. There was a corresponding drop in ISA investments in the same period. Mothers led the way – since the start of 2019, the number of new JISAs opened was up by 115%, compared to fathers, which was up by 87%. It’s important to find the balance between your own financial stability and that of your children.

¹Commission on Dormant Assets, 2024

²Scottish Friendly, 2024

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

Savvy Wealth Management Limited trading as Savvy is registered in England and Wales no. 7700192. Registered office, 1 Parc Bryn Derwen, Llanharan, CF72 9TT.

Authorised and regulated by the Financial Conduct Authority. Savvy Wealth Management Limited is entered on the Financial Services

https://register.fca.org.uk/
reference 562795