Seven million have lost track of financial products

An estimated seven million people across Britain think they have lost track of a financial product, with a third admitting they do not know how to find it again, a Treasury-backed body has found.

One in seven (14 per cent) think they may have lost track of a product such as a current account, an Isa or another type of savings account, premium bonds, a pension, shares and investments or children’s savings.

This equates to seven million people across Britain losing track of their money - savings provider NS&I said.

Only half of those who believe they have lost a financial product have attempted to track it down and just over a third (34 per cent) are unaware of how to do so.

Having to remember passwords is often to blame for people leaving their cash lying dormant with providers, the research suggests.

Just over half (52 per cent) of those surveyed think misplacing passwords or codes for accounts is a cause for losing track of financial products.

However, 78 per cent believe that digital technology has improved their ability to stay in touch with financial products.

Money held with NS&I is 100 per cent secure as it is backed by the Treasury.

NS&I works alongside UK Finance and the Building Societies Association to provide Mylostaccount.org.uk - a free service dedicated to reuniting customers with lost fund.

It said it may take up to three months to perform a successful trace, but the reward could be worth the wait.

NS&I’S own free tracing service for its products and My Lost Account combined have so far reunited more than £770 million with customers.