Consumers who have dormant bank accounts could be set to find their money withdrawn by the government and donated to good causes.

Under the proposal, accounts which have been untouched for at least 15 years will be withdrawn to help fund charities and youth clubs.

Overall some £400 million could be taken out as early as next year, a figure which, in the hand of consumers, could aid their debt management and help pay off consolidation loans.

However, chief executive of the British Bankers’ Association Angela Knight claimed that individuals will still have access to their "unclaimed assets" even after their money has been transferred.

Treasury secretary Ed Balls said: "This is a unique opportunity to provide for worthwhile reinvestment in youth services, financial inclusion and capability, while balancing the financial interest of consumers."

According to Citizens Advice, moves by the government to promote financial inclusion could help protect those with debt consolidation problems from unscrupulous lenders.

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