Children in care

Financial capability is important for everyone if they are to make the best of the opportunities and challenges presented throughout life.  The issues become particularly acute for young people who have spent significant amounts of time in care.

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The project
Duration: 
February 2009 to May 2010
Project brief: 
To focus on the needs of children and young people in care, and develop ways of raising awareness of their financial education needs and how to meet them.
The funding
Funded by: 
Funder brief: 
An initial scoping exercise was carried out early in 2009 to determine whether there was a need to provide specific support or materials to promote the financial capability of children in care. The Share Foundation then went on to fund a project to take forward five key recommendations from the scoping report, which included: developing materials for local authorities and carers; supporting pfeg regional staff so that they could advise local authority staff about meeting the needs of children and young people in care; consultation with young people in the care system to identify their learning needs and ways of meeting them.

Young people in care have often missed out on the opportunities to learn created by using and talking about money as part of everyday family life, for example, discussing what things cost and how to prioritise spending. This may be in relation to food, rent and mortgages, clothing, household materials, utilities or the cost of going out with friends.

However, the lack of stability created when children move in and out of care placements means that they often change schools frequently and miss out on personal finance education.  pfeg’s work in helping schools, local authorities and other providers to develop personal finance education aims to support all children and young people whatever their circumstances.

Read briefing documents for schools and Local Authorities, or read more about our new Looked after children project