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Guernsey introduces £10 weekly savings for children in care

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A new government savings scheme will set aside £10 a week for children in care in Guernsey, giving around 40 young people an immediate financial foundation as they approach their 18th birthday and transition to independent living.

The States’ Children and Family Community Services has partnered with Guernsey Community Savings to establish the initiative, designed to ease the financial hurdles that young adults face when leaving the care system.

How the Guernsey Care Savings Scheme Operates

The program applies automatically to children from the moment they enter the care system. The States will cover a one-off setup fee paid to payment services company allpay, while Guernsey Community Savings will manage the accounts at no ongoing cost to the government.

Participating children will have funds set aside every week without accumulating interest. As each participant nears adulthood, GCS will handle inquiries and work directly with the young person and their social worker.

When participants turn 18, they can choose to keep an account open with GCS or transfer the accumulated funds to a financial institution of their own preference.

Guernsey introduces £10 weekly savings for children in care
Photo: guernseypress.com

Addressing Financial Exclusion for Care-Experienced Youths

Officials behind the initiative point out that young adults leaving care often encounter steep monetary barriers just as they try to establish stability.

Having savings of their own can offer greater choice, security and confidence as they take this important step.

The States, via BBC

The States noted that the transition to independence brings significant financial pressures, from setting up a home to managing everyday living costs.

Associate director of children services Lucy Cook emphasized that the accounts will assist young people by helping them to access opportunities that might otherwise be out of reach.

GCS chief executive Joe Brown added that care-experienced individuals face a heightened risk of financial exclusion as adults.

Giving them the opportunity to build up savings, and the financial security that comes with this, can make a real difference as they take their first steps towards independence.

Joe Brown, Guernsey Community Savings

can make a real difference as they take their first steps towards independence.

Worth a look

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