Around 40 children are expected to benefit from the scheme, which has been set up by the States’ Children and Family Community Services with Guernsey Community Savings. It is designed to help young people leaving care with the costs of setting up a home and managing everyday living.
At 18, participants can either open an account with GCS or move the money to an account of their choice. The money set aside will not earn interest.
‘Every child in our care deserves the opportunity to look ahead with confidence and hope for their future,’ said associate director of Children and Family Community Services Lucy Cook.
‘Whether the funds are used towards further education, training, housing, employment or another important life goal, this initiative is about giving our care-experienced young people a stronger foundation and recognising our commitment to them as corporate parents.
‘We want every child in care to know that they are valued, supported and encouraged to achieve their full potential.’
The States will pay a one-off fee to payment services company allpay to set up the scheme, which GCS will then run at no ongoing cost to the States.
GCS will open and manage the accounts, handle enquiries, and work with each young person and their social worker as they approach their 18th birthday.
GCS chief executive Joe Brown said children who had been in care could be particularly vulnerable to 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,’ he said.
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