Guernsey Launches £10 Weekly Savings Scheme for Children in Care
A joint initiative by Guernsey authorities and a community savings group will provide care-experienced young people with financial backing upon turning 18.
At a glance
- Guernsey has introduced a scheme setting aside £10 per week for children in care.
- The funds become accessible to the young people when they turn 18, with 40 children benefiting immediately.
- The programme was created by Children and Family Community Services alongside Guernsey Community Savings.
Children in care across Guernsey will have £10 set aside each week under a new government savings initiative aimed at giving them a financial foundation when they enter adulthood.
The project has been established through a partnership between the States' Children and Family Community Services and Guernsey Community Savings. Funds accumulated in the accounts will be held for the children and made accessible to them once they reach the age of 18.
According to the States of Guernsey, the scheme applies to young people from the point they enter the care system. Officials confirmed that 40 children will benefit from the programme immediately.
Supporting the Move to Adulthood
The initiative is designed to address the specific economic hurdles faced by care leavers. Lucy Cook, associate director of children services, said the savings accounts are intended to support young people by "helping them to access opportunities that might otherwise be out of reach."
The States of Guernsey highlighted that leaving care and transitioning to independent adult life often involves substantial financial strain. Young people frequently encounter expenses ranging from establishing a household to paying for everyday living necessities.
Government officials noted that having personal savings available can provide these young adults with greater choice, financial security, and confidence during a crucial phase of their lives.
Source: BBC Business.
Questions and answers
- How much money is being saved for children in care in Guernsey?
- Under the new government scheme, £10 per week will be deposited into a savings account for each eligible child.
- When can young people access the money?
- Eligible individuals will be able to access their accumulated savings when they turn 18.
- Who is running the Guernsey care savings scheme?
- The programme is run jointly by the States' Children and Family Community Services and Guernsey Community Savings.
