Money and benefits

We know that managing your money can feel very stressful and overwhelming at times. Cost of living increases mean there are more care experienced young people and adults needing additional support.  

We want you to feel confident and able to manage your money. We will develop a finance plan with you as part of your pathway plan. Your personal advisor will help you to: 

• manage your budget 
• set up a bank account 
• make sure your bills are paid on time.  

Financial literacy

We want you to feel confident managing your money and making informed financial decisions. As part of your pathway plan, your personal adviser can help you build the skills needed for independent living, including:

• Creating and managing a budget.
• Understanding income, bills and everyday living costs.
• Opening and managing a bank account.
• Understanding payslips, tax and National Insurance.
• Claiming benefits and understanding your entitlements.
• Using credit safely and understanding the risks of borrowing money.
• Avoiding debt and identifying financial scams.
• Saving for future goals and unexpected expenses.

Support will be tailored to your individual needs and circumstances.

Borrowing money

Sometimes you may need advice about borrowing money, credit agreements or managing debt. Your personal adviser can help you understand the options available, the potential risks of borrowing, and where to access specialist advice.

If you have existing debts, we will work with you to develop a plan to manage repayments and work towards becoming debt free

Savings 

We will encourage and support you to develop healthy saving habits and work towards your future goals. This could include saving for a deposit, further education, driving lessons, household items or other important life events.

Junior Individual Savings Accounts (Junior ISA)

Some children looked after for 12 months or more may have a Junior ISA set up on their behalf by the Government.

If you think you may have a Junior ISA but do not have the account details, your personal adviser can help you find out more and access the information you need.

Claiming benefits for the first time

We will help you claim benefits from four weeks before your 18th birthday. This usually includes an appointment at Jobcentre Plus. If needed, we will support you to claim Housing Benefit as part of your Universal Credit application. 

Housing Benefit can go straight to your landlord if you prefer. With your permission, we can speak to Jobcentre Plus to help avoid delays. 

We can give you a personal allowance for up to six weeks while your claim is processed. You must attend your appointments and provide any information they ask for. Your personal advisor can help with travel or access. 

Universal Credit should prevent gaps in payment when you start work. Speak to your personal advisor or Work Coach if you have questions. 

Grants and allowances

You can find out more about grants and allowances for different topics. 

• Housing and accommodation 
• Education, training and looking for work 
• Care experienced parents 

Birthday gifts

You may receive a £100 gift voucher on your 18th birthday and a £30 gift voucher on your 19th, 20th and 21st birthday if we know how to contact you. 

Holiday grant

If you are aged 18 to 24 and in education or training, you may be able to get money towards a holiday. This will be agreed as part of your pathway planning process. If agreed, you will receive up to £200. You are able to make a request once a year.  

Please discuss with your personal advisor how you can access the holiday grant. You might need the grant to help pay for: 

• a school, college or university trip 
• essential items for a trip with friends, carers or educational provider. 

Festivities grant

You may receive £30 to celebrate one significant religious or cultural event a year. We need to know how to contact you to award this.