Issue - meetings

Long Term Savings

Meeting: 11/02/2021 - Cabinet (Item 4)

4 Long Term Savings for Children in Care pdf icon PDF 133 KB

A report that seeks Cabinet approval for the Long-Terms Savings Policy for Children in Care


Cabinet Portfolio Holder – Councillor Jeff Morgan

Additional documents:


Councillor Jeff Morgan (Portfolio Holder for Children’s Services) explained that the report was concerned with helping children in care to save up and manage their money. The background to the changes in arrangements was explained. In the past it had proved difficult to persuade foster agencies to set up savings accounts for children in care. Additionally, if children had a number of changes to fostering arrangements the savings they might have accrued could get lost.


Under the new arrangement the young people will receive £5 allowance a week. They will also have savings which will come to them as lump sum when they turn 18.


The proposals had been discussed with children in care and widely welcomed.


In response to a question from Councillor Helen Adkins it was confirmed that the new system will be closely monitored. It will be important to ensure that payments are being made when they should.




That Cabinet agrees the changes to the Long-Term Savings policy as set out in the report.