Savings scheme to allow foster carers financially support children after they turn 18 

The document is being designed to provide information on saving money for foster children

A new savings scheme has been set up for foster carers who want to support a child in their care after they turn 18.

New national guidance on managing money for children in care is currently being developed by Tusla, which will replace the current local guidance.

The document is being designed to provide information on saving money for foster children. However, a spokesman for Tusla said there is “no requirement for foster carers to open savings accounts for the children in their care”.

The move comes as dozens of children leaving the care system have highlighted how they have been abandoned by the State if they are unable to do a course, which would make them eligible for the after-care system.

In a statement, the spokesman told the Irish Examiner: “Tusla regularly consults with foster carers to ensure that we are providing the best possible support to them as they strive to provide loving homes for children and young people who can’t live at home for a range of reasons.

“As part of that regular engagement, foster carers in some areas sought to open saving accounts for children in foster care and requested support from the local social work department to do so".

The agency said the overhaul of the savings scheme came about following queries from foster carers on “how best to handle money the children in their care receive as gifts, and how to save or contribute to their foster child's future”.

“In response to these requests, an information booklet was developed to support those who wish to save for the children in their care,” he added. 

What's your view on this issue?

You can tell us here

Guidance on the use of foster care allowance states: "Some foster carers want to save money during the foster placement to help the child financially when they reach 18 years of age.

“Foster carers should discuss with the bank or credit union the legal aspects regarding ownership and signatories of any saving account prior to opening one"

The current fostering allowance is €400 weekly for those under 12 years of age and €425 for those over 12 years of age. There are currently around 4,000 foster carers in Ireland and more than 6,000 children in care.