A new savings scheme has been established to allow foster carers to provide ongoing financial support to children in their care after they reach adulthood, addressing long-standing concerns about care leavers’ financial security.
The initiative comes as Tusla develops comprehensive national guidance on managing money for children in care, replacing the current patchwork of local guidelines that have created inconsistencies across different regions.
The savings scheme recognizes that many young people leaving foster care at 18 face significant financial challenges as they transition to independent living, often without the family financial support that their peers typically receive well into their twenties.
Foster carers have long expressed concern about the abrupt end of formal support when children in their care reach the age of majority, with many wanting to continue providing assistance during crucial years of education, training, or early career development.
The new national guidance being developed by Tusla aims to standardize financial management approaches across the country, ensuring all children in care receive consistent support regardless of their geographic location.
Currently, different regions operate under varying local policies, creating disparities in how financial matters are handled for children in care. The standardized approach will provide clarity for foster carers, social workers, and the young people themselves about financial planning and support structures.
The savings scheme represents a significant step toward recognizing the extended support needs of care leavers, acknowledging that the transition to adulthood often requires ongoing assistance beyond the traditional cut-off age of 18 years.