The scheme, established by the States’ Children and Family Community Services in partnership with Guernsey Community Savings (GCS), will set aside £10 a week for each eligible child until they reach the age of 18. The money will provide a financial foundation to help young people meet the costs and challenges of starting out as an adult.

For young people leaving care, the transition to independent living can bring significant financial pressures, from setting up a home to managing everyday living costs. Having savings of their own can offer greater choice, security and confidence as they take this important step.

The States of Guernsey will pay a one-off fee to allpay, a payment services company, to establish the scheme, which will then be administered by GCS at no ongoing cost to the States. GCS will open and manage the accounts, handle enquiries and work closely with each young person and their social worker as they approach their 18th birthday.

At 18, participants will have the choice of opening an account with GCS or transferring their savings to an account of their choice, giving them control over their money as they move into adulthood.

Lucy Cook, Associate Director of Children & Family Community Services, said: "Every child in our care deserves the opportunity to look ahead with confidence and hope for their future. This savings scheme is a practical way of supporting young people as they move into adulthood, helping them to access opportunities that might otherwise be out of reach.

“Whether the funds are used towards further education, training, housing, employment or another important life goal, this initiative is about giving our care-experienced young people a stronger foundation and recognising our commitment to them as corporate parents. We want every child in care to know that they are valued, supported and encouraged to achieve their full potential."

Chief Executive of Guernsey Community Savings Joe Brown said: “Children who have been in care can be particularly vulnerable to financial exclusion when they reach adulthood. Giving them the opportunity to build up savings, and the financial security that comes with this, can make a real difference as they take their first steps towards independence.

“We were keen to support this initiative, and our move earlier this year to a new prepaid card provider, allpay, has made it possible. As well as providing our existing clients with a better, more flexible service, the new platform gives us the opportunity to develop tailored financial schemes in partnership with local organisations.”

Around 40 children are expected to benefit when the scheme launches. 

Important information: References to ‘savings’ describe funds being set aside under the scheme. They do not refer to a savings account or interest-bearing product provided by allpay. Funds held through the scheme will not earn interest.