Managing your finances

Managing your finances is an important part of becoming independent.

Your Personal Advisor (PA) will help you understand how to do this successfully. We will try to help you financially, similarly to how parents would support their children.

We will help you open a bank account. You will also be offered the opportunity to participate in Money House, a skills-based programme for all our care leavers, to ensure that you fully understand financial costs, resources, and tools for living independently.

Whilst we encourage you to access education and employment, we also understand this may not always be possible. There may be times when you need to apply for benefits to help with your living costs.

This may include:

Universal Credit - you will be eligible for Universal Credit or Employment Support Allowance (if you are disabled) if you are:

• between 18 and 25 years old,
• not in full-time education,
• actively seeking or available for work or working less than 16 hours per week.

Financial support for care leavers

16 to 17 years old  

We support you with an appropriate personal allowance, managed between you, your PA and your foster carers if you are still living with them.  

18 to 24 years old  

No personal allowance is given; however, you can claim benefits.  

A transition grant will be available for up to six weeks to ensure a smooth transition to benefits. If you cannot access public funds due to unresolved immigration status, we will provide weekly financial support.

Savings

After you have been in care for six months, a weekly contribution of £7 is made toward your savings (this will be backdated to the date you came into care). This scheme started in April 2020. 

When you have been looked after for a year, we will deposit an initial £200 into a Shares Foundation Account.  

We will share information on your Shared Foundation account, such as a Junior Individual savings account (Junior ISA) or Child Trust Fund, and how to access it. 

Housing

Cost of accommodation:

• 16 and 17-year-olds - Westminster Council pays for your rent and other support costs. 
• 18 to 24-year-olds - we will not pay your rent, but you can claim benefits. 

We may pay support costs if you are in a SIL or Staying Put. This will be subject to an assessment and approval by the 18 and over Care and Resource Panel. 

Council Tax

You are eligible for up to three consecutive years of Council Tax exemption in your final stage accommodation if you are employed or in a paid apprenticeship.  

Setting up home and leaving care allowance

You have a £3,000 Setting Up Home Allowance. This is to help you buy essentials like white goods, carpets, a bed, and kitchen utensils when moving into your final stage accommodation.  

You can access £500 earlier to support you in your semi-independent living or manage financial emergencies. Your PA will need to discuss your situation with a manager if you may need more than £500 flexible element of your Setting Up Home Allowance. 

Crisis loans and emergency payments will affect your Setting Up Home Allowance if you cannot repay them.   

Travel

We will help you apply for Transport for London (TfL) discounted travel on buses and trams in London.  

Passport, birth certificate and travel documents

We will help you obtain important identification documents, like a passport or provisional driving license, before your 18th birthday. 

After you turn 18, you are financially responsible for your documents, and you may choose to use your savings to fund these.  

Benefits support

If you need to claim benefits such as Universal Credit, we will give you six weeks of financial support with your allowance and help with your rent for your first claim until you start receiving Universal Credit.  

Birthday and festivity money

You will receive a financial gift on birthdays, Christmas, Eid or other celebrations.   

Gym and leisure

Your PA can refer you for a free gym membership in any Every One Active Sports Centre.