Financial Support & help

We want to support you in making sound financial decisions that are right for you now and in the future.

How we will do this

At 16-17, while you are in care:

• You will be supported to set up your own bank account
• You will have a national insurance number
• Your rent allowance will be paid to cover the full cost of your home. You will receive an allowance from your home for day to day costs..
• If you are living in semi independence you will receive a weekly personal allowance to pay for food and living costs. This may continue when you are 18 if you do not have recourse to public funds.
• You are entitled to £10 per week pocket money if you are in custody or a hospital establishment. (see custody offer)
• You will receive a festival allowance of £50 for a religious celebration of your choosing ie Christmas/ Eid 

Between 18-25, you will become responsible for your living costs.

• You will get support and information on how to access your childs trust fund, your Junior ISA and any savings you have received whilst being in care. This information will be shared by your social worker before turning 18.
• If you are working, you will need to pay rent from your earnings. Otherwise, you will be supported to apply for benefits. Through our joint protocol with the DWP, you will have the opportunity to make a claim prior to your 18th birthday to ensure you receive  benefits you are entitled to
• Where there is a gap and to prevent you borrowing money, we will fund up to 6 weeks personal allowance (as long as you have engaged with all requirements)
• You will have access to dedicated DWP care leaver champions who will attend our OASIS hub drop in monthly (ask your YPA for next date). Where suitable, DWP appointments may also take place with your work coach at the hub in a more relaxed environment.
• If you have access to Universal Credit, you may be entitled to 6 months free unlimited internet access from Talk Talk, your work coach can access this through the flexible support fund.
• If you are on a low income you may be entitled to access lower cost wifi packages from a range of providers, please speak to your YPA about this.
• When times are tough, we are here to help you. You may be able to receive an emergency crisis payment from us, please speak to your YPA about this.
• You may be entitled to be part of our free bus pass (trial) with Transport for West Midlands.

Birthday Allowances – We will provide you with a financial gift on your birthday until you turn 21.

Finance skills

• You will be offered opportunities to engage in courses on budgeting skills which could lead to an Asdan award. We will put on dedicated money management workshops at our hub.

The Wolverhampton cost of living website provides some useful links, tips and pointers on where and how to find cost of living support across the city.

Information on benefits

• Benefits and financial support If you are looking for work.
• A department of work and pensions advisor is available monthly at the hub to give you advice should you need this. You are also able to access advice as and when required from our EET service who will provide advice on training and employment opportunities.

Access to your Child Trust Fund

If you are aged 16 - 21 and were born in the UK after September 2002 you might have a Child Trust Fund.

Both HMRC and The Share Foundation offer support to locate your Child Trust Fund for no charge. There is no reason why young people need to pay to locate their account! 

One particular organisation advise in their Terms and Conditions that there is a service fee of £350+VAT. They even charge a cancellation fee!

We have been made aware of one local authority representative who directed a young person to one of these organisations and the young person incurred a high fee that was taken out of their Child Trust Fund money. 

For young people in care, The Share Foundation do send a letter when a young person is 16 to provide them with the appropriate link to start the process of locating their account (this may be a Child Trust Fund, or it may be a Junior ISA – so the relevant link for that young person is included in the letter).

You have not actioned this link by the time you are 17½, then the letter is sent again. But if you can’t find this letter or didn’t receive one then, with your national insurance number visit CTF - The Share Foundation who will be able to help you find it!

Additional financial support can be found in the relevant section of the local offer so do look or speak to your YPA if you cant see what you need here.

You can visit the REACH Café drop in centre every Thursday, 1pm – 6pm to meet with your peers, YPA’s and a variety of support services to help and support you whatever you need.