What can local authorities do?
- Note and act upon the requirements for promoting the financial capability of children in care described in the National Minimum Standards (NMS) for the provision of Fostering Services and The National Minimum Standards (NMS) for Children’s Homes NMS for children’s homes - more information.
- Develop a financial capability strategy to promote financial capability for all children and young people recognising the contribution of personal finance education to their economic wellbeing
- Highlight the specific financial capability needs of looked after children and plan actions to address the needs to provide additional support to these vulnerable young people
- Include reference to the importance of financial capability in your guidelines and other documents relating to looked after children – including local authority newsletters for carers homes
- Make reference to ways of promoting financial capability in training for foster carers and residential care staff
- Support your foster carers and residential care staff in helping children and young people to experience and learn from money management at home and in the community ensuring that support is not limited to older teenagers.
- Review (or develop) your local authority pocket money policy for looked after children and include guidance on learning about spending and saving
- Build the promotion of financial capability into the job descriptions of your key staff concerned with looked after children, including virtual head-teachers and other lead officers
- Incorporate reference to the importance of financial capability in your training and resources provided for designated teachers
- Support your schools in adopting an incremental approach to personal finance education with key messages being reinforced at different stages to reduce the likelihood that children who move between schools will miss opportunities to develop vital financial knowledge and skills
- Include financial capability in your looked after children’s review meetings as part of curriculum entitlement discussions and in the context of the school’s duty to promote the wellbeing of pupils, including their economic wellbeing
- Ask your Children in Care Council what actions they think should be taken to support their financial capability
- Ensure that all your elected members are aware of the importance of financial capability within corporate parenting and how they can support looked after children to develop the appropriate knowledge and skills
- Contact pfeg for advice on developing personal finance education in your LA.
The above is an extract from pfeg’s leaflet on financial capability and children in care for local authorities
Please note this leaflet was produced before the requirement for LAs to produce Children and Young People’s Plans was revoked. However the majority of the information remains relevant. Find out more about LA requirements etc.
