The national context
pfeg's work in promoting the financial capability of children in care responds to priorities in the Children's Plan and the specific requirements of the Children and Young Person Act 2008, as well as other key documents. Specific requirements to help children in care learn about money are described below, with links to key documents listed at the bottom of the page. In many cases there is further information on other pages within this section, listed on the right.
Children and Young Person Act 2008
Making statutory elements of the white paper Care Matters: time to deliver for children in care, the Children and Young Person Act 2008 is designed to put in place increased and more consistent support for children in care and care leavers.
The Department for Education has updated the legal framework for working with looked after children based on this Act.
The revised legal framework
This framework covers all aspects of a child’s journey through care, including health, education and ensuring the child’s voice is heard in the care process. The framework also includes regulations and guidance relevant to children’s homes and fostering services providers. These regulations and guidance are designed to work together as a coherent whole, helping give local authorities the tools to ensure high quality care for all their looked after children. The full list of regulations and guidance can be found on the DfE website below.
Statutory Guidance on Promoting the Health and Well-being of Looked After Children
Although this guidance does not explicitly mention financial capability its policy context includes the overarching Every Child Matters (ECM) framework for improving outcomes for children and young people. Financial capability is important to achieving the five Every Child Matters (ECM) outcomes. Promoting financial capability is clearly fundamental to achieving economic wellbeing, but financial education can contribute to all five Every Child Matters outcomes:
1. Be healthy
2. Stay safe
3. Enjoy and achieve
4. Make a positive contribution
5. Achieve economic wellbeing
The Voice of the Child
Under section 22 of the 1989 Act a child's wishes and feelings should be ascertained before making decisions affecting them and their care, and now a written record of their wishes and feelings should be maintained. Local Authority Children in Care Councils provide a place where young people in care can have their say on issues that matter to them, and can make sure that they are heard by the people who make decisions.
National Minimum Standards (NMS) for Children’s Homes and Fostering Services
New National Minimum Standards (NMS) were published on 16 March 2011. The National Minimum Standards (NMS) for the provision of Fostering Services and The National Minimum Standards (NMS) for Children’s Homes both include the requirement to support children in developing financial capability, knowledge and skills.
Planning transition to adulthood for care leavers - including guidance on the Care Leavers (England) Regulations 2010
These regulations and guidance, published in October 2010, are intended to ensure that care leavers are given the same level of care and support their peers would expect from a reasonable parent and that they are provided with the opportunities and chances needed to help them move successfully to adulthood. They include requirements to promote young people’s financial capability.
