Banking for children in care

Talking to your kids about money, and involving them in financial decision-making will help build their confidence in the subject. It shouldn't just be a one-off event, but a part of day-in, day-out conversation.

• You can start talking to your children from as young as 3 as they become more curious about the world around them
• Try talking to them about different coins, notes and cards
• Help them understand that things cost different amounts of money
• Teach them the importance of keeping money safe so you don't lose it

Children learn by watching and imitating those around them. By showing them how to manage and handle money we set them up for a more confident and healthy relationship with money when they grow up. 

You could try taking them food shopping with you (or sitting next to you if you do it online) to see how much things cost.

As they start to better understand what money is being used for, it's important that kids start having a go themselves, rather than just watching you do all the hard work.

When you're out and about, you could let them pay for the things they want to buy. They could even count out the right money. 

Sometimes, (or a lot of the time) it can feel like kids are oblivious to money. As they become more familiar with money, they start to see the benefit of making some of their own.

There are lots of ways for kids to make money. You could let them help out around the house, babysit or collect the groceries for family or neighbours, or even sell some of their unwanted toys, clothes and games online (with parental supervision of course).

As they get older, showing trust in their ability to manage their own money will build confidence. 

• For younger kids, get them a piggy bank to teach them about keeping money safe
• As they grow, start giving them pocket money, or even get them set up with a bank account of their own
• Give them the opportunity to earn more by doing chores around the house

The Fostering Network is the UK’s leading fostering charity, bringing together everyone who is involved in the lives of children and young people who are fostered to make foster care the very best it can be. 

Visit The Fostering Network site

A Safe Place offers help if someone is anxious, scared or at risk
while they are out and about and need support.

Read more about Safe Places

Foster carers are treated as self-employed for tax purposes and have a specific tax scheme called Qualifying Care Relief. 

For every year that you are an approved foster carer you will need to complete a Self Assessment tax return - even if your income from fostering is covered by Qualifying Care Relief

Being a foster parent means caring for a child as part of your family.

To become a foster parent you must:

• have the right to work in the UK
• be able to take care of a child or young person, often on a full-time basis

You must also be at least 18 years old, though most foster service providers will require you to be at least 21

Visit Gov.UK - Becoming a foster parent