Full Breakdown
Guernsey Launches £10-a-Week Savings Scheme for Children in Care
By Drooid · · How we work
Overview of the Scheme
The States of Guernsey, together with Guernsey Community Savings (GCS), have introduced a new savings programme that deposits £10 each week for children entering the island’s care system. The contributions accumulate until the young person reaches 18 years of age, at which point the funds can be transferred to a personal account or an account opened with GCS. The initiative is expected to benefit around 40 children immediately, with the aim of providing a modest financial foundation as they transition to independent living.
Background and Rationale
Transitioning from care to adulthood often entails significant financial pressures, including housing costs, everyday living expenses, and the need for further education or training. The States have highlighted that many care-experienced young people face heightened risk of financial exclusion, which can limit their ability to secure stable accommodation and employment. By setting aside a regular weekly amount, the scheme seeks to mitigate these pressures and give beneficiaries greater choice and confidence when establishing their own households.
Key Figures
- Lucy Cook – Associate Director of Children and Family Community Services, responsible for overseeing the scheme’s design and implementation.
- Joe Brown – Chief Executive of Guernsey Community Savings, tasked with managing the accounts and supporting participants as they approach adulthood.
Program Mechanics and Expected Reach
The weekly £10 contributions are funded by the States, which also pay a one-off setup fee to the payment services provider Allpay. GCS will operate the accounts at no ongoing cost to the government, handling enquiries and coordinating with each young person’s social worker. The saved money does not earn interest, but it can be directed toward housing, education, training, employment, or other life goals identified by the participant.
Official Statements
Lucy Cook explained that the scheme is intended to give every child in care the opportunity to look ahead with confidence, emphasizing the government’s commitment to supporting their future potential. Joe Brown noted that providing a dedicated savings vehicle can make a real difference for care-experienced youths who might otherwise be vulnerable to financial exclusion, reinforcing the broader goal of fostering financial security as they take their first steps toward independence.