Supporting Young People with Their Savings
Guidance for adults supporting young people in care or care leavers
Understanding the account’s
Whether you're a foster carer, relative, personal adviser, teacher, key worker or another trusted adult, you can play an important role in helping young people understand and make the most of their Junior ISA (JISA) or Child Trust Fund (CTF).
These accounts provide a financial asset for young people in care and can help them build confidence and opportunities as they move into adulthood.
Most young people born in the UK between 1st September 2002 and 2nd January 2011 may have a Child Trust Fund. Young people in care who do not have a Child Trust Fund will have a Junior ISA instead.
The Government provides an initial contribution of £200 to eligible Junior ISA (JISA) accounts, and The Share Foundation also works to secure additional contributions and opportunities for young people.
Important to Know
- The money belongs to the young person, and they can take over their account from age 16
- Young people cannot access the money before they turn 18
- Only the young person can withdraw the money
- Anyone can contribute to the account, including friends and family (subject to annual limits).
Helping Young People Engage
Many young people are unaware they have an account or may not understand how it works. You can help by:
Encouraging them to learn about their account from age 16.
Helping them understand savings, money and future planning.
Supporting them to find their account provider if needed using our free tools
Encouraging family and friends to make contributions where appropriate.
Helping them prepare for accessing their savings at age 18.
Supporting them to develop confidence with money and financial decision-making
Signposting them to life skills and financial education resources
Finding an Account
If a young person doesn't know where their long term savings account is held, we can help them locate it through our account-finding services you can find this here.
The Share Foundation provides guidance, educational resources and practical support for young people, carers and professionals. Together, we can help young people understand their savings, build financial confidence and take positive steps towards adulthood.
Support for Different Life Circumstances
We know that every young person's circumstances are unique. That's why we've created key adult guidance and support for a range of situations and transitions that young people, families, carers and professionals may experience.
Young people returning to live with birth parents: JISA / CTF
Young people with a life-limiting or terminal illness: JISA / CTF
Families, carers and professionals following the death of a young person : JISA / CTF
If you can't find the information you need, our team is here to help and can point you towards the right guidance and support.
Need More Information?
Our website contains a range of resources for carers, professionals and young people. Please note that we can only discuss personal account information where authorised by the relevant local authority. Contact us on 01296 310400 or please email info@sharefound.org. Together, we can help young people understand their savings, build financial confidence and make the most of the opportunities available to them.