Making sure that young people leaving care take active control of their Child Trust Funds or Junior ISAs

Almost all looked-after children and young people have either a Child Trust Fund or a Junior ISA. The Share Foundation is appointed by the Department for Education to make sure these schemes work properly. Handing over the accounts effectively as they approach 18 is critical to ensuring care leavers see the benefit of these schemes.

This presentation sets out the survey results from care leavers commenting on the effectiveness of the Junior ISA scheme.

18+ questionnaire results from those leaving care with Junior ISAs

This survey has been collated by The Share Foundation as a result of questionnaires given to young people leaving care with a Junior ISA at the time they are invited to take control of their account.

Total Responses to date:  1,566

 Collation up to 20th April 2020

Q1: Were you aware of your savings accounts before you received the Maturity Option letter?

Answered: 1,566    Skipped: 0

Q2: If yes, who informed you of your account in the first place?

Answered: 853    Skipped: 713

Q3: Are you aware of where the money for your savings account has come from?

Answered: 1,536    Skipped: 30

Q4: How will the money make a difference to you?

Answered: 1,536    Skipped: 30

Q5: Have you been informed about the Stepladder of Achievement Programme?

Answered: 1,541    Skipped: 25

Q6: If you have heard of the Stepladder Programme but not registered, is this because...

Answered: 695 *  Skipped: 871

* please note that this is 45% of all respondents, notwithstanding that 78% had not heard of the Stepladder programme

Q7: Are you aware that the Stepladder Programme can be taken up by care leavers up to the age of 25?

Answered: 1,426    Skipped: 140

Q8: Do you think the savings scheme is a good idea?

Answered: 1,497    Skipped: 69

Q9: Please provide any further comments that you may have regarding the savings scheme?

"It's a good safety net and gives young people a good start."

"In my case these savings came very handy right when I am finishing university."

"A lot of children have parents that have savings for them for a rainy day. Most children in care don’t usually have this.  It’s wonderful to know we have a guardian we might not even know about for our rainy day."

"Helps young people to learn to save money."

"Make it more known to young people."

"It has helped massively due to starting my own tenancy."

"It is very good for setting up when leaving care."

"Good scheme for young people to use and understand."

"Very helpful for myself and others in care, especially for when we leave foster care and move on to a flat or house of our own."

"Thank you this money will help me."

"More funding and better direction."

"It’s good to have money when I leave care."

"Gives young people more option and support for their future."

Q9: Please provide any further comments that you may have regarding the savings scheme? (cont ..)

"It has come very handy as I’m learning to drive."

"Thank you for my saving account."

"Fantastic, really helpful surprise."

"It will help me greatly in the transition into my new home."

"Help in future with my studies."

"I am very happy and grateful for receiving this money and will be very helpful for me."

"It is the greatest way of saving our money until we become 18 years old."

"The saving scheme is awesome.  I’ve been struggling to find educational courses but now I can do whatever I want career-wise.."

"Because now I don’t have to worry as much about money."

"It’s a great way for a young person to be educated about money, as at school we aren’t."

"It helps young people when most types of financial supports are suspended as they turn 18, to help with their adult life."

If you need to contact The Share Foundation:

• please call: 01296-310400
• or visit: https://www.sharefound.org