Foster Carer Finances

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 2 February 2022

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Before you have children, it’s important to think about the finances.

And that’s just as true for anyone considering becoming a foster carer.

So, what are the allowances, fees, rewards and tax implications for those who welcome and care for a child in their home?

Felicity Hannah talks to foster carers Bryony, Walt, Dot, Phil and Jane about why they foster and their experience of the finances of fostering.

They are joined by an expert panel: Vicki Swain, Head of Policy and Campaigns at the charity The Fostering Network Harvey Gallagher, Chief Executive of the Nationwide Association of Fostering Providers And Suzanne Griffiths, the director of Foster Wales, which is the national network of 22 Welsh Local Authority fostering services

For more information about fostering, including the finances of looking after children, you can access the following: https://fosterwales.gov.wales/ https://www.nafp.org.uk/ https://www.thefosteringnetwork.org.uk/

And you can listen to an earlier edition of Money Box Live about Carer Leaver finances here: https://www.bbc.co.uk/sounds/play/m00139km

Producer Smita Patel Editor Emma Rippon

Transcript

Click on a timestamp to play from that location

0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.5	Welcome to the download of Moneybox Live, the program about your money.
0:47.6	There are almost 81,000 children in some sort of care in the UK.
0:52.3	That's an all-time high.
0:56.2	The majority of those children live with foster carers and every year thousands more foster homes are needed. After our recent program on the
1:02.2	finances of leaving care, we had loads of emails from foster carers and families and many people
1:07.7	were sharing stories of supporting their young people emotionally and financially
1:12.4	long after the local authority stopped paying them to do so.
1:16.4	That's why today we're looking at the finances of fostering.
1:20.0	As always, we have an expert panel.
1:22.2	Before we hear from them, let's take a call.
1:24.4	Briannie is on the line.
1:25.7	Brianne, good afternoon.
1:26.9	Good afternoon for listening to you. Thank you very much for joining us. Brianie is on the line. Brianie, good afternoon. Good afternoon, Felicity. Thank you very much for
1:29.1	joining us. Now, you're only 24, and you've already been fostering for a couple of years. Tell me about that.
	...

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