Money Box

Money Box Live: Fostering Finance

Oct 16, 2024

Sarah Thomas, Chief Executive of The Fostering Network, and Brenda Farrell, Head of Fostering at Barnardo's, dive deep into the financial landscape of foster care. They reveal that nearly 70,000 UK children depend on foster homes, yet payment structures vary wildly across local authorities, leading to financial strains. The emotional toll on foster carers is immense, as many struggle with low allowances and the complexities of taxes. Listeners gain insights into the pressing need for improved financial support, education, and lasting stability for both carers and children.

28:31

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Episode guests

Sarah Thomas

Brenda Farrell

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Quick takeaways

Foster carers in the UK face significant financial disparities due to a postcode lottery affecting their allowances and fees.

Training and emotional support are critical for foster carers to manage the complexities of caring for children with trauma and financial instability.

Deep dives

The Financial Realities of Fostering

Becoming a foster carer involves significant financial considerations, as individuals are essentially self-employed. Foster carers receive allowances to cover the costs of caring for children, which include expenses for clothing and food, but these payments often vary greatly by local authority. Many foster carers, like Alison, who shared her experience in the UK, report that standard fees can sometimes fall below £5 an hour when calculated based on a typical 40-hour work week. This inconsistency highlights a postcode lottery in fostering payments, making it challenging for carers to maintain a stable income while providing the necessary care.

Intro

2min

Fostering Financial Challenges

12min

The Journey into Long-Term Fostering

2min

Financial Realities of Fostering

7min

The Need for Practical Financial Education and Entrepreneurial Aspirations

2min

The Complexities of Foster Care

3min

The Impact and Rewards of Fostering

2min

There are nearly 70,000 children in the UK who are in foster care.

Foster carers main concern has to be the children they look after, including many who have experienced neglect and trauma. But they are self-employed, so there are also financial considerations, from allowances and fees, to tax returns and receipts.

In this programme we'll hear from charities, foster carers and care leavers. We'll also discuss new analysis from the Fostering Network, which found foster carers face a post code lottery when it comes to fees they’re paid.

Foster carers are given an allowance to pay for clothes and food - but they're also usually paid extra on top to recognise their time and skills. Those fees aren't fixed though, and local authorities can each individually decide how much to award.

Using freedom of information requests the charity found 60% of local authorities across the UK are paying foster carers the equivalent of less than £5 an hour based on a 40 hour week. Local Authorities are given funding from central government and the devolved nations – the told us they are reviewing support for foster carers.

Felicity Hannah, is joined by Sarah Thomas, Chief Executive of The Fostering Network and Brenda Farrell, Head of Fostering at Barnardo's.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast at 3pm on Weds 18th Sept 2024).

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Money Box

Money Box Live: Fostering Finance

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

The Financial Realities of Fostering

The Importance of Support and Training

Emotional and Long-Term Commitment of Foster Care

Remember Everything You Learn from Podcasts