This National Care Leavers Week, financial education charity MyBnk and the Berkeley Foundation are bringing to life important research on the financial struggles faced by care-experienced young people.
The research, conducted by MyBnk and funded by the Berkeley Foundation between 2022 and 2024, revealed alarming statistics: 67% of care leavers feel anxious about money and 80% want more help managing their finances. The research also found that some of the worst consequences of a lack of money management support resulted in rent arrears, eviction or even homelessness.
These findings have now become the driving force behind a new digital campaign, ‘Care About Money,’ which highlights the financial ‘cliff edge’ care leavers often face when transitioning to independent living.
As part of this campaign, MyBnk and the Berkeley Foundation released a new video spotlighting the typical journey of a care leaver and the cliff edge faced at the transition to independent living.
Watch the campaign video: We care about money – do you?
This campaign aims to raise awareness of the key financial challenges faced by care-experienced young people, including soaring living costs, low income, and missed financial support.
One care-experienced young person in Greater London expressed frustration at the system saying:
- “What’s the point of asking for help? … that’s why we struggle in peace [because] we know you can’t help us right now.”
A second care-experienced young person in Northwest England explained the struggle with managing essential costs, saying:
- “Thinking about your future, it’s so hard to think about what’s ahead … when you’ve got so many really important things [to pay for] – like choosing whether you’re going to eat or heat your home.”
The findings also include actionable recommendations to better support care leavers. MyBnk is urging local authorities and organisations working with care-experienced young people to increase financial support, provide holistic money management education, and ensure that resources are accessible when needed. This in turn could also help care leavers prevent serious financial distress, such as homelessness.
Leon Ward, CEO of MyBnk, said: “At MyBnk, we work with thousands of young people every year and have seen firsthand the unique challenges care leavers face. The transition to independent living can be incredibly daunting without the right support. Our financial education programmes help care leavers build financial fluency, empowering them to manage their money with confidence. However, financial education is just one part of the puzzle – more needs to be done. It’s vital that we work together to provide care-experienced young people with the financial, emotional, and practical support they need to truly thrive.”
Sally Dickinson, Head of Berkeley Foundation, commented: “This research highlights the critical importance of timely financial education for young people leaving care. Practical financial skills are vital tools that provide young people with the foundation to navigate the challenges of independent living. We’re immensely proud to support MyBnk’s financial education work and the impact it’s having for young people at risk of homelessness.”
The benefits of financial education are something that stays with a care leaver for the rest of their life. Sessions ran by MyBnk in Scotland have helped bring about a reduction of 32% in young people failing to keep up with priority payments like rent and energy bills. In fact, less than 2% of the care leavers they’ve helped go on to face eviction once they have got their own accommodation.
- The two research reports can be read in full here and here.
- MyBnk have also created a downloadable resource document that summarises the key findings and recommendations from the report that can be downloaded here.
To raise awareness of care leavers and the financial ‘cliff edge’, please share MyBnk’s latest video on social media and demonstrate that you too care about money. Please share with hashtag #CareAboutMoney and tag MyBnk in your posts. You can find MyBnk on Instagram and TikTok @mybnk_, and Facebook, X, and LinkedIn @mybnk.
To learn how you can enable MyBnk to continue to support care leavers, either by making a donation or requesting a MyBnk session in your area, visit mybnk.org. A £200 donation to MyBnk transforms a care leaver’s life by giving them the skills to live independently for the first time, providing a foundation for their future.
MyBnk would like to thank Hands Up agency (handsup.co.uk) and Sophia Warner (@WarnerIllustrates) and for providing the animations and illustrations for the Care About Money campaign.
