Support to successfully manage your finances

Managing your finances is an important part of becoming independent. Your Personal Advisor will help you understand how to do this successfully.

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Support if you need to claim benefits

When you first make a claim for benefits at 18 we will support you with a personal allowance for up to six weeks whilst your claim for benefits is being processed. Care leavers are allowed to claim benefits up to one month before they turn 18.

For those unable to claim benefits we will support you for longer whilst your entitlements are established as set out in your Pathway Plan.

Your savings

Money will be put into savings for you each week, until you are 18 years old. Ask your PA about how much should be saved each week for you. Southwark puts £10 a week in savings for children in care and care leavers.  for you from your 16th to 18th birthdays if you live with a foster parent or semi-independent accommodation.

Support with budgeting and managing your money
  • We will provide you with advice on managing money and bills and can help you draw up a budget 
  • We will help you open a bank account (some young people may not be eligible for a bank account)
  • We will help you apply for a National Insurance (NI) number
  • We will support you with hardship assistance if necessary (following a financial assessment). For example, if your benefits have ceased, depending on our assessment, we could pay you an allowance whilst this is resolved or give you some food vouchers.  This support is strictly time limited and also requires you to be actively making a claim. Please let your PA know if you are having trouble paying bills as soon as possible.  We won’t be able to completely resolve all issues, but we will advocate for you in order to reduce the risk of further debt.
  • See other sections for how we will support you financially through housing support, education and employment financial support.

What is a National Insurance number?

Your National Insurance number is a number used in the UK in the administration of the National Insurance or social security system. It is also used for some purposes in the UK tax system. 

What is Universal Credit?

Universal Credit  is a combined form of benefits which was introduced in 2013 and replaced several other individual benefits like Job-Seekers Allowance, Housing Benefit, Working Tax Credit, Child Tax Credit, income-based Employment and Support Allowance (ESA) and Income Support.

Universal Credit is less complicated than claiming other types of benefits but also has different rules, for example you often won’t get the housing costs element for your rent.

As a care leaver, you can claim Universal Credit if:

  • You have limited capability for work or you are waiting for an assessment to see if you have limited capability for work and you have a fit note from your GP saying you are not fit for work; or
  • You or your partner are responsible for a child under 16.