Children in care to get £10 a week savings
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The States of Guernsey said about 40 people in care will be eligible for the scheme.
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A new government savings scheme will set aside £10 a week for children in care for them to access when they turn 18.
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Established by the States' Children and Family Community Services and Guernsey Community Savings, it is designed to give young people a financial foundation when becoming an adult.
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The States said the scheme will apply to children from entry into the care system and 40 will benefit immediately.
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Associate director of children services Lucy Cook said the savings accounts would support young people by "helping them to access opportunities that might otherwise be out of reach."
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The States of Guernsey said the transition to independent living for people in care can bring "significant financial pressures, from setting up a home to managing everyday living costs".
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"Having savings of their own can offer greater choice, security and confidence as they take this important step," it said.
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The States will pay a one-off fee to allpay, a payment services company, to establish the scheme.
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The charity Guernsey Community Savings will then open and manage the accounts, and work with each young person and their social worker as they approach their 18th birthday.
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At 18 years old, they will have the choice of opening an account with Guernsey Community Savings or transferring their savings to an account of their choice.
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Cook said children in care deserve the opportunity to "look ahead with confidence and hope for their future".
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"This initiative is about giving our care-experienced young people a stronger foundation and recognising our commitment to them as corporate parents.
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"We want every child in care to know that they are valued, supported and encouraged to achieve their full potential."
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Chief executive of Guernsey Community Savings Joe Brown said children from care are "particularly vulnerable to financial exclusion when they reach adulthood".
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"Giving them the opportunity to build up savings, and the financial security that comes with this, can make a real difference as they take their first steps towards independence."
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