Economic Wellbeing

 

 

 

 

 

Achieve Economic Well-being

It is important that there is a balance however between a healthy risk and a risk which can cause the child significant harm. This is always taken into consideration when making decisions about a child’s allowances. In all instances, an amount of pocket money will be given in hand to each child twice weekly.

The only exception to this is if a child has to pay reparation for something, and in this case a third of their pocket money can be withheld for this reason.

If at any time, the Registered Manager feels, due to risk assessments that a child having money in hand is detrimental to their health, the decision can be made for the child to have their money supervised by staff. Examples of when this would happen would be if it is feared that a child is purchasing drugs or alcohol or absconding regularly and staff are unsure of the safety of the child when not in the home.

 

 

 

Learning Responsibility

A bank account is opened for each child when they come to our home, into which they are given pocket money each week as well as clothing and personal allowances.

Depending on the age and understanding of the child and also after carrying out risk assessments and determining the risks, older children are able to have all their money in hand each week for them to learn to budget and plan for things they need to buy.