The States of Guernsey said about 40 people in care will be eligible for the scheme.

A new government savings scheme will set aside £10 a week for children in care for them to access when they turn 18.

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.

The States said the scheme will apply to children from entry into the care system and 40 will benefit immediately.

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."

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".

"Having savings of their own can offer greater choice, security and confidence as they take this important step," it said.

The States will pay a one-off fee to allpay, a payment services company, to establish the scheme.

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.

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.

Cook said children in care deserve the opportunity to "look ahead with confidence and hope for their future".

"This initiative is about giving our care-experienced young people a stronger foundation and recognising our commitment to them as corporate parents.

"We want every child in care to know that they are valued, supported and encouraged to achieve their full potential."

Chief executive of Guernsey Community Savings Joe Brown said children from care are "particularly vulnerable to financial exclusion when they reach adulthood".

"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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