Can You Afford to Foster a Child? Finances to Bear in Mind...
Fostering a child is an incredibly rewarding and selfless act, but it also comes with various complications and costs. So, can you afford to foster a child? We explore this question, here…
In the UK, there is an estimated shortage of around 8,000 foster carers. This means that many children in care are unable to find suitable homes where they can grow up safely and recover from any previous adverse childhood experiences.
Becoming a foster parent is incredibly rewarding, but it also comes with plenty of challenges. Many children in care come from difficult backgrounds and have special requirements – not to mention the fact that there are various financial considerations you will need to make as a foster parent.
If you have already discussed the idea of fostering with Henley, Harrogate, or Horsham family solicitors and are seriously considering making the next step, it’s vitally important that you get to grips with how much it might cost and what government support you can expect to receive. Read on to discover how much it may cost to foster a child, and the finances you will need to bear in mind…
Who Can Foster a Child?
Being a foster parent means caring for a child as a part of your family. It’s important to point out that fostering is not the same as adoption. When adoption is finalised, the adoptive parents are legally responsible for the child; when someone fosters a child, the legal responsibility for the child remains with the local authority.
To become a foster parent, you must fulfil certain criteria. You need to be:
- At least 21 years old
- A UK resident or have indefinite leave to remain
- Able to take on the care of a child or young person, potentially on a full-time basis
How long you foster a child for will depend on the type of foster care. It can range from one night to many years, or even until the child is an adult. You do not need to own a home, but you’ll usually need to have at least a spare bedroom.
Before being able to foster, you’ll be required to pass an assessment test to ensure that you’re able to safely care for a child.
Do You Receive Any Financial Support for Fostering?
In the UK, all foster parents receive a foster care allowance to help cover the cost of caring for a child. The minimum you are likely to receive will vary between £134 and £235. The total amount you receive will likely depend on:
- Where you live
- Which fostering service you use
- The child’s age
- If the child has specific needs
- Your skills and experience
The fostering service you apply to will tell you how much you can get. There are also certain tax arrangements you will need to take into consideration if you’re going to start fostering a child in the UK.
When you start fostering, you’ll need to register as self-employed and file tax returns. Alongside this, you’ll also be entitled to qualifying care relief, which means you’ll earn £10,000 from fostering before you have to pay tax, and get tax relief every week you foster a child.
Depending on your situation, it may be possible to apply to a fostering service for extra money to help with things like:
- School trips
- Holidays
- Birthdays
- Religious festivals
Does Fostering Affect Your Benefits?
Yes, potentially. If you’re currently claiming benefits, you’ll be required to tell the organisation that pays you that you’re also receiving foster care allowance.
If you’re unsure how your situation may be affected if you currently receive benefits, then you can get in touch with Fosterline, a free fostering advice service.
How Much Does It Cost to Bring Up a Child on Average?
If you’re fostering a child, the financial support you receive through the foster care allowance may not be sufficient to cover every single cost associated with looking after a child.
Child Poverty Action Group (CAPG) ran a report in 2019 to find the average cost of looking after children. It was found that to raise a child up to the age of 18, it will cost a couple up £151,000 and a single parent £185,000. Costs that you may be responsible for are likely to include:
Education
While education is free in the UK, there are still plenty of other associated costs. Uniform, stationary, textbooks and other related expenses quickly add up!
Household Spending
According to the Office of National Statistics (ONS) the average spending for a household is over £550 a week. Transport is found to be the most expensive category, taking up 14 percent of weekly costs.
Interests and Hobbies
Your foster child may well have hobbies which are expensive to maintain. Whether it’s membership to a football club, swimming lessons or music tuition, these costs can quickly mount.
Clothes
Keeping a child clothed can be very expensive, especially if you look after them for a long time. It’s estimated that keeping a child clothed all the way through to adulthood costs £16,000.
Food
The average food cost for a UK household is around £5,028.
Are You Thinking About Fostering a Child?
To summarise, in this post, we’ve discussed who can foster in the UK, what financial support is available and what additional costs you may need to consider.
As we’ve mentioned, fostering a child is a massive responsibility and requires plenty of forward planning – especially when it comes to the associated costs. But, with the right advice and a clear plan, it is more than possible for many people to become a foster parent.
Have you fostered in the past? Or are you thinking about fostering a child in the near future? Feel free to leave a comment below with your thoughts so we can keep the discussion going.
Please be advised that this article is for general informational purposes only, and should not be used as a substitute for advice from a trained family law professional. Be sure to consult a family law professional if you’re seeking advice about fostering a child. We are not liable for risks or issues associated with using or acting upon the information on this site.
