Practice Guide

Written for caregivers of foster youth, this guide helps foster kids prepare for the future by helping them understand how to use money wisely.  It encourages money management through specific chapter topics — currency, banks, paychecks, living expenses, credit cards, shopping, saving and giving — and includes age-appropriate conversations, field trip ideas, topic tips, activities and sign-off worksheets. This is a companion guide to the MoneyPals: Being Cool with Cash program for kids ages 8-11 and I Know Where I’m Going (But Will My Cash Keep Up) for 12–15 year olds.

Learn more through the National Endowment for Financial Education website.

June 17, 2002

Foster Youth Money Guides

In This Report, You’ll Learn

  1. 1

    Why money management for foster kids is so important.

  2. 2

    How to teach money management life skills.

  3. 3

    Steps foster kids can take to create and realize goals and dreams.

  4. 4

    Where kids and caregivers can go for more information.

Key Takeaway

Money Management Skills help foster kids gain confidence and direction for adult living

Each year in the child welfare system around 20,000 kids hit age 18 — too old for foster care —and must strike out on their own. They must adjust to adult living – job, housing, transportation, managing money – to survive. Most former foster-care kids make it, but others aren’t so fortunate and need more help. While money management skills won’t solve all the problems, it can give these youth some confidence and direction in building an independent life. 

Findings & Stats

Statements & Quotations