Children in care to get £10 a week savings
Eligible people in the care system will be able to access the savings once they turn 18.
Children in care to receive £10 a week in savings
The States of Guernsey said around 40 people in care will qualify for the scheme.
A new government savings plan will put aside £10 a week for children in care, to be available to them when they reach 18.
Created by the States' Children and Family Community Services and Guernsey Community Savings, the scheme is intended to give young people a financial base as they move into adulthood.
The States said the scheme will cover children from the point they enter the care system, and 40 will benefit straight away.
Associate director of children services Lucy Cook said the savings accounts would help young people by "helping them to access opportunities that might otherwise be out of reach."
The States of Guernsey said the move to independent living for people in care can create "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 make a one-off payment to allpay, a payment services company, to set up the scheme.
The charity Guernsey Community Savings will then open and run the accounts, and work with each young person and their social worker as they near their 18th birthday.
When they turn 18, they will be able to choose either to open an account with Guernsey Community Savings or move their savings to an account of their choice.
Cook said children in care deserve the chance 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."