Concerned about finances?
Explore the financial aspects of fostering
Find out how we help our foster parents below or take our fostering quiz to see if you’re eligible to foster.
We’re dedicated to supporting our foster parents
There’s unfortunately no denying that times are pretty hard right now. With energy prices soaring and the cost of living rising, worrying about money is a shared concern across the nation. That’s why we completely understand that if you’re thinking about fostering, you may be apprehensive to take the leap because you’re worried about money and whether a foster parents pay could support you and your family. We also know you might feel uncomfortable discussing finances, especially where vulnerable children are concerned.
We want to help put some of those worries aside. At Fostering People, we’re committed to giving our foster parents a generous fostering allowance that keeps pace with rising living costs. It’s important to us that the children in your care have everything they need to thrive, and we know that money plays a big part in this.
That’s why this year alone in 2022, we have given our foster parents two cost of living rises, and have committed to giving another in April 2023. This means our foster parents have received a 9% uplift in a 12-month period – the largest one in our history.
How much does fostering pay?
With this incredible uplift, our common standard foster care pay rate for a child over the age of 5 is now £443 per week, per child.
This new average pay for foster parents is there to ensure you can provide stability to the children in your care, as well as reward you for all your hard work. After all the disruption and heartache in their lives, they need consistency, and a generous fostering allowance package helps to achieve this.
However, that figure is just for one child who doesn’t have complex needs. Disability and special needs foster care pay is significantly higher, due to the extra support these children require. And if you care for more than one child at time, you’ll receive an allowance for each child. This is why you can earn a lot more by fostering siblings or multiple children from different families. While it might sound daunting to take on two or three foster children at a time, or a child with additional needs, it’s incredibly rewarding – and not just financially.
If you’re thinking of becoming a foster parent but are worried about money, give our finance calculator a go to see how much you could earn.
You could also work and foster
If you’re thinking of fostering but find yourself worrying about money, you might want to consider working and fostering.
Around 40% of foster parents in the UK hold down another job to bring in extra income. As long as you’re able to put the young person in your care first, and your job has the flexibility to support you as a foster parent, this set up could boost your fostering pay.
Do you pay tax on fostering allowances?
Another huge financial benefit to consider if you’re thinking of fostering a child is the tax relief you’ll get. HMRC recognises the incredible work that foster carers do, and as such, you could pay very little tax or none at all.
Helping you save money all year round
When you foster with us, you’ll also get 14 nights paid respite a year, allowing you to take a well-deserved rest to recharge your batteries and relax. There are also loads of other amazing rewards to help you save hundreds of pounds a year.
- Enjoy discounts to your favourite high street brands, online stores and supermarkets for those everyday items.
- Discounted tickets for days out, including theme parks, cinemas and London theatres.
- A financial contribution for birthday and Christmas gifts for all the children in your care.
- Much, much, more!
Take your first step to becoming a foster parent today
If you’re interested in becoming a foster parent and would like to learn more, then we’d love to hear from you.
Simply fill in the form below and one of our friendly team will be in touch.
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Call us on 0800 077 8159
Suite D, The Point,
Welbeck Road, West Bridgford,
Nottingham, NG2 7QW