Are you currently deciding between fostering and adoption? They are two very different things and you may like to know about the financial costs associated with both in order to help you make up your mind.
Do you Get Paid for Adopting or Fostering a Child?
Adoption: No, this isn’t a job. You wouldn’t get paid for raising a child if you gave birth to it, would you?
Fostering: Yes – sort of. All foster carers are given an allowance. This is to cover the cost of caring for the fostered child.
This amount will change at the start of every financial year. The 2014-2015 minimum allowance rates are as follows:
| Weekly Rate | Babies | Pre-primary | Primary | 11 to 15 | 16 to 17 |
| London | £137 | £140 | £157 | £178 | £209 |
| South East | £131 | £135 | £151 | £171 | £201 |
| Rest of the UK | £119 | £122 | £134 | £154 | £179 |
*The UK Gov site states that amounts may vary if the child has specific needs, you have certain skills, or you make a particularly large commitment to fostering.
Can I Get Any Other Forms of Financial Help?
Adoption: When you adopt a child at least one member of the adoptive family will be expected to take 6 months adoption leave from work while they settle in. This isn’t without pay though! Up to 39 weeks will be substituted with statutory adoption pay (SAP) from your employer, of £135 a week. You are entitled to take a year off, but not all of this will be paid.
A supporting partner is also legally entitled to a period of leave. This is funded by ordinary statutory paternity pay (OSPP), and another 2 weeks can be taken anytime during the first 56 days of placement.
Adoptive parents may be eligible to apply for an Adoption Allowance to help them out.
Fostering: Yes, there are many different types of financial help.
Each fostering household is given a fixed £10,000 tax exemption per year which is equally shared amongst the carers. This basically means you don’t pay tax on the first £10,000 you earn. You are also eligible for a tax relief on top of the tax exemption. This is available for every week you have a foster child in your care. If the child is under 11 years of age this is £200 or for children over 11 it is £250 per child.
How Much Will it Cost? Can I Afford it?
Adoption and Fostering: The cost of raising a child whether fostered or adopted will be the same. It is just the period of time that will vary. Fostering can be anything from a few weeks to years whereas adoption is for life (or at least until they turn 18), meaning adoption is usually more expensive in the long run.
The cost of raising a child to the age of 21 is now £222,458, 58% higher than a decade ago. There are no strict income requirements if you wish to foster or adopt a child but you must be able to prove you can support a family.
Adoption: If you are hoping to adopt you will have to submit an application to court with a one off fee of £160 if you live in England or Wales.
Are these financial figures helpful to your decision making of fostering or adopting? If you have any further questions feel free to message us on Facebook.
(image: Ken Teegardin)