Lacking family support, those transitioning out of foster care need financial assistance

http://www.eurekalert.org/pub_releases/2016-06/uom-lfs061616.php

Public Release: 16-Jun-2016
Lacking family support, those transitioning out of foster care need financial assistance
MU researcher says states should provide more resources for young people aging out of the system
University of Missouri-Columbia

Every year, more than 23,000 youth leave foster care after turning 18 and begin adulthood. Unlike their peers who can depend on family who serve as support systems, those coming out of foster care have to be more self-sufficient and often face elevated risks of homelessness and poverty. Clark Peters, assistant professor in the School of Social Work at the University of Missouri, says youth in foster care need not only financial education but guidance as they grow their experience obtaining and managing money to successfully navigate the path to adulthood.

"Unlike young adults who learn about money from their parents, foster youth transition to adulthood without such financial experience," Peters said. "More importantly, they usually lack opportunities to learn from early mistakes that are so common when it comes to understanding finances. Their circumstances provide little room for error as mistakes and miscalculations end up having significant negative effects, as they are often just one financial mistake away from a terrible situation."

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