This week I received an email from a charity highlighting a campaign featured on television around the Child Trust Fund (CTF) access issue. Personally, this is something I and many others have been ‘shouting about’ for many years. Yet still, the families of those with vulnerabilities and disabilities face an uphill battle to access the funds set up to provide a financial foundation for their youngsters.
Savings for children with special needs is something that frequently comes up when I am presenting at seminars. There is confusion about how to access savings and what level of savings impacts means-tested benefits. Parents and carers usually need to be made aware of the differences between Powers of Attorney and Deputyship and how to apply for these valuable decision-making tools.
Decision making post-18
Once a child turns 18, a parent or carer is often thrust into a world of form-filling, legal jargon and costly processes, all to enable them to help with financial decision-making. This is an unnecessary burden for parents and carers who are often full-time carers, navigating continuing education or the transition to adulthood at the same time. Could the process of accessing savings not be simplified? Could a parent or carer take on an appointee role, similar to claiming benefits when looking at accessing savings and bank accounts? Is there really a need for a court-appointed order to access a child trust fund?
Education, education, education
Having followed this story for many years, whilst I hope for change, I understand that change does not happen overnight. However, I can educate parents and carers so they are not in the dark as to this issue. For the past few years, financial decision-making is something I have integrated into the training sessions I run and is usually a ‘lightbulb moment’ for those in the room. Whilst talking to parents about Wills and Trusts is very important, helping with financial decision-making is seen as something for the here and now.
It is rewarding and encouraging to see the parents and carers of children in their early teens making notes and asking questions about decision-making post-18 in good time to prepare. I feel privileged to be able to offer this information to parents and carers, knowing that for many, it will be the first time they have heard of such rules, processes and terms. By spreading the word, offering training courses and an opportunity to learn with others, it is possible to empower parents to know what needs to happen and when before they find themselves stuck.
More change needed
Alongside making access to savings plans a smoother process, there is, in my opinion, so much that can be done to help the families of those with disabled children. I don’t feel it is right that parents and carers go around in circles when trying to open bank accounts or carry out general good financial housekeeping for example. The balance in trying to provide for a child and not impact or jeopardise future care is like walking a tightrope. I find it interesting to see the approach to banking and finances for those with learning disabilities in other countries. This inspires me to keep offering training to parents and pushing for change.
