A child or young person's personal finances include their pocket money, their earnings and any other income.
A child or young person in care should have their own bank account, and there needs to be some consideration given to the best way to manage that account. This includes what access the child or young person should have to the account themselves.
If a child or young person's income is more significant than pocket money or job earnings (e.g. compensation or trust monies), then it may be appropriate to place the monies in a trust account for the child or young person's future use. Seek advice from your site legal advisor regarding establishment of a trust account.
Any monies held in trust or in a bank account of a child or young person in the care of the chief executive are the property of that child or young person and are held for their benefit. The funds are not to be used for any other purpose. In the case of any receipt of compensation or trust monies, seek advice from your site legal advisor.
Authority to control the income and earnings of a young person in care is provided for under s390 of the Oranga Tamariki Act 1989.