Lord Storey (LD)

My Lords, I added my name to Amendment 95 in the name of my noble friend Lady Tyler, and to Amendment 130. We have heard that 67% of care leavers are anxious about money, according to the study by the charity Money Ready. Given that the second Oral Question today was on financial education post-16, it seems appropriate to talk about this in considering this amendment. Some 80% of care leavers want more help managing their finances. Rent eviction and homelessness are the consequences of poor financial literacy. In 2024, a report from the Become charity revealed that 4,300 young care leavers aged between 18 and 20 end up homeless. This represents an increase of 54% in the last five years. The Staying Put charity has helped, but most still leave care on or before their 18th birthday. In contrast, 55% of female and 59% of male 20 year-olds still live at home, and 47% of men and 29% of women still live at home at the age of 25. Most young people move out when they feel ready, when they have the financial capacity and literacy to live away from home. In contrast, care leavers need to be ready to leave home at a much younger age and do so usually with very tight financial budgets. There is no home to go back to if the money runs out. It is easy for care leavers to miss out on financial education to help prevent issues that come up with independent living for the first time. Not only is there little information about financial management; the avenues available for reaching support to apply for grants and loans mean that many struggle to access these resources. Because of the nature of the job market and house prices, 47% of men and 29% of women still live at home at the age of 25. The cost of living is keeping people at home; care leavers should have this support too. The expansion of the Staying Put scheme is supported by charities, and evidence from the charity Become shows that this would be a core way of mitigating against homelessness among care leavers.