ACF Jointly Issues Guidance to Help States Establish Fostering the Future Accounts for Youth in Foster Care

Young people aging out of foster care may face a stark reality. They leave the system at 18 with little financial cushion and few of the family safety nets on which most young adults rely. To address this, federal guidance has been issued by the Administration for Children and Families at the U.S. Department of Health and Human Services and the U.S. Department of the Treasury enabling state, territorial, and Tribal child welfare agencies to open dedicated savings and investment accounts called “Fostering the Future Accounts” for children and youth in their care. For Temporary Assistance for Needy Families (TANF) practitioners, this is a critical moment to understand how these accounts fit into the broader picture of economic security for families you serve. Youth in or aging out of foster care are a population TANF programs frequently encounter; understanding how to help youth access and benefit from this new financial tool will position your program to be a more informed connector of services.