Proposed Bill to Help Foster Kids Transition to Independence

May is Foster Care Awareness Month and New York State Senator Kevin Parker has sponsored a bill to provide financial assistance to young people aging out of the foster care system. It would create programs to set foster kids up with savings accounts where all funds would eventually be matched by the Department of Social Services. Parker says many young people receive little support as they age out of the system. 

"And so we really need to provide for them in a way that allows them to take their first steps independently."

Under Parker's bill, foster kids would also have better access to financial literacy education. David Woodlock is the President and CEO of the Institute for Community Living, which works with youth transitioning out of foster care. He says this bill would help prepare many young people for life outside the system.

"Financial security and financial literacy play a big role in whether or not you're able to support yourself."

Woodlock says as many as 1 in 4 former foster kids experiences homelessness after aging out.