Leeds Building Society said the partnership aligned with its overall purpose of getting more people into homeownership, which included young care leavers.
Research from the British Association for Social Workers showed that a third of young people become homeless in the first two years after leaving care, while a quarter of homeless people have been in care at some point in their lives.
In 2022, 30,070 children left care.
Leeds Building Society said young people leaving care faced a “cliff edge” as support declines once they reach adulthood.
The mutual will aim to raise a minimum of £300,000 over the three-year partnership to fund the ‘Building Brighter Tomorrows’ programme. This helps care-experienced people access tools and resources to build their future.
It will help them find somewhere to live, learn independent living skills, continue with education or find work and access further support once they have left care.
The mutual’s members and colleagues will raise money through fundraising activities.
‘Feeling safe and secure in a home impacts emotional wellbeing’
Richard Fearon (pictured), CEO of Leeds Building Society, said: “We all know the value of a place to call home. It’s the cornerstone of a safe, secure life. We are thrilled to be working with Barnardo’s to ‘build brighter tomorrows’ by helping care-experienced young people on their path to a more secure future.
“Everyone deserves to transition into adulthood with the right tools and support structures, regardless of their background or circumstances. Sadly, this is not always the case. That’s why we’re proud to appoint Barnardo’s as our charity partner for the next three years.
“Through the partnership, we want to support young care leavers to find a home. We recognise that feeling safe and secure in a home impacts emotional wellbeing, and we are proud to pledge funds to be part of the positive change that Barnardo’s is making.”
Lynn Perry, CEO of Barnardo’s, added: “Child poverty is growing fast within the UK. We currently reach 400,000 children and young people each year, and with this support pledged by Leeds Building Society, we can continue on our mission to change childhoods and ensure that we never turn a child away.
“The future can feel so uncertain to care-experienced people. Many care leavers carry burdens that young shoulders shouldn’t have to bear, and through this partnership and the fundraising by Leeds Building Society’s colleagues and members, we hope to make a big difference to the futures of these young people.”
In February, Leeds Building Society partnered with Become, a charity for children in care and young care leavers, to offer financial education to care leavers.
