Mayor Eric Adams implemented a policy calling for all federal benefits for foster kids to go into a personal savings account.
New documents revealed that foster children in New York City have had their Social Security benefits stripped from them despite the mayor's new policy pledging the funds would go into savings accounts.Mayor Eric Adams implemented a policy calling for all federal benefits for foster kids to go into a personal savings account that they could use upon leaving the system. Instead, foster kids who qualify for the checks have had their money go to cover their housing and other services.
While this puts New York City in a bad situation, other states and cities have found ways to get around the guidelines. Washington, D.C., and Arizona, for example, have created systems allowing foster children to accrue as much as $100,000 while in the foster system.'The discovery of this setback is a true disappointment for everyone involved,' Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek.
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