7 Financial Benefits of Adopting a Child

Adoption which is seen as the establishment of a relationship between a parent and a child with someone else’s child is not an easy task.

Many people develop cold feet and wouldn’t want to hear about adoption probably because they are not okay with the idea.

Some people on the contrary may be cool with the idea of raising another person’s child as theirs but are financially incapacitated to do so.

Some foster parents do not know the financial benefits that come with adopting a child.

So the big question becomes what are the financial benefits of adopting a child, do not worry as lots of eye-opening answers will be provided to this question and a lot more.

Adoption: Everything You Need To Know

Adoption is seen as a legal development of a parent-child relationship with someone else’s child or children.

It entails taking responsibility for the adopted child’s emotional and financial needs, making sure that the adopted child is loved and well catered for.

There are different dimensions to adoption and hence the different types of adoption that include stepparent, relative, agency, or non-agency adoption.

There are open adoption and closed adoption, adoption is seen as open when the birth parents are abreast with the child’s development and are in touch with the adopted parents.

Closed adoption occurs when information about the adopted child is kept confidential.

Benefits of Adoption a Child

A child who is adopted expects a lot of things from the adoptive parents and as children, it is not out of place for them to have such expectations from their adoptive parents and it includes:

1. Love

Every child whether adopted or biological wants to love and to be loved as well and this shouldn’t be lacking in the life of an adopted child, the adoptive parents should be emotionally available for the adopted child.

2. Support

There should be support for the adopted child as well. This support must transcend beyond providing physical needs. The parents should be readily available for the child.

3. Education

Every child should be given quality education and as well as opportunity to achieve their goals in life.

4. Opportunities

If you’re the birth parent, when you put up your child for adoption rather than other methods, you’re saving a life. Not only do you provide that child chance for greater opportunities, but you are also allowing those opportunities to be transferred through by a better-well-to-do family.

As the birth parent, adoption also provides you the opportunities to able to attend school and acquire an education.

5. Social Relationship

Living in a foster care system may not be ideal for the social development of a child especially for one moving from one foster home to another but adoption gives a child the ability to be in a stable relationship.

6. Growth

Adoptive parents receive an experience that continues to grow in positive ways not only for themselves but also for the child as well.

Every child tends to grow in a home where they will be loved, supported, and most importantly wanted.

7. Traditions

Couples who adopt a child can use this opportunity and pass down traditions, spread culture and faith. Kids need to learn and understand the culture, beliefs, and family rites of passage.

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If you choose to go for open adoption, the child can still have access to their biological family so they can learn their family tree as well as how they were raised.

8. Gratitude

Couples that adopt a child, usually have feelings of joy and gratitude. Some people find fulfillment from helping a child or anyone in need, especially those who are in seriously negative situations.

The child will grow to have gratitude especially if they are rescued from their negative situation.

9. Resources

Usually adopted kids do not have the right amount of resources in the current situation that they need.

Birth parents usually make bold decisions to give up their child for adoption due to a lack of resources or some other personal reasons.  As the adoptive parent, you are not only providing the child with financial resources but also support.

Birth parents usually are financially handicapped for much-needed provision while as the adoptive parent you are providing the child a lifestyle that every child should have.

10. Experience

Parenting is an overall amazing experience that anybody should be able to enjoy. Thankfully, adoption makes that possible for anybody who wishes to be a parent.

Read Also: Adoption before Biological Child (5 Tips To Guide You)

Financial Benefits of Adopting a Child

There are lots of benefits that come with the adoption of children especially financial benefits.

Some may be accessible later in a child’s life while some may be accessible earlier. As a family that adopted a child, there is a legal right to the assessment of adoption support needs from the local authority in charge of post-adoption support.

Some of the financial benefits available to the adoptive family include

1. Adoption Pay and Leave

This financial benefit gives adoptive parents the same benefit as the pay and leaves provided for birth parents.

This entails taking the time of the work to adopt a child, and adoptive parents are entitled to statutory adoption leave for up to 52 weeks.

The statutory leave can start on the date the child is welcomed home or it can date before the adoption date but should not be more than two weeks.

Adoption pay totals about 90% of your salary for the first 6 weeks of your pay. For the remaining 33 weeks, the pay is equal to 90% of your gross average weekly earnings (whichever is lower).

In the case of couples, they may share the parental leave of 50 weeks and 37 weeks of pay. The leave and pay must be taken within 52 weeks of the coming of the child into your family.

2. Adoption Allowance

Under the Adoption Support Services (Local Authorities) Regulations 2005, there are regular financial supports that can be paid on a weekly or monthly basis to eligible adoptive parents before or after they have welcomed their child in their home.

The essence of the allowance is to help and encourage adoptive parents who may not be financially buoyant to cater to the needs of the adopted child.

The payable fee is usually determined and paid by the local authority under whose care the adopted child was placed before adoption (the placing authority).

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3. Settling-In Grant’ For Adopters

This grant is given for the sole purpose of paying for large items like a bed or crib for the child’s bedroom, or car seats to the adoptive parents.

4. Disability Living Allowance for Children

This is a tax-free benefit meant for kids with special needs especially those with difficulties in walking.

If your adopted child needs extra supervision and support than necessary, then you’re qualified for the allowance.

5. Career Allowance

This may be given to adoptive parents in addition to the DLA in some cases. This may be because childcare arrangements are unable to meet the child’s specific needs, which means that one parent is unable to take a job to meet up the child’s needs.

6. Adoption Support Fund (ASF)

The ASF is set up by the Government to pay for services and training for adoptive couples. Accessing the fund will require your local authority to assess your adoption support needs.

If after assessment, your local authority finds you worthy of its reception, then an application can be made by your local authority for the funds.

7. Free Education

There are provisions for educational support of adopted children; adopted children of the age of 2 are entitled to a free early education place.

At the age of 3 and 4 years old they can benefit from the Early Years Pupil Premium (EYPP).

The essence of this fund is to provide funds for the providers of early education so that the children can be given quality education and they must be informed that your child was adopted so that they can partake in it.

At school age, your child is entitled to priority admission to the school of your choice so that you can choose a school that best meets your child’s needs.

Claims on your child’s premium can be made by the school if they are aware that your child is adopted.

This funding helps schools provide additional support for vulnerable children to improve their education.

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Take-Home

We hope this article has provided in-depth knowledge to answer the question of what are the financial benefits of adopting a child along with other adopting questions.

If you are cool with the option of adoption, then go for it, it is a beautiful experience and you won’t regret it.

If you think you aren’t financially buoyant to cater to the cost of having an additional child under your roof, do not worry, there are lots of benefits attached to adoption which we already mentioned.

You can leverage these financial benefits that come with adoption and cater to the needs of your adopted child.

There are benefits every adopted child expects to have, you must ensure that make yours is not left behind.

You must quench the hunger for love in him or her as most adopted kids are deprived of love in foster facilities. Always shower the child with love!