pes of support that families provide, to be flexible to the differing needs of care leavers and to be aware of the fact that they are often being required to be financially capable and competent early in their adulthood. Local authorities should support looked after children and care leavers to manage their financial resources and money, gradually helping them to take responsibility for themselves, but recognise that the process of successful learning may involve learning from mistakes, taking risks and a requirement that a second chance with related financial support may be required. Preparation for the transition to adulthood 8.2. Local authorities must place an early emphasis on financial literacy and financial capability skills which are essential to ensuring that children and young people are given solid foundations on which to build when a more formal focus on financial planning commences as part of the pathway planning process. Pocket money, leisure and clothing allowances provided within foster care and residential care can be used to help children develop money management and finance skills. 8.3. It is imperative to sound financial planning that young people, foster carers, residential social workers, leaving care social workers/PAs and staff in partner agencies are fully aware of the financial support and entitlements that young people have during the transition to adulthood. 8.4. It is important for young people and those working with them that a clear written and transparent financial policy is in place that sets out what entitlements young people have, what conditions are attached to these entitlements and how any payments will be made. 8.5. The financial policy should be reviewed every year by the local authority and set out how the local authority as a ‘g