In a report published this week, the Institute for Public Policy Research (IPPR) backs the idea of "asset accounts", where councils give young people in their care a monthly payment.
The think-tank argues that this would make it easier for looked-after young people to take part in after-school clubs, and give them experience in managing finances.
The Department for Education and Skills asked the IPPR to investigate the idea, and the report, An Asset Account for Looked After Children, is expected to influence the forthcoming green paper on looked-after children.
The report recommends that authorities should put 200 in each asset account when a young person is taken into care, and then make monthly payments of 20 and a further 500 lump sum when the young person reaches 16. It said the total cost of the scheme would be 27.4m a year.
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