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Raising our children: Guiding young Victorians in care into adulthood
Socioeconomic cost benefit analysis
Deloitte Access Economics has conducted a study of the socioeconomic costs and benefits of extending care exit from the age of 18 to the age of 21 in Victoria for Anglicare Victoria.
Research finds that investing in the health and wellbeing of young people not only affects their immediate quality of life and productivity, but also shapes the future health of the whole population and, in a broader social sense, the health of society.
Anglicare Victoria commissioned Deloitte Access Economics to investigate the socio-economic returns in the long run – to the individual and the public sector – of investing in the voluntary extension of out of home care support for young people who would otherwise exit care at the age of 18 up to the age of 21.
Out of home care caters to some of the most vulnerable, traumatised and disadvantaged children in our communities, whose transition to adulthood and independence is often fraught. The analysis provides a reasonably compelling case for further investment in continuing care (in a range of forms) beyond 18 years of age to positively impact the life trajectory of those children leaving state care. This paper provides an overview of the study methodology and its findings.
Deloitte Access Economics modelling shows that under the assumed program cost and program uptake rate, the benefit to cost ratio of the program is 1.84. That is, a dollar invested in the program is associated with an expected return of $1.84 in either savings or increased income. The majority of savings associated with extending OOHC care relate to avoided housing support costs. Avoided hospitalisation and alcohol and drug treatment costs are also major sources of savings.