Money Advice Service launch new £7 million fund to support financial capability projects

Wednesday 1st June

In support of the UK Financial Capability Strategy, the Money Advice Service is today launching a new fund of up to £7 million, to help understand more about how to improve financial capability. The fund will be available to organisations to help them pilot new approaches to improving financial capability and evaluate their projects.

Launching across the UK, the What Works Fund will provide financial support for projects which are focused on building evidence of the types of interventions that can make a measurable difference to people’s financial capability.

Funding will be available for the evaluation of existing interventions as well as piloting and evaluating new approaches. There will also be funding available to scale up existing programmes which have already demonstrated results to test the effectiveness of the project when reaching a wider group of people.

Launched in October 2015, the Financial Capability Strategy is a 10 year plan aiming to support people’s ability to manage money better on a day to day basis, prepare for and manage life events, and deal with financial difficulties. Research has found that four-in-ten adults in the UK are not in control of their finances. This new scheme builds on that research, and will produce a base of data that identifies the interventions that work best to improve financial capability.

The Money Advice Service is encouraging organisations to express initial interest by completing an expression of interest form by Friday 8th July. For more information and to make an application visit www.fincap.org.uk/news .

Commenting on today’s launch, Caroline Rookes, Chief Executive for the Money Advice Service said:

“We are pleased to be able to channel this funding to organisations to deliver projects that can really make a difference to people’s financial wellbeing. It is vitally important to evaluate which interventions work best so that we can channel our efforts in the right places. This will help organisations from across the sector to fund and deliver interventions that we know make a difference to people’s financial capability. It will also help to provide the new money guidance organisation with information needed to commission effective services from day one.

“We would like to see as many eligible projects as possible applying for funding so that we can distribute the fund most effectively across the UK. This is an important step on our journey to achieve our wider aim of improving everyday money management and financial capability across the UK.”

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For more information please contact:

Money Advice Service Press Office

020 7947 0068 / pressoffice@moneyadviceservice.org.uk

NOTES TO EDITORS

More information and eligibility criteria can be found at www.fincap.org.uk/news

Organisations can email what.works@moneyadviceservice.org.uk for further information

Applications can be made at https://mas.bravosolution.co.uk from 1st June.

Key Documents

About the Money Advice Service

The Money Advice Service is an independent organisation. It gives free, unbiased money guidance online at moneyadviceservice.org.uk or via free phone on 0800 138 7777. Debt advice is also provided through a variety of partners across the UK. The Service was set up by Government and is paid for by a statutory levy on the financial services industry, raised through the Financial Conduct Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.