Money Advice Service announces first projects to receive funding from the new What Works Fund initiative, including 1625 Independent People's (1625ip's) Cash Pointers Upfront project.
Projects across the UK will receive new funding from the Money Advice Service, helping tens of thousands of people manage their money better.
Today, the Money Advice Service announced funding for 26 projects, with more to follow in the coming months. The projects, which cover every region of the UK, are being funded from the Money Advice Service’s new £7m What Works Fund. Funded projects will reach thousands of people – from younger people in school, to students and from working age adults to those in retirement.
We know that levels of financial capability remain stubbornly low - four out of ten adults are not in control of their finances and around 16.8 million working age people have less than £100 in savings.
However, very little evidence currently exists on the best way to address this issue. That is why the What Works Fund aims to build evidence and to establish the interventions which best help people to manage their money. Ultimately, the aim is to scale up the most effective projects in order to improve the levels of financial capability of millions of people across the UK.
David Haigh, Director of Financial Capability at the Money Advice Service commented:
“This is the first time that we have funded projects to gain evidence about how best to help people with their money. These projects will reach tens of thousands of people, while helping organisations ensure their interventions are truly effective. By increasing the effectiveness of what we do, we can better target our collective efforts, thereby improving the financial capability of millions across the country.”
The projects also target segments of society who could be vulnerable to falling into financial difficulty, including those with mental health issues, those at risk of being homeless and people with long term illnesses.
“We know that millions of people across the country are one unexpected bill away from seeing their finances spiral out of control – and for those who are already vulnerable, that risk is exacerbated. We want to build evidence on how we can get these people to engage with their financial situation and avoid them ending up in problem debt or with other financial difficulties,”
Dawn Taylor, Operations Director at 1625ip said:
“1625 Independent People’s Cash Pointers Upfront project is all about offering young people the right skills and tools, shared in a way they can relate to, to help them manage their money better before they get into financial difficulty. It builds on our previous learning and experience delivering peer education and helping young people manage their money. The new project will offer a great opportunity to evaluate what works for
young people. We’re delighted to work in partnership with MAS to deliver and evaluate this project.”
Cash Pointers Upfront is funded by the Money Advice Service as part of the 'What Works Fund'. As well as delivering peer education, the project will also evaluate what works best, providing a detailed report as part of the project.
1625 Independent People is a voluntary, not-for-profit organisation and relies on donations and support from the public and private sector. Help us maintain this crucial service for young people - there are many ways to get involved. Find out more about supporting us
Tia Psihogios, Funding and Communication Officer
Tel: 0117 317 8800