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 8′th 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.”