£1 million of grant funding shared by five organisation tackling debt
PRESS RELEASE
Saving for the future: new funds to help young people and families to better manage their money
Five not-for-profit organisations in England have today received funding from the £1 million Savers Support Fund to help young people and families better manage their money and reduce debt. Run by innovation foundation Nesta and funded by Department for Culture Media and Sport, the grant funding will help scale proven social action models to reach more people.
Financial planning is an area in which social action is well placed to assist; with skilled volunteers able to help local people build the skills, knowledge and tools they need to save for the future and become debt free. It is estimated that more than 16 million people in the UK have less than £100 in savings, making it near impossible to cope with unexpected costs or job loss(1).
The projects announced today draw on the time and talents of citizens to work alongside government interventions that offer support. The five initiatives expand on transformative work of financial support organisations like MyBnk and Money Advice Service to help more individuals and families in England build monetary resilience.
Each Savers Support Fund grantee has received between £150,000-£250,000 to grow, franchise or replicate their initiatives, along with non-financial support. They are:
Sarah McLoughlin, Programme Manager at Nesta, commented: “Building financial competencies in young people and families is essential to developing resilience and to allow people to be better prepared for the financial shocks and changes that affect us all. Through their innovative approaches and bold plans for scaling, these five projects are taking significant steps to tackle the widespread issue of debt. They are already making an impact but have huge potential to do more - whether it’s reaching new geographies or mobilising a whole new set of volunteers to help people in their communities.”
Nesta and the Department for Digital, Culture, Media and Sport have a strong legacy in supporting social action to augment public services, and this programme is a part of £7 million of grant awards currently live. Projects will be supported over the next year and a half and progress will be shared on an ongoing basis via the Nesta website.
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For more information contact Anna Zabow in Nesta’s press office on: 020 7438 2616/2543, [email protected]
Full case studies are available online here, images and interviews are available on request.
Notes to Editors
Money Advice Service (2016), ‘Low savings levels put millions at financial risk’
About Nesta: Nesta is a global innovation foundation. We back new ideas to tackle the big challenges of our time, making use of our knowledge, networks, funding and skills. We work in partnership with others, including governments, businesses and charities. We are a UK charity that works all over the world, supported by a financial endowment. To find out more visit www.nesta.org.uk.
Nesta is a registered charity in England and Wales 1144091 and Scotland SC042833.