New £7m 'What Works' fund to support financial capability projects
In support of the UK Financial Capability Strategy, the Money Advice Service has launched a new fund of up to £7m, 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.
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 4 in 10 adults in the UK are not in control of their finances. the aim is that this funding scheme will result in 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 July. For more information visit the Financial Capability Strategy website Applications can be made at https://mas.bravosolution.co.uk from 1 June.