Did you know four out of ten adults are not in control of their finances? And that around 16.8 million working age people have less than £100 tucked away in savings?Money Advice Service research has shown levels of financial capability across the UK remain stubbornly low.
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But from today tens of thousands of people will have access to projects designed to help them manage their money better.
In total, 26 projects across the UK will receive funding from the Money Advice Service's What Works Fund. The fund is designed to help gather evidence on the most effective ways to improve people's financial capability, helping ordinary people to manage their money better, as well as offering a helping hand to those who are particularly vulnerable to financial problems, including those with mental health issues and long-term illnesses.
David Haigh, Director of Financial Capability at the Money Advice Service, said: "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."
Help for young people
Groups working with young people will be offering help with core numeracy skills, as well as workshops and peer-to-peer sessions to help children as young as 11 better understand money.
Other organisations will help school leavers make the transition from education to work.
Help for retirees
Several projects will work with older people and pensioners to help them plan ahead and introduce them to online tools.
Help for disabled and vulnerable people
Much of the WWF funding will go to groups looking to help vulnerable people avoid financial difficulties.
Various charities will use the money for projects helping homeless people, while other specialists will work in areas including improving services for blind and partially sighted people.
This article is provided by the Money Advice Service.