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Community Links to deliver What Works Fund project
Money Advice Service announces first projects to receive funding from the new What Works Fund initiative, including Community Links' project.
31 Jan 2017
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.
Arvinda Gohil, Chief Executive of Community Links, said:
“Helping individuals to improve their overall circumstances, as well as breaking cycles of debt, is what Community Links responds to daily. We are delighted to be able to work with the Money Advice Service in advancing the knowledge and understanding of what works well in improving people’s financial capability."
“This funding will allow us to further integrate our early action model of preventing problems from arising by embedding financial capability support into our existing services for young people and unemployed BAME women. We hope that results from this work will help to re-design more targeted and efficient money management interventions across the UK.”
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