The Department for Culture, Media and Sport (DCMS) has announced that £440m is set to be made available to good causes through the Dormant Assets Scheme Strategy by 2028, £90m above previous estimates.
The funding, which redirects money from unused financial accounts, will go towards four named causes.
This includes £132.5m for young people, focusing on supporting those in disadvantaged communities to take part in music, sport and drama and to improve their employment opportunities.
The same amount will go towards tackling financial exclusion, including providing people with affordable credit and supporting them to manage their money.
“This will mean that people facing money worries will have a safety net for when things go wrong – from a broken fridge to an unexpected car repair – instead of leaving them at the mercy of loan sharks,” said the DCMS.
Meanwhile, £87.5m each will be made available for social investment and community wealth funds.
In addition, money will also be made available to local charities and community groups to run food banks, youth clubs and community events to tackle loneliness and make neighbourhoods safer.
“From supporting young people and enhancing financial inclusion to driving social investment, this transformational funding will reach some of the most disadvantaged areas across the country and have a real impact on people’s lives as we deliver our Plan for Change,” said secretary of state for culture, media and sport Lisa Nandy.
Chancellor of the Exchequer Rachel Reeves added: “We’re turning forgotten assets into fresh opportunities by unlocking £440 million that would otherwise be sitting idle to help young people realise their potential, and ensure vulnerable families aren’t excluded from the financial products they need.”
Earlier this year it emerged that the Dormant Assets Scheme had distributed £1bn since it launched 14 years ago.
It originally used money from unused bank and building society accounts and has since expanded to include assets from insurance, pensions, wealth management and securities sector.
Latest News
-
Regulator issues guidance to charities impacted by Beacon CRM data breach
-
‘Still a long way to go before volunteering becomes the norm’ despite improvement, RVS warns
-
Spending concerns spark probe into community transport charity
-
Oxfam becomes UK’s first national charity to launch a clothing rental service
-
Just under half of fundraisers are ‘usually or always’ stressed, survey finds
-
Alice Piller-Roner: Why specialist charities should be treated as essential infrastructure, not 'a nice add-on'
Beyond the funding squeeze: Using equities to secure your charity’s future
With charities facing increasing financial pressure and traditional income streams under strain, making investments work harder has never been more important. M&G’s Richard Macey and Michael Stiasny join Charity Times to discuss why equities remain a vital long-term asset class for charities, how organisations can balance income generation and growth, and the opportunities the current market environment may offer to help strengthen financial resilience.
Charity Times Awards 2023
Charity Times video Q&A: In conversation with Hilda Hayo, CEO of Dementia UK
Charity Times editor, Lauren Weymouth, is joined by Dementia UK CEO, Hilda Hayo to discuss why the charity receives such high workplace satisfaction results, what a positive working culture looks like and the importance of lived experience among staff. The pair talk about challenges facing the charity, the impact felt by the pandemic and how it's striving to overcome obstacles and continue to be a highly impactful organisation for anybody affected by dementia.
© 2021 Perspective Publishing Privacy & Cookies
Recent Stories