The Financial Services Authority has revealed which organisations will be awarded money from its financial capability innovation fund.
The total fund for 2007 is £200,000 and it will be given to five projects which the FSA regard as demonstrating creative approaches to financial capability:
- The National Housing Federation – which plans to tailor existing materials created by SAFE (Services Against Financial Exclusion) at Toynbee Hall to create a guide to help social housing workers give tenants a better understanding of personal finance;
- Gingerbread – which will use the funding to develop resource packs for groups of lone parents in England and Wales containing basic learning about money and budgeting;
- Princess Royal Trust for Carers – which will run training workshops for carers in the London Borough of Tower Hamlets on budgeting, dealing with debt, doorstep lending, recovering of poor credit ratings and coping with bereavement costs;
- Age Concern Gateshead – which will take a ‘Money matters’ roadshow to sheltered accommodation schemes to talk to elderly residents about financial products, debt and benefits; and
- Coast & Moors Voluntary Action – which plans to work with women in its area, especially those in disadvantaged groups to tackle debt and overspending issues
The winning projects were also chosen for how easy it would be to replicate their work nationwide if their ideas prove successful.
The FSA plans to spend around £100m on its financial capability programme in the period to 2011.
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