The industry-funded Money Advice Service (Mas) has released funding for 26 projects across the UK through its £7m What Works Fund.
The projects will aim to help those in debt or struggling with money issues. According to Mas four out of ten adults are not in control of their finances and around 16.8m working age people have less than £100 in savings.
The initiative will use digital projects that engage with people online, through to one-on-one interventions that guide people through a step-by-step process to help them keep on top of their finances.
Mas said that its aim would be “to scale up the most effective projects in order to improve the levels of financial capability of millions of people across the UK”.
David Haigh, director of financial capability at Mas, said: “These projects will reach tens of thousands of people, while helping organisations ensure their interventions are truly effective.
“The projects will help individuals to budget, saving regularly, handle their finances online, manage their credit and build their numeracy skills.”
The projects also target segments of society who could be vulnerable to falling into financial difficulty, including those with mental health issues, those at risk of being homeless and people with long term illnesses.
Caroline Rookes, chief executive for Mas, added: “We look forward to collaborating not only with projects funded through the What Works Fund, but with all organisations that are working to improve levels of financial capability. A collective approach is needed to really tackle the issues that underpin low financial capability in the UK.”
Financial advisers contribute to the cost of running the Money Advice Service through regulatory levies.
