Money Advice Trust: Innovation Grants
Overview
They fund projects that demonstrate innovative practice. By this they mean projects displaying ‘a first of their kind’ approach in terms of:
- How they deliver debt/money advice – These can be different models of delivery, products or materials produced; and/or
- Who they deliver debt/money advice to – These can be groups and/or individuals whose specific needs are not currently catered for.
Since 2011 the programme has funded 32 projects around the UK, including the three new projects launched for 2017/18. These projects display innovative qualities and have helped us achieve our aim of helping people across the UK to tackle their debts and manage their money with confidence.
Groups that have been supported by their programme include:
- People at risk of homelessness
- Young people
- Vulnerable women
- Prisoners preparing for release
- People with learning disabilities
- Older people
- Troubled families
- People with sensory impairments
- Carers
Some examples of innovative practice from funded projects include:
- Using video chat technology to deliver advice
- Using motivational power of sport to develop financial capability skills
- Using intelligent partnerships to target client groups
- Employing behavioural economics and nudge principles to the advice process
Funding Available
The annual ceiling amount per project is £30,000; however they may consider requests above this level for exceptional projects. The programme will fund projects of between 12 and 36 months in duration. However, to receive funding for more than one year, successful applicants will have to show how their project will continue to evolve or innovate in each subsequent year.
Aims
The programme aims to support the Money Advice Trust's three year plan to help more people, more effectively, by funding projects which:
- Empower individuals and microbusinesses to tackle their debts and improve their financial health
- Support staff in charities across the UK to provide effective debt and/or money advice
- Improve the UK’s money and debt environment through the dissemination of successful innovative practice from funded projects
Applicants need to demonstrate how their projects will meet either aim one or two while assisting the Trust in achieving aim three.
Audience
They are looking for proposals that demonstrate how projects will support individuals or microbusinesses in one or more of the following circumstances:
- in severe financial hardship
- who are financially excluded
- who are hard to reach
Enabling them to achieve one or more of the following:
- increase their financial literacy
- reduce their debt
- maximise their income
- save money for the future
- access affordable credit and financial services