The Big Lottery Fund has launched a new investment fund called Improving Financial Confidence. Improving Financial Confidence is a strategic investment fund aimed at helping people become more confident and more aware of how to take control over their finances.
Financial inclusion research has shown that many people are unable to access or use essential financial services such as a bank account, credit card or affordable loan. This can make it very difficult for people to manage their money, cope with financial pressures and plan for the future. It also can mean that everyday things such as household bills become more expensive. This can lead to people using ‘bad’ loans, such as loan sharks or irresponsible debt management companies. The aim of this investment will be to help people overcome these issues, by supporting them to improve their confidence and skills.
The Big Lottery Fund is currently responsible for delivering just under half of all funds raised for Good Causes by The National Lottery. They fund projects that are connected to health, education, environment and charitable purposes with a focus on bringing improvements to communities and to the lives of people most in need.
Tracey, as a Member of the Debt and Personal Finance All Party Parliamentary Group, is championing the work of The Big Lottery Fund, especially on this new initiative. During this time of national austerity Tracey believes it is really important to invest in protecting the vulnerable in all areas of society. This initiative does exactly that, as well as helping teach people to take an active role in securing their own financial situation.