Auriga granted funding from the Money Advice Service
Auriga has been granted funding to gain robust evidence of how people in the West Midlands can manage their money better.
The project announced today is one of 58 projects designed to find out how to improve people’s financial capability around the United Kingdom.
Auriga was granted the funding to examine how money management skills can help improve the well-being for people affected with a long term illness in University Hospitals Birmingham NHS Foundation Trusts across the West Midlands.
The financial support was granted by the Money Advice Service; which works to enhance the understanding and knowledge of financial matters as well as the ability of members of the public to manage their own financial affairs.
Money Advice Service research shows that four out of ten adults in the UK are not in control of their finances and around 16.8 million working age people have less than £100 in savings. However, very little evidence currently exists on the best way to address this issue.
Auriga’s project will be funded by the Money Advice Service ‘What Works Fund’; a £7 million fund for projects all over the UK. Ultimately, the most effective ideas will help build a solid evidence base to determine how to fund financial capability improvement for millions of people across Great Britain and Northern Ireland.
Announcing the project, Carol Arnold, Commercial Director, said:
“We are extremely excited to be funded by the Money Advice Service which allows us to validate the outcomes and impacts this valuable work achieves.
Being diagnosed with a long term illness would have a severe effect on anyone, not only trying to cope with the medical side but also the financial. This project enables us to support people in their journey and to give them the skills to manage their money for the future.”
David Haigh, Director of Financial Capability at the Money Advice Service, commented:
“We believe that long-term improvements in the financial capability of people in the UK can only be built on a firm foundation of evidence of what works, who it works for, and in which settings.
“There is an urgent need to help people gain the skills and confidence they need to make good decisions about how to make the most of their money. The insights from this project, and others like it around the UK, will be vital in helping organisations to channel their efforts in the right places and to fund and deliver interventions that we know make a real difference”