Money Advice Service launches new £7m financial capability fund

Mark Sands
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The MAS has launched a £7m fund for new financial capability projects (Source: Getty)

The Money Advice Service has launched a new £7m fund to support organisations trialling efforts to improve financial capability.

The What Works Fund will support projects seeking to build quantifiable evidence on the type of interventions that can make a difference to individuals.

It comes ahead of the close of a Treasury consultation next week looking at a package of reforms to the MAS, which would see it become a purely commissioning organisation, offering only limited services directly.

Read More: MAS scrapped: The most ironic thing in today's Budget

A successor money guidance organisation is expected to be launched in 2018.

Commenting on the funding programme, the MAS chief executive Caroline Rookes said: “This will help organisations from across the sector to fund and deliver interventions that we know make a difference to people’s financial capability.

"It will also help to provide the new money guidance organisation with information needed to commission effective services from day one.”

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