Today, representatives and members of The Centre for Financial Capability headed to Downing Street to hand in a letter to No.10 and No.11 calling for greater funding for high-quality and effective financial education through the Government’s Dormant Assets scheme.
The letter was signed by 16 key stakeholders across the financial education and services industry, including the Association of British Insurers, GoHenry, Hargreaves Lansdown, The Money Charity, Quilter, TISA, RedStart and Young Enterprise. The letter was addressed to the Chancellor and the Secretary of State for DCMS, whose Department is overseeing the scheme, and urged for a substantial proportion of the unclaimed money from dormant accounts to be used to fund financial education for primary aged children.
The passing of the Dormant Assets Bill means that the Dormant Assets Scheme will be expanded and an additional £880 million of unclaimed assets will be released. This will be used to fund social and environmental causes, including supporting young people, financial inclusion and social investment.
The letter outlined the financial services industry’s significant interest in the Dormant Assets Bill, as many recognise the urgency and importance of providing young people with financial literacy skills to ensure the rights habits are formed early and that they can then take these with them into adulthood.
Member of The Centre for Financial Capability and Head of Responsible Business at Quilter, Stewart Perry said:
“It was fantastic to attend this letter hand-in at Downing Street and also be a panellist speaker at The Financial Education Summit. As a member of The Centre, I very much recognise the importance of ensuring sustainable funding for financial education and believe the Dormant Assets Scheme is a common sense way for industry to work with Government to ensure every child in the UK has access to the necessary financial skills to equip them for later life.”