When the Foundation was founded, its grant funding was directed solely towards supporting employability and financial education programmes and was delivered by our charity partners.
Supporting young people
Working with partners, we recognised that young people often faced additional barriers in getting to colleges and workplaces, and in achieving qualifications. The pandemic and subsequent cost of living crisis identified a growing gap in funding support for young people who were the most financially vulnerable.
We identified a need to provide direct financial support to these young people, and together with our partners, designed a new approach to supporting financially vulnerable young people between 16 to 25 years old. In October 2020, the Foundation announced its Bursary.
Bursary funding is managed by 11 UK charity partners. The partners distribute funds to young people facing financial barriers and hardship and support them to move into or maintain a positive destination. Bursaries provide financial help towards costs including work ready qualifications, energy bills, food, clothing, IT and data kit, and travel.
Foundation partner MyBnk acts as a referral partner. It supports the young people who apply for a bursary to improve their own financial education through online and in-person programmes: encouraging a more sustainable approach and upskilling young people to more effectively manage their future finances.
Charities and young people continue to report on the positive impact of the Bursary. Sometimes, just a little funding makes a huge difference to young people’s lives. During April 2022 to April 2023, the Bursary supported over 500 young people with direct grants.
Read more about how the Bursary helps young people.