Donation to support new financial literacy programme for those hardest hit by the Covid-19 pandemic
The Covid-19 Support Fund is pleased to be donating £55,000 to The Financial Times’ new charity, the Financial Literacy and Inclusion Campaign (FLIC) which aims to improve financial literacy, where it is most needed.
The donation will support FLIC’s innovative ‘Making Money Work’ course aimed at helping those working in the hospitality sector best manage their money.
Supported by the Financial Times, FLIC works on improving financial literacy where the need is most acute. Currently, within both the hospitality industry (the third-largest private-sector employer in the UK, employing 2.9m people) and among precarious workers in the gig economy, there are many individuals and households who have been at the sharp end of the economic damage caused by successive lockdowns.
The ‘Making Money Work’ course will focus on the very basic building blocks of managing your money. This course will be interactive and will include video and written content which will be tailor-made in partnership with end-users and beneficiaries. The charity will collaborate with unions to reach precarious hospitality workers and charities that support some of the lowest paid and most vulnerable workers eg cleaners, porters, couriers, hospitality and domestic staff.
Yvonne Braun, Executive Lead, Covid 19 Support Fund, said:
“We are really pleased that the Financial Literacy AND Inclusion Campaign will be putting this donation to very good use. Lack of confidence with numbers can make it very hard for people to navigate their daily finances and make informed long-term financial decisions. The important work of the Campaign in targeting support where it is most needed to improve financial literacy will help some of the most vulnerable people have more confidence when using numbers.”
Leyla Boulton, FT FLIC acting director, said:
"We look forward to providing tangible support to workers in the hospitality sector with the help of the kind donation from the Association of British Insurers,"
About the Covid-19 Support Fund
In May 2020, the UK insurance and long-term savings industry, led by the Association of British Insurers (ABI), launched a new fund to support those hardest hit by the pandemic, raising over £100m for charitable causes. With £84m having been pledged in voluntary contributions from across the sector, and £20m in matched funding from the Government, it is the largest sector fund in the UK and a unique initiative within the global insurance industry.
From the outset, the Fund’s goals concentrated on areas of most pressing social need resulting from the pandemic, working with a range of charity partners to deliver support to thousands of projects and people across the UK.