The Santander Foundation has launched a £1.8 million fund to improve digital and financial skills in the UK.

The money will be spent on providing grants to support British charities and community interest companies to help equip people with the tools, knowledge and confidence to make better and more informed decisions about money.

According to a 2018 Financial Capability survey, 39 per cent of UK adults (20.3 million) do not feel confident managing their money.

While 22 per cent of people (11.5 million) have less than £100 in savings, a recent Ofcom report found.

“Without access to mainstream financial services and tools, the impacts of financial and digital exclusion are profound,” said Santander Foundation chair, Judith Moran. “Not only do people pay more for goods and services and have reduced choice, but it can also affect education, employment, health, housing and overall wellbeing.”

Moran added: “The launch of our new grants programme is aimed at supporting charities who work with those that feel the impacts of financial or digital exclusion the most. With the pandemic further highlighting the crucial importance of digital and financial skills, with more and more basic services moving online, we want to ensure we build the capacity of organisations that help more people in our communities become digitally and financially empowered, creating better opportunities for their future.”

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