The Dormant Assets Scheme is expected to release £350 million for England over 2024 and 2028. The government intends to allocate this money equally between the four causes:
- £87.5 million for the provision of services, facilities or opportunities to meet the needs of young people
- £87.5 million for the development of individuals’ ability to manage their finances or the improvement of access to personal financial services
- £87.5 million for social investment wholesalers (£12.5 million will reach organisations that support improved youth outcomes)
- £87.5 million for community wealth funds
Anybody got a nice summary for what each of those mean and/or really do?
They do very little when the issue is massive wealth inequality and the hoarding of wealth by very few. This spends around £15 per person. It’s doing diddly squat.
They should start teaching money management in school though. It’s ridiculous I had to learn about how drastic compound interest is my 30s. I’m not intelligent but I feel like if someone pointed out 20k put away in my teens and early twenties would set me up for financial security later in life and provided me an easy way to ferret that away I’d be a ton less stressed now.