Deadline: 6-Feb-23
The Financial Fairness Trust is seeking applications for the Project Entitied “Tackling Financial Problems, Improving Living Standards”.
Financial Fairness Trust is an independent charitable trust. Their mission is to contribute towards strategic change which improves financial well-being in the UK. They want everyone to have a decent standard of living and feel in control of their finances, improving the lives of those on low-to-middle incomes.
More specifically the work they support examines and promotes measures to:
- Increase incomes for those on low-to-middle incomes.
- Ensure people have an adequate safety net, building savings and assets.
- Reduce the cost of living, making sure those on lower incomes are not paying more.
- Address issues related to spending and borrowing, particularly where it becomes problematic.
Objectives
- Fund strategic work, including policy work, campaigning and research, which have the potential to improve financial well-being at a national scale.
- Develop partnerships, encouraging collaborative working and a more joined-up approach, convening where they can add value.
- Share learning, knowledge and evidence widely, becoming a key organisation working in the field.
- Each year they intend to award around £3 million in funding. They aim to be an open and engaged funder that offers more than money, working closely and in partnership with those they fund.
Funding Information
- There is no minimum or maximum size of grant and the amount you request should be the amount you need.
- Their grants range between £10,000 and £200,000, with most between £50,000 to £120,000 in total.
Their Approaches
- Much is known about the problems relating to financial well-being. They are interested in discovering where the gaps in knowledge are, and looking at potential solutions. There is no silver bullet to improving financial well-being. A number of different approaches and activities are needed to achieve their mission and often action is needed over the long-term.
- They all have a role to play if they are going to create a financially fairer society: government, regulators, employers, investors, civil society and citizens. They aim to foster partnerships, collaboration and trust, including amongst unusual allies, to push for change.
- People on low-to-middle incomes are central to their work and it’s vital their voices are heard, that they are engaged in the work, and active in helping them to develop solutions and secure change.
- How they communicate is critical – facts and figures are rarely enough. They also need to understand better how to get the public to support the change that’s required – ensuring they are targeting the right audiences, and communicating with them in the right way to get them engaged.
Who they aim to benefit?
- They aim to address specific inequalities, differences and vulnerabilities through the work they fund.
- They aim to improve the lives of those living on low-to-middle incomes in the UK, who are struggling to make ends meet, and who are cycling in and out of hardship. Whilst it’s vital to ensure that those facing financial hardship are supported they also believe it’s important to prevent people falling into financial difficulties. A priority for them is work focussed on younger generations.
- Some groups are more affected than others. For example, disabled people, black and minority ethnic communities and single parents are more likely to have low incomes and have few assets compared to others. These problems can be even greater for those facing multiple disadvantages. There are also some people facing extreme hardship.
- Closely linked to this are people who are vulnerable financially. This is where people, due to their personal circumstances, are especially susceptible to fi nancial detriment, particularly when a fi rm, government or other organisation is not acting with appropriate levels of care. This includes vulnerability as a result of health problems, disability, or due to a problematic situation such as redundancy, bereavement or divorce.
- They believe that focusing on work that addresses the root causes, rather than supporting individual beneficiaries, is a more sustainable approach to improving fi nancial well-being.
What work they will fund?
- They will fund a range of strategic work. This is work that benefits more than individuals and has the potential to benefit large numbers of people within the UK. This work must aim to create a step change in policy, practice, attitudes and/or behaviour. It includes policy work, campaigning, research, public attitudinal work, and improving practice and design.
- They are interested in funding issues, where they can add value. In particular, where there is limited funding available and there is a clear niche for the Trust.
- They do not fund direct delivery of services for individual beneficiaries, unless this is testing and evaluating a new approach which has significant potential to lead to wider change and could be of benefit to many people. They will also fund evaluations of existing initiatives that have not been evaluated.
- Funding will usually be for a specific project and sometimes for on-going costs. This includes staff salaries and overheads.
Where they will fund?
- Their registered office is in Edinburgh and they are also based in London. Whilst their remit is UK wide and the majority of their work will be of benefit to UK residents, they are keen to support work in Scotland, including UK-wide work which has a Scottish dimension to it. There are specific issues relating to geography, with some regions and areas of the UK faring better than others, which they aim to address through the work they fund. It is unlikely they will fund work which is solely focussed on areas smaller than a region, such as a neighbourhood, borough or town.
- They are interested in learning lessons from other areas (from within and outside the UK) and how good ideas and practice can potentially be replicated in the UK, Their aim is not to transfer policies from one place or sector to another but to translate the learning in a way others can act upon in a way that is appropriate to the situation and circumstances in the UK. They are also interested in international comparisons and how the UK fares in relation to other countries.
Eligibility Criteria
- They fund organisations undertaking charitable activities. You don’t need to be a registered charity. Organisations they fund must have a governing body with at least three non-executive directors/trustees (at least three who are not employees of the organisation or affiliated to it in any other way). They will fund a wide range of organisations including voluntary organisations, think tanks, campaigning groups, research bodies and universities.
- They are also able to partner with other funders, government, employers and regulators in jointly funding relevant work.
For more information, visit https://www.financialfairness.org.uk/home