The Standard Life Foundation is pleased to announce the launch of its new funding guidelines. The Foundation is aiming to award between £2-3 million in funding each year and its funding programmes will be focussed on three areas: Income, Spending and Assets.
The Foundation will fund strategic work which will examine and promote 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.
The work the Foundation plans to fund will benefit more than individuals; proposals must have the potential to create a step change in policy, practice, attitudes and/or behaviour. This includes funding policy work, campaigning and research. A priority is work focussed on younger generations and work in Scotland.
Mubin Haq, Standard Life Foundation Chief Executive, said:
“The Foundation’s focus is on improving financial well-being in the UK. When we talk about financial well-being, we mean improving people’s ability to meet current financial commitments and needs comfortably – having enough income for more than life’s essentials and not struggling to make ends meet. It means people have the capacity to do this in the future, including the ability to deal with financial shocks, and have saved enough for when they retire. We want everyone to feel more in control and confident over their finances.
“Making financial decisions is often complex and confusing. Over the last decade living standards have been squeezed and public services have been cut. Many people on low-to-middle incomes face financial difficulties and struggle to cope.
“However, progress can be made, and we have seen some good examples of that over the last few years. This includes the introduction of the National Living Wage, more people saving for their pensions as a result of auto-enrolment, and the introduction of an energy price cap to help bring down costs. We are keen on funding work which is focussed on solutions and has the capacity to lead to positive changes.”
