Covid19 Fund Donates to FT Financial Literacy Charity

The latest from the ABI;

The Covid-19 Support Fund (the Fund) is to donate £652,000 to the FT’s Financial Literacy and Inclusion Campaign (FLIC) to support healthcare workers, carers, service personnel and hospitality workers improve their understanding of how to manage their money. The Fund was established in May 2020 by the Association of British Insurers (ABI) to help people hardest hit by the Covid-19 crisis. To date it has raised more than £100 million from leading firms across the insurance and long-term savings sector.

The Fund’s focus is on providing relief to charities that were under unprecedented strain during the pandemic, and its latest donation is part of its longer-term program of support for people and communities with the greatest need. FLIC will use the donation to transform its ‘Making Money Work’ project, which already benefitted from a donation from the Fund in 2021, into a large-scale financial literacy offering to boost the financial resilience of those who may be especially vulnerable as a result of the pandemic and cost of living crisis.

By creating new adult learning modules, harnessing the power of campaigns and partnerships, and working with trusted social media influencers, FLIC will expand its reach to focus on healthcare workers, carers, service personnel and those in lower-paid jobs.

This contribution marks the final donation from the Fund. It follows support to charities that led the immediate Covid crisis response, followed by a themed programme to help people with dementia, unpaid carers, people with disabilities, victims of domestic abuse, people struggling with mental health issues, and to charities focused on addressing the adult reskilling crisis. The Fund has supported many well-known charities including the National Emergencies Trust, Business in the Community, Age UK, Mind, Action for Children, Women’s Aid, Mencap, and the Shaw Trust.

Yvonne Braun, the ABI’s Executive Lead for the Covid-19 Support Fund, said: “The Covid pandemic had a profound impact on many people, families and communities and its effect is still being felt today. I’m extremely proud of the way the insurance and long-term savings sector stepped up to support those hardest hit through the Covid-19 Support Fund which we at the ABI launched and managed. 

“Today’s donation to the FT’s Financial Literacy and Inclusion campaign marks the final donation from the programme. I’m delighted it will support healthcare workers, carers, service personnel and hospitality workers to make the most of their money which will help them improve their financial resilience.”