Forgotten Assets to Help Families and Young People Thrive
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£440 Million Unlocked Through First-Ever Dormant Assets Scheme Strategy
London, 9 June 2025 – Vulnerable families and young people across England are set to benefit from an unprecedented £440 million funding boost, thanks to the UK’s first-ever Dormant Assets Scheme Strategy. The initiative will put long-forgotten money from dormant bank accounts and other financial products to work, helping communities thrive and giving a lifeline to those who need it most.
The strategy, announced today by Chancellor of the Exchequer Rachel Reeves and Culture Secretary Lisa Nandy, focuses on delivering opportunity and support through the government’s Plan for Change, ensuring that money left untouched for years is now channelled into transforming lives.
Investing in Young Potential and Financial Stability
At the heart of the strategy is a powerful two-pronged investment:
- £132.5 million will go to youth-focused projects, creating new opportunities for young people in disadvantaged areas to take part in music, sport, and drama. These programs will help young people build confidence, learn new skills, and unlock better future employment prospects, no longer limiting access to enrichment activities to only the privileged.
- Another £132.5 million will support households facing financial difficulty, offering affordable credit options and money management assistance. The goal is to protect families from crisis debt and provide an alternative to predatory lending – helping people weather financial shocks like sudden car repairs or broken appliances.
Supporting Communities and Strengthening Local Networks
Further funding will empower local charities and grassroots organisations, allowing them to expand essential services such as food banks, youth clubs, and community events. These community-driven initiatives will help combat loneliness, boost local cohesion, and make neighbourhoods safer and more inclusive.
Financial Sector Rallying Behind the Scheme
Today, No.11 Downing Street hosted a high-profile event to mark the launch of the strategy. Leaders from JP Morgan, Schroders, AON, Jupiter Asset Management, and Aberdeen Group joined ministers to show their support and explore how more financial institutions can participate in the scheme going forward.
Chancellor Rachel Reeves said:
“This is a bold step in using forgotten money for a brighter future. Every pound will help unlock opportunity for those who need it most—whether that’s a teenager discovering a love for music or a parent finding help when times are tough.”
Culture Secretary Lisa Nandy added:
“No young person should miss out on their potential because of where they live or what they can afford. This funding puts fairness at the heart of our cultural and social investment, building stronger, more vibrant communities for everyone.”
The Dormant Assets Scheme is a testament to the power of collective responsibility, turning lost financial value into a force for positive change—and laying the foundations for a fairer, more inclusive society.