Allocating £350 million of dormant assets funding equally across the four English named causes.
The Dormant Assets Scheme is a unique and well-established partnership between government and financial services firms, allowing unclaimed money to be used for the public good. Over the last decade, the Dormant Assets Scheme has unlocked £982 million for social and environmental initiatives across the UK.
Following a public consultation in 2022, the government confirmed that the causes dormant assets funding could support in England would be youth, financial inclusion, social investment wholesalers, and community wealth funds. The government also committed to outlining its intended allocations to these four causes.
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
