Money Charity will not now close after anonymous benefactor stumps up three years' funding

The financial education charity decided on 10 March to close in June, having experienced financial difficulties

The Money Charity at work
The Money Charity at work

The Money Charity, formerly known as Credit Action, has reversed a decision to wind up after a private donor came forward to cover its running costs for the next three years.

After experiencing funding difficulties, the trustees decided on 10 March that they would wind the charity up in June.

The charity, which provides financial education, particularly to schoolchildren, was set to make a public announcement of its intention to close, but a spokesman for the charity said that the individual, who wishes to remain anonymous, stepped forward before it could do so.

A spokesman for the charity said it had recently struggled for funding because of various factors. One of these was that Santander bank had ended its six-figure sponsorship of the charity’s Student Moneymanual, which meant the Money Charity’s income would almost definitely be down in the financial year 2015/16.

Grants from trusts and foundations have also dwindled since financial education was put on the national curriculum in September 2014. The spokesman said this had sent demand from teachers for its workshops and materials "through the roof".

The charity is in discussion with other potential funders, according to the spokesman, and is still looking for a new sponsor for the Student Moneymanual.

It expects to be able to continue its work with schools – it has run workshops for 30,000 students a year.

Michelle Highman, chief executive of the Money Charity, said in a statement: "This clearly shows the value of our work and the regard in which it’s held, and has been hugely heartening.

"But it should never have come to this. The future of a diverse third sector delivering financial capability initiatives should not be down to simple generosity, and without sustainable, long-term funding this will represent only a stay of execution."

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus