Today, we can announce that the two recipients of our Financial Literacy Innovation Fund are MyPocketSkill and the Campaign for Learning, whose projects will ensure more children and young people in the UK receive financial education.

Applications to the Financial Literacy Innovation Fund, launched in January, were open to any organisation demonstrating commitment to the development of children’s and young people’s financial literacy, including non-profit organisations, social enterprises and for-profit companies.

The following two projects were selected for funding due to the innovative new solutions they proposed:

• MyPocketSkill's "Near-to-Peer" Tutoring Programme for Financial Capability will take a novel approach by pairing young people and teenage tutors with primary school students (aged 5-11) to teach financial concepts. The project aims to improve financial literacy for both tutors and primary school children at the same time, utilising gamification, storytelling and other creative techniques to make the learning process fun and engaging.

• The Campaign for Learning’s ‘Love Learning Together’ programme is an inclusive family finance programme that uses augmented and alternative communication systems to support children who have communication and behavioural difficulties. Funding from the Centre will help Campaign for Learning understand how new assistive technology can increase children’s access to the programme content. The proposal also aims to explore how nationwide support systems can help spread and establish family financial education in every UK primary school.

We are grateful to all the organisations who submitted their excellent proposals – it was fantastic to see so many novel projects dedicated to improving financial literacy among children in the UK.

We are in an ongoing financial capability crisis, and with only 1-in-3 children accessing financial education at primary school we are leaving some children without the opportunity to learn this valuable life skill. This fund was established to support innovative programmes focused on developing more children’s financial literacy.

The proposals from the Campaign for Learning and MyPocketSkill will certainly do this, and we look forward to following the progress of these two exciting projects. We are privileged to support these two organisations whose work so closely aligns with our mission of ensuring every child in the UK benefits from high-quality financial education.