Asked by: Baroness Sater (Conservative - Life peer)
Question to the Department for Digital, Culture, Media & Sport:
To ask His Majesty's Government what plans they have made for allocating the funds of the Dormant Asset Scheme to support financial education of young people.
Answered by Baroness Twycross - Baroness in Waiting (HM Household) (Whip)
In November 2024, this government confirmed that the next £350 million estimated to flow into the Dormant Assets Scheme in England between 2024 and 2028 would be split equally between the named causes - youth, financial inclusion, social investment, and community wealth funds. Further details, including what this money will be used for, will be set out in a Dormant Assets Strategy to be published in due course.