As part of its Rebuilding Thriving Local Economies initiative, Barclays has partnered with people and businesses in four pilot local economies across the UK. In 2020, the initiative was launched in Great Yarmouth and activity will run until March 2024. Working with others, Barclays hopes to help address some of the social and economic challenges faced across the community. As part of this, Barclays provided funding to directly help those most affected by the COVID-19 pandemic and from July 2021 to December 2022, Family Action – a charity providing practical, financial and emotional support to those in need – distributed grants to vulnerable families and college students in challenging circumstances in Great Yarmouth. They worked with a range of local organisations to identify individuals and families in need of financial support, including educational institutions and charities. In total, there were 156 successful grant applications, receiving an average of over £500 of funding. These grants have been used for a range of purposes, including buying food and essential household items, and contributing towards utility bills and council tax. They have also been used to contribute towards travel for employment and educational costs to increase access to learning, as well as internet access and devices to stay connected like laptops and smartphones. One beneficiary was a young person having to move in with her grandmother because of family issues. The funding enabled her to purchase a laptop and continue her sixth-form studies, after which she was planning to attend university and pursue a nursing career. The majority of people who accessed this funding had to rely on foodbanks, were burdened with debt (including rent arrears) or grappling with serious mental health problems. There were also families under acute stress, dealing with bereavements or facing unemployment because of COVID-19. One recipient was a 20-year-old student caring for their mother, who was struggling with mental health problems since her husband died from COVID-19. Their combined means of income was her mother’s universal credit, and the student found it challenging to secure a part-time job that would accommodate her caregiving responsibilities and studies. The impact of the funding was felt across applications, with all successful applicants stating that they had seen an improvement to their financial pressure and burden. Importantly, they also reported improved access to education or training (63%) and a nearly one third (30%) noted improved employment prospects. Beneficiaries also reported reduced anxiety and stress (42%) and improved health and wellbeing (33%). Family Action has been bringing about positive change to the lives of vulnerable families since 1869. They collaborate with project partners and referral agencies to identify grant recipients through their community-based services and financial assistance programmes. To find out more about Family Action, visit https://www.family-action.org.uk/, call 0808 802 6666 or email [email protected] Image provided by Barclays
