The CISI Future Foundation charity has given grants worth a total of £465,000 to seven UK financial literacy charities.

The funding will allow the recipients to undertake planned project work to improve financial literacy.

The round of funding is the first for the foundation and follows its first grant application window which closed on 12 May.

The foundation gave:

• £105,000 to National Numeracy

• £100,000 to MyBnk

• £100,000 to Young Enterprise

• £50,450 to the Financial Times Financial Literacy & Inclusion Campaign

• £50,000 to Number Champions

• £40,000 to Open Palm

• £20,000 to The Money Charity.

Nick Swales, chair of the CISI Future Foundation, said: “The foundation was delighted to receive a significant number of applications from a wide range of not-for-profit organisations, involved in improving financial literacy across the UK. After a robust vetting process, which I thank my fellow trustees and the foundation’s manager for undertaking, we are pleased to be partnering with all the successful applicants.”

The foundation was established in April 2022 with the objective of promoting education for the public benefit by advancing knowledge and improving skills in financial capacities and capabilities. It was awarded charitable status by the Charity Commission in December 2022.

The foundation has opened applications for funding from other organisations aiming to improve financial literacy for next year. Applicants have until 12 January to submit their proposals.

The CISI, the professional body for CFP-qualified Financial Planners and other financial professionals, allocated £2.5m from its reserves for the new charity in 2022.

The foundation has its own governing structure separate from the CISI.

Financial Planners welcomed plans announced by the Labour Party at its conference last month to introduce better financial education for primary school children.

In a speech conference, Shadow Education Secretary Bridget Phillipson pledged that Labour would strengthen financial education in schools to tackle the, "chronic cultural problem with maths."

Under Labour plans, should they be elected at the next General Election, the party would introduce mandatory "real world maths" lessons for primary school children, including lessons on financial education.

According to insurance company Allianz, low financial literacy could be costing the average household in the UK around £2,850 a year.