The fund is part of Nesta’s £3m Rapid Recovery Challenge, which was set up to further the impact of organisations offering financial and employment support to young people and marginalised groups across the UK. Its aim is for these platforms to reach one million people by 2023.
Young people are among those worst hit financially by Covid-19, figures from the Office for National Statistics show.
Research by Nesta revealed that almost 50 per cent of 18-to 24-year-olds reported their finances had suffered due to the latest national lockdown compared with 30 per cent of the overall UK population.
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