The government has revealed details of how money from the expanded Dormant Assets Scheme will be distributed.

This gives money from unused bank and building society accounts to good causes and is being expanded to include new assets from the insurance, pensions, wealth management and securities sector.

Two years ago, the government revealed that this enlarged scheme would be used to support youth, financial inclusion, social investment wholesalers, and community wealth funds.

This week the government has announced that all four good causes will share the money equally, with £87.5m being distributed over the next four years to each.

For youth money will be used for “services, facilities or opportunities to meet the needs of young people”.

While the financial inclusion allocation will be “for the development of individuals’ ability to manage their finances or the improvement of access to personal financial services”.

Social investment wholesalers’ allocation will include £12.5m specifically to reach organisations that support improve outcomes for young people.

The government added that “further details will be published in a Dormant Assets Strategy in due course”.

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