HYFA Foundation

Overview

The HYFA Foundation is a nonprofit organization in the United Kingdom, officially registered as a charity with the number 1202386. Established in April 2023, its primary mission is to provide high-quality financial education tailored to underserved communities, focusing on building confidence and independence among individuals, particularly those in disadvantaged backgrounds[1][2][5].

Mission and Goals

The HYFA Foundation aims to fill the financial knowledge gap in the UK, recognizing that lack of financial literacy contributes to poverty, negatively affects mental health, and hinders personal and economic development. It focuses on supporting under-represented groups, critical life stages, and individuals on low income or income support[2][5].

Programs and Activities

• Financial Education Programs: The charity offers financial education through workshops, clinics, and comprehensive programs. These are designed to be accessible, delivered both online and in person, and are led by experienced financial coaches[1][3].
• Target Groups: HYFA Foundation targets students up to 25 years old, or older if receiving support, as well as people on benefits or with low incomes, especially those in deprived areas[1][4].
• Financing: The programs are free for participants and co-funded by sponsor organizations, ensuring accessibility to those who need it most[1][2].

Impact and Partnerships

The HYFA Foundation works with educational institutions, government bodies, and community groups to ensure its programs are tailored to meet community needs. It emphasizes the importance of financial literacy as a critical life skill that can empower individuals to manage their financial lives effectively, fostering confidence and independence regardless of income level[2][5]. The charity has partnered with organizations like MULTIPLY to further its social mission of financial inclusion and community support[5].

Context and Challenges

In the UK, there is a significant lack of financial confidence, with 63% of adults feeling uncertain about financial control and 81% of teenagers (15-18 years old) worrying about money[1][5]. The HYFA Foundation's work is crucial given these statistics and the increasing reliance on financial knowledge in daily life.

[1] https://hyfa.foundation [2] https://hyfa.foundation/what-we-do/ [3] https://register-of-charities.charitycommission.gov.uk/en/charity-search/-/charity-details/5205172/charity-overview [4] https://www.instagram.com/hyfafoundation/ [5] https://www.multiply-technology.com/news/technology-for-financial-inclusion-a-multiply-partnership-with-hyfa-foundation/