Following a successful pilot in the North West of England, which awarded eight grants in 2023, the foundation is now rolling out nationwide. It offers grants of up to £3,500 to projects that promote financial education and assist young people in developing essential career and life skills.

Funds will be raised through charitable activities across the firm, including at its Edinburgh and Aberdeen offices, with additional match funding from partners.

The foundation is named after the year North West accountancy firm MHA Moore and Smalley, which is now part of MHA following their April 2024 merger, was originally established.

Ben Sutherland, director at MHA’s Edinburgh office, said: “When MHA and Moore and Smalley formally merged last year, we combined not only our operations but also our shared commitment to creating positive social impact. The MHA 1892 Foundation reflects that commitment.

“Colleagues across the UK already raise substantial funds for community causes, particularly those focused on financial education. Bringing these efforts together under a single national foundation allows us to coordinate our impact and empower our teams.

“The MHA 1892 Foundation will provide a meaningful way for our people to support the communities in which we work, while helping tackle an issue of national importance.”

A growing body of research shows that low financial literacy among young people is affecting the UK’s financial wellbeing and long-term economic prospects.

A recent Money and Pensions Service report found that 76% of teachers believe most pupils leave school without the financial knowledge needed for adult life. Meanwhile, a Federation of Small Businesses study reported that around a quarter of young people struggle with financial understanding when starting or running a business.

Mr Sutherland added: “Ensuring that every young person has access to financial education is essential for building a brighter future.

“Through the MHA 1892 Foundation, we will support organisations working with young people from all backgrounds, helping them gain the financial confidence and knowledge they need to navigate an increasingly complex world.”