This is thanks to a partnership between The Cambridge Building Society and charity Concrete Rose.
The cash is aimed at financially supporting people at key points such as starting a job, continuing education or getting into stable housing – when many young people would ordinarily turn to family for help.
Young people supported by Concrete Rose’s mentoring, supported lodges programmes and care leaver’s hub can request the grants.
Katie Robinson, community engagement specialist at The Cambridge, said: “Having access to an alternative ‘bank of mum and dad’ often means the difference between being able to take an opportunity or having to turn it down – whether that’s starting a job, continuing education, or simply getting through a difficult period.
“For young people without family support, those moments can become real barriers. This fund is about removing those barriers, providing timely, practical help that allows them to keep moving forward. We know a little financial help can sometimes go a long way.”
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Mike Farrington, founder and operations lead at Concrete Rose, added: “We’ve set up a ‘bank of mum and dad’ because that’s exactly what’s missing for the young people we work with.
“Sometimes it’s not about large amounts of money – it’s about having access to a bit of extra support at the right time. That might be help getting to an interview, paying for a course, or covering essentials when things get tight.
“This partnership with The Cambridge has enabled us to create something sustainable. It means we can be there for young people not just once, but consistently – offering that safety net whenever it’s needed.
“Long-term support like this allows us to build real relationships with young people and give them the stability they need to make progress and thrive.”
In March, the mutual celebrated 175 years of business by donating a record £175,000 to charity.
