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ESG Ratings
Sustainalytics 17.9 Low risk MSCI AA Moody's ESG Solutions 51

We have a long, proud history of supporting communities, colleagues and customers.

Our purpose-led approach to financial inclusion is evidenced through our aspiration to work towards the eradiation of the poverty premium for our customers by 2030.The poverty premium taskforce, established by Virgin Money,  brings together businesses from key sectors as well as third sector experts to share insights and identify potential solutions and opportunities to collaborate to tackle the poverty premium. We are working with the Smart Data Foundry (SDF) on the impact of poverty premiums on our collective customer bases so that we better identity drivers and develop solutions.

We’ve revisited our ‘S’ strategy and committed to align our activity across our Customer and Community stakeholder groups around super-themes of digital inclusion and financial education. Our dedicated cost of living hub has been accessed more than 60,000 times throughout FY23. And continuing our work with Turn2us, 50k customers have accessed the Benefits Calculator on our website for guidance on eligibility for additional benefits since its launch.

We were the first UK bank to join the National Databank founded by Virgin Media O2 and Good Things Foundation and offer free data-loaded O2 SIM card to people experiencing data poverty.  We’ve also supported the National Device Bank, helping put technology and training in the hands of those who would otherwise be digitally excluded due to poverty.

We have worked with the Centre for Social Justice (CSJ) to develop a report called Left Out: How to tackle digital exclusion and reduce the poverty premium. The report highlights some of the key challenges around digital access and the financial impact this has on individuals – particularly those on lower incomes – when it comes to purchasing essential goods or services.

At Virgin Money, the freedom to be your true self means everything to us. Our six inclusion networks, each with an executive sponsor, play a big part in leading the way on this. Our career sponsorship programme within our networks is designed to support colleagues to grow within their role and develop their career. Colleagues receive tailored support over a 12-month period to support their personal and professional development to reach their career aspirations.

Virgin Money has a zero-tolerance approach to slavery, servitude, forced labour and human trafficking (modern slavery) and we have refreshed our approach through the mobilisation of a cross-functional working group.

The Virgin Money Foundation supports organisations with the vision to change their communities for the better. Their grant funding has helped to tackle issues caused by poverty, provide opportunities for education, training, employment and voluntary roles, and provide advice around debt, benefits, and financial support. With the soaring cost of living we believe that tackling the Poverty Premium is more important than ever before making these services incredibly valuable to the community they serve.

We’ve raised £346k for Macmillan during FY23, with total fundraising throughout the 3 years of partnership to over £1.5 million, which is the sum of all the fundraising and additional donations.

Fast Facts

  • Since embedding the Turn2us Benefits Calculator on our website, 50k customers have identified an additional £4.5m in unclaimed benefits.
  • We’ve raised a total of £1.5m* for Macmillan throughout 3 years partnership.
  • Virgin Money Foundation has awarded 350 grants totaling more than £1.6million in FY23, to initiatives located in areas in the top 20% of the Index of Multiple Deprivation or Scottish Index of Multiple Deprivation, with 76% of funds being spent in areas in the top 5% of either index.
  • Since the launch of our flagship schools programme – Make £5 Grow – more than 185,000 children have participated.
  • First UK bank to join the National Databank with 50 stores offering a 20GB free data-loaded O2 SIM card to people experiencing data poverty.
  • Donated c.200 devices to the Good Things Foundation’s National Device Bank.
  • Our Customer Care Team has made calls to over 32,000 customers that we’ve identified as in need of this more specialist support.
  • Donated £85k to create an endowment fund managed by Foundation Scotland, accessible to causes within the Clydebank area.
  • Donated c£418k to Step Change and PayPlan: key providers of free-to consumer debt advice, regulated by the Financial Conduct Authority.

2030 Aspirations

Empower and enable those most in need to gain digital access and vital skills to better manage their finances.

Work towards the eradication of poverty premium for our customers.

Sponsor diverse talent at every level and achieve a diverse top-quartile of the organisation (gender, ethnicity, disability, LGBTQ+).

Short>Medium Term Targets

Fundraise £200k for our charity partner, Mind and SAMH, in FY24.

Support 51k individuals with financial and digital wellbeing resources throughout FY24.

Diversity targets across gender (45% to 55%), ethnicity (10%), LGBTQ (4%) and disability (8%) by 2025*.

*These targets are set with reference to the Census and Office of National Statistics data, in order to ensure we are representative of the UK and therefore remain under constant review as census data changes.