Many of Scotland's most vulnerable teenagers are set to benefit from a £55m boost from Lloyds TSB's charitable arm, Inspiring Scotland.

The bank aims to improve the lives of young people aged 14 to 19 by investing in 24 charities across the country.

Over the next decade, Inspiring Scotland will help more than 56,000 youngsters make a successful transition from school to the next stage of their lives.

Andrew Muirhead, Inspiring Scotland chief executive, said: "We're excited by the prospect that thousands of children will end up in education, employment or training because of this investment.

"Our aim is to change people's lives for the better through significant long-term funding and development support for Scotland's charities."

He also expressed the hope that other bodies would follow their example and provide extra funding for the charities.

"We anticipate the 14:19 Fund will attract up to another £67m of support for these charities and are looking forward to producing results for the young people who, for a whole variety of reasons, need extra support, and for our investors who have made this possible.

"As well as developing the charities, it is creating links between them and the business community and has attracted a high level of interest including international interest," he added.

Around 32,000 young people in Scotland are unlikely to end up in education, employment or training when they leave school and, the charity points out, they represent a huge loss of potential for the country and their local communities.

Young people who are out of education or work between the ages of 16 and 19 are more likely to suffer from poor physical health and depression in later life.

Inspiring Scotland wants to helps these youngsters by delivering strategic, long-term funding to the Scottish voluntary sector. It has also received the backing of the Scottish Government, which has invested more than £9m over three years to be used alongside support from other investors.

Fiona Hyslop, Education Secretary, said: "In these difficult economic times, it's crucial that we equip our young people with the skills to reach their potential and contribute to a more successful Scotland.

"People are any nation's greatest asset and giving more choices and chances to our young people will help them play their part in building our economic future, leading to benefits for us all," she added.

"We want to boost opportunities for young people who might lose their way when making the transition from school and we know the vital role the third sector plays in achieving this.

"That's why we're investing in Inspiring Scotland - to provide charities with long-term and sustainable funding that will enable our young people to receive the guidance and support they need in continuing their education, or obtaining employment or training."

Developed by the Lloyds TSB Foundation for Scotland, Inspiring Scotland was launched in January and will become an independent organisation next year.

Professor Niall Lothian, who will be chairman of the charity from January, said: "The work Inspiring Scotland is delivering is highly innovative and I'm looking forward to being involved.

"I hope that the experience I bring from the public, private and not-for-profit sectors will add to the existing skills and knowledge within the organisation as it moves forward into the next stage of its delivery."

For more information on Inspiring Scotland and the 14:19 Fund, phone 0870 428 1982 or visit www.inspiringscotland.org.uk.

The charities which will benefit are:

Aberdeen Foyer, Aberdeen.
Action for Children Scotland, Glasgow.
Callander Youth Project Trust, Callander.
Calman Trust Ltd, Inverness.
Children 1st, Edinburgh.
East Ayrshire Carers Centre, Kilmarnock.
Enable Scotland, Glasgow.
Fallin Community Enterprises, Fallin.
FARE (Family Action in Rogerfield & Easterhouse), Glasgow.
Hot Chocolate Trust, Dundee.
Impact Arts Projects Ltd, Glasgow.
Move On, Edinburgh and Glasgow.
Murton Wildlife Trust for Environmental Education, Forfar.
Parklea Association Branching Out Ltd, Port Glasgow.
The Prince's Trust Scotland, Glasgow.
RUTS (Rural & Urban Training Scheme), Midlothian.
Showcase the Street, Dundee.
Station House Media Unit, Aberdeen.
Street League, Glasgow.
Tomorrow's People, Glasgow.
Tullochan Trust, Dumbarton.
The Venture Trust, Edinburgh.
yipworld.com, New Cumnock.