The UK Financial Capability Strategy: Children & Young Peoplechildfinanceinternational.org/resources/meetings/awards-2015/mas... · The UK Financial Capability Strategy: Children

The UK Financial Capability Strategy: Children & Young

People

Kirsty Bowman-Vaughan, Senior Policy Manager Pete Bailey, Research & Evaluation Manager

Where we are now

PLANNING FOR & MANAGING LIFE EVENTS

has savings equal to three month’s salary

has a specific plan to achieve financial goals

Source: Financial Capability Survey 2015 (Base = 3,425 adults aged 18+)

MANAGING MONEY WELL DAY TO DAY

could pay an unexpected bill of £300

has a budgeting approach that works 1 2 3 4 6 7 8 9 5 10

1 2 3 4 6 7 8 9 5 10

1 2 3 4 6 7 8 9 5 10

1 2 3 4 6 7 8 9 5 10

With around 8 million people over-indebted

How do we define financial capability?

3

Roadmap for delivery

prove what works

share learning

scale up

0 10

100+ 90+

50+ 60+

15+

Working together

thousands

• Adult financial capability is developed throughout childhood and adolescence

• We need to know what works in the short, medium and long-term to ensure children and young people get the high quality financial education they need

• We know there are teachable moments, the messenger matters and just-in-time education works

• We don’t know the most effective intervention models and techniques that can be delivered cost-effectively at scale

• Existing interventions aren’t sufficiently meeting need: • 18-24s are one of the likeliest to be over-indebted and least likely to seek help

• There are provision gaps for interventions involving children, peers, parents, vulnerable children and young people, and learning by doing

• Schools need more support to deliver effective financial education • Teachers and schools need support in making informed decisions how financial capability can be best implemented

• A sustainable funding model needs to be in place to support financial education at scale

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The issues

Understand what works through: • finalising outcome frameworks for children and young people, parents and teachers • funding the IMPACT cohort which will enable funders and not-for-profit organisations to significantly

improve how interventions are evaluated • conduct pilot to test effectiveness of integrating financial capability into existing parenting programmes

(aimed at parents of 3-11 year olds)

Support the delivery of targeted provision: • carry out a financial capability Survey for 4-17 year olds to understand in detail financial capability needs • conduct systematic on-going mapping of financial education provision across the UK to enable the sector to

target resources effectively

Support schools to deliver effective financial education by: • funding the Children and Young People’s incubator fund to provide rigorous evidence and publicise to

schools on scalable cost-effective models that improve financial capability and attainment

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What the strategy will do

Evidence and Evaluation at the Money Advice Service

To increase the effectiveness of financial capability (FinCap) programmes by:

1) improving the quality and consistency of evaluation, and

2) sharing learning about what works (and what doesn’t)

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The common evaluation toolkit consists of two main elements…

What to measure

Standard financial capability outcome frameworks for

adults; children and young people; parents and

teachers

Measurement tools (survey questions) aligning to each indicator in the outcome

frameworks

How to measure

Step-by-step guidance on conducting outcome

evaluation

Practical tools

Adults

•Interventions that target adults aged 18 and above, with amended indicators for Older Adults and scope to develop further indicators for Young Adults as required

Children and Young People

•Interventions that target Children and Young people aged 3 - 17 with sets of age appropriate indicators for different age groups

Parents

•Interventions that seek to enhance Parents capacity to support and develop their children's financial capability

Teachers

•Interventions that seek to enhance Teachers’ skills, knowledge and understanding to drive the effectiveness of Financial Education

What to measure: four outcomes frameworks

What to measure: Outcome frameworks

• Used as a menu - organisations select the outcomes they are trying to influence

• Each detailed indicator has an age appropriate measurement tool (validated survey question) aligned to it that can be used to measure the baseline and distance travelled

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Dealing with

financial

difficulties

Preparing for

and managing

life events

Managing

money well

day-to-day

How to measure: Guidance and practical tools

• Step-by-step guidance to conducting an outcome evaluation

• Simple practical tools to help with:

• Evaluation planning

• Data collection and analysis

• Data reporting and visualisation

• Signposting to existing tools and resources

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IMPACT principles

• High-level principles outlining good evidence and

evaluation practice

• Developed from existing principles

• Signatories make a public commitment to

embedding

the principles, MAS helps support their

implementation

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MAS Fincap IMPACT forum

Funders

1:1 evaluation

support from MAS

Online forum Events

Evaluators Providers

Brokerage of capacity-building

relationships

Evaluation toolkit &

Outcomes Frameworks Supporting

our

IMPACT

Principles

signatories

Financial Capability evidence hub

Brings the evidence on what works together in one place

Translate

s it for

non-

researche

rs

Features

an easy to

understand

ratings

system

Quality assured by the Personal Finance Research Centre

Thanks for listening!

Kirsty Bowman-Vaughan, Senior Policy Manager

Peter Bailey, Research and Evaluation Manager

www.moneyadviceservice.org.uk

www.fincap.org.uk

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