Children and Young People Outcomes Framework

The Children and Young People Framework reflects the elements of financial capability that young people need in order to manage their money well between the ages of 3 – 17/18, and to ensure they are on track for achieving financial wellbeing in adulthood.

In addition to the Children and Young People Outcomes Framework, we have developed an Outcomes Framework for Parents as key messengers of financial attitudes, knowledge and skills for their children. This Framework has been created with consideration of the key outcomes for children and young people and the ways in which learning develops throughout childhood to formulate a set of outcomes to help children achieve greater financial capability. Use the link to the right hand side of the page to download the full framework.

The schematic below summarises the outcomes included in Children and Young People Outcomes Framework. Use the link on the right hand side of this page to download the full framework with indicators and survey questions.

The Children and Young People Framework differs from that for Adults in order to reflect the important formative influences on children and young people, and because some dimensions of adults’ financial experiences are not relevant to those under 18. Specifically:

  • In the Children and Young People Framework, the ‘external pressures’ from the Adult Framework has been replaced by ‘responsibilities’, reflecting the benefits for children of learning through experience
  • The Children and Young People Framework does not include ‘tackle problem debt’ as a financially capable behaviour, since this becomes relevant only once people have access to credit at the age of 18
  • Financial wellbeing for children and young people is not exactly equivalent to financial wellbeing for adults — the definition of financial wellbeing used throughout the UK Strategy becomes relevant only when people have achieved financial independence

Evidence summary

The table below summarises the level of evidence found for each outcome (Financial Capability Outcome Frameworks, NPC 2014). Where we found more than one piece of evidence for an outcome, the table shows only the strongest, with commentary about the number and strength of studies. The existence of strong evidence of a particular outcome does not mean that the outcome has been comprehensively proven: the evidence available may relate to just one aspect of that outcome.

Evidence gaps

There is an evidence gap for applied numeracy because we did not identify any studies of children and young people explicitly linking this outcome to financial capability. However, the adult Framework shows us that this outcome is relevant to financial capability, and evidence from the maths curriculum shows us that it is an important skill to learn and build through childhood.

There is an evidence gap for exposure and access to appropriate products and channels. This is also poorly evidenced in the adult literature, indicating that it could be a priority for further study. This summary of evidence reflects the information we found through a systematic literature review, a call for evidence and extensive consultation. Nonetheless, it is limited in scope by time and resource, and further evidence may have been missed.