Evaluation Scotland Wales
The UK Strategy for Financial Wellbeing is taking forward the work of the Financial Capability Strategy Opens in a new window

Developed by The Money Advice Service with stakeholders and evaluation experts to encourage good evaluation practice across the sector

About the Evaluation Toolkit

This Evaluation Toolkit has been developed by the Money and Pensions Service to help organisations plan and carry out evaluations of programmes that seek to improve people’s financial wellbeing. By doing this, we are supporting the UK Strategy for Financial Wellbeing by encouraging good evaluation practice - and better evidence - across the sector.

How we developed the Evaluation Toolkit

We worked with stakeholders and evaluation experts to develop the Toolkit. Much of this work has focused on developing the suite of outcomes frameworks, including question banks, that lie at its heart - to ensure they are evidence-based, accessible and cover the range of outcomes that organisations may be seeking to address. Alongside these we have written guidance, tools and templates, and selected further guidance from sources we trust, to help organisations plan and conduct their evaluation.

As the Money Advice Service, we developed our Toolkit throughout 2014 and 2015, and launched it in May 2016. In June 2017 we made a raft of additions and improvements - mostly to streamline content and improve accessibility - based on piloting and feedback.

Who is it for?

The Financial Wellbeing Evaluation Toolkit can be used by any organisation that wishes to measure and understand changes in people’s financial wellbeing, behaviour or capability - and offers benefits such as:

  • For providers of financial wellbeing programmes: support to plan and carry out evaluations of their programmes (via the Toolkit and outcomes frameworks); support to generate more evidence that can be used to refine activity or to demonstrate impact to funders;
  • For funders of financial wellbeing programmes: help to improve programme design and application process using Theory of Change; resources to which delivery partners, applicants and grant holders can be directed; support to plan and carry out evaluations of funding programmes;
  • For researchers and evaluators: a set of outcomes frameworks and question banks to assist with measuring financial wellbeing outcomes.

Need more help?

The Insight and Evaluation team at the Money and Pensions Service can help you make the most of this resource - get in touch with us at [email protected].

We also recommend that you explore the research published by the Money and Pensions Service - a valuable set of resources, such as the UK Financial Capability Survey findings, analysis of the Building Blocks of Financial Capability and Segmentation analysis, that you can use to refine your work and target your activity more effectively.

More widely, the Financial Wellbeing Evidence Hubopens in new window is an excellent and growing source of evidence that can inform the design of your activity to improve people’s financial capability.


We are grateful to the following organisations for helping us develop the outcomes frameworks and question banks, and/or wider elements of the Toolkit, in alphabetical order:

Family Kids and Youth, Kantar Public UK, Natcen, New Philanthropy Capital, Project Oracle, Shed Consulting, The Social Innovation Partnership, The Tavistock Institute of Human Relations, and Young Enterprise.

We would also like to thank all those who have piloted the Toolkit and/or outcomes frameworks, thereby helping us to identify improvements:

Charity for Civil Servants, Citizens Advice, Citizens Advice Bureau Conwy, Debt Advice Foundation, London Institute of Banking and Finance, Money Advice Scotland, The Money Charity, MyBnk, National Skills Academy for Financial Services, Quaker Social Action, Renfrewshire Council, Royal Bank of Scotland, Tower Hamlets Education Business Partnership, Wales Co-op, Wessex Water, and Young Enterprise.