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

For interventions targeting retired adults and those approaching later life.

People in Retirement Outcomes Framework

This Outcomes Framework describes the components of Financial Capability that are particularly relevant to Older People in Retirement (OPiR). It is an extension of the Adults Framework, which covers all ages over 18, but lacks sufficient focus on the financial concerns faced by adults in retirement and those approaching later life.

The OPiR Framework will be most useful to providers who are specifically targeting older people and seeking to tackle financial issues that people face post retirement. If the scope of your intervention includes more universal themes, you may want to consider using this framework in conjunction with the Adults Framework (see below for more information)

In addition to the Outcomes Framework, we have also developed a question bank, which includes indicators and questions that you can use to measure the outcomes shown below. This is available to download on the right-hand side of this page. If you would like to talk to us about the framework and question bank please email whatworks@fincap.org.uk

We developed this framework with support from the Tavistock Institute of Human Relations. The work drew on a range of different sources to inform the design of the framework, including: the existing Financial Capability Outcomes Framework; relevant literature (with a particular focus on an OPiR research ‘deep dive’, which included an evidence review and further analysis of our Financial Capability survey data); and expert input from stakeholders, practitioners and older people.

Further details about the process we went through to develop the framework, as well as a list of the evidence and the questionnaires we reviewed, are available to download on the right-hand side of this screen.

As described above, this framework expands upon the Adults Outcomes Framework, and provides a particular focus on the range of issues that are most pertinent to Older People in Retirement. These issues are diverse but include, for example:

  • the impact of physical and cognitive decline on financial independence;
  • the relationship between finances and enjoying retirement, in particular the challenges of managing fixed or decreasing income and assets;
  • the risk of frauds, scams and financial abuse; and
  • differing attitudes to money and debt amongst the older population.

As such, when considering outcomes for older people, it may also be useful to refer to the Adults Framework alongside this one, particularly where your intention is to address issues that are relevant to adults of all ages (such as dealing the credit and debt, everyday money management and starting a savings habit.)

If you have any questions about the framework, or want us to send you a copy of the indicator and question bank, please get in touch: whatworks@fincap.org.uk