The Money Advice Service will measure the impact of the Strategy against our aim of improving people’s ability to:
We will focus on:
We aim to provide robust evidence that these approaches, combined with an inclusive financial system, can improve financial capability.
The Money Advice Service has developed a small set of composite measures that combine the key indicators of financial capability. (You can read more about composite measures in the Money Advice Service publication ‘Barriers & Building Blocks: An overview of the 2015 Adult Financial Capability Survey’.)
These will be monitored over the life of the Strategy, together with the impact of specific financial capability interventions.
The two main vehicles for measuring success will be:
This approach is consistent with that taken by other OECD countries around the world who have developed financial capability strategies.
We also commissioned Ipsos MORI to evaluate the UK Financial Capability Strategy, exploring its progress and achievements since it was launched in October 2015. This report sets out the findings of the study, which surveyed and spoke to a range of stakeholders across the financial capability system. Download your copy.