Evidence type: Evaluation i
Information about the programme design and rationale
Evidence about Financial Capability outcomes for programme participants
Evidence that the Financial Capability outcomes were caused by the programme
Evidence about programme implementation, feasibility, and piloting
Evidence about relative costs and benefits of the programme
Digital exclusion compounds the poverty premium. Individuals who do not make use of online retail and digital financial services are more subject to inflated prices, are less able to compare prices, and are unable to take advantage of online-only savings.
Community financial inclusion interventions are impactful but rarely focus resource on digital inclusion. Conversely, the fintech sector creates digital tools for financial inclusion without supporting the skills that people need to use those tools. This project sought to create evidence around how to embed digital skills in a financial capability intervention.
Good Things Foundation and Toynbee Hall ran this project which was delivered by member organisations of the Online Centres Network. It ran between November 2016 and December 2017 and was delivered to struggling working-age adults in mainly deprived wards across the country. The project tested the efficacy of an assisted digital transaction, by supporting project participants – who used their own money - to conduct a live online transaction.
The aim of the evaluation was to create evidence that an assisted digital transaction could change transactive behaviours. It did this by exploring the impact of the intervention in relation to four key outcome areas:
The researchers evaluated the project by structuring it as a Randomised Control Trial (RCT), using a cluster stepped-wedge design. Participants completed pre and post-intervention surveys, which measured self-assessment of financial capability, consumer behaviour, budgeting, self-assessment of financial wellbeing, financial outlook and digital inclusion. Of the 645 participants registered on the course, the researchers collected complete outcome data for 630 participants.
Alongside the surveys, the researchers also conducted qualitative interviews with participants in ten of the centres, between May and September 2017.
Assisted digital transactions improve self-rating of financial capability:
Assisted digital transactions change transactional behaviour: