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
[This is an extract from the Executive Summary of the evaluation report. Further amendments may be made to this Summary, pending review by the Evidence Hub partner]
Money Works is a financial education programme delivered by MyBnk across England and Wales. It aims to improve young people’s knowledge and digital skills in relation to financial matters and their confidence in dealing with money. The programme is targeted at young people broadly categorised as ‘vulnerable’, including individuals not in education, employment or training (NEET) and those identified as financially vulnerable. The expectation is that the programme will help those most in need of support to make informed choices, transition into adulthood and progress towards future learning, employment and financial independence.
The eight-hour programme is delivered by MyBnk’s expert trainers and comprises interactive activities, discussions, the sharing of personal experiences and is flexible to respond to learners’ needs. Between February 2017 and March 2018, 152 sessions were delivered to 1,339 young people through 66 host organisations (e.g. young people charities and Post-16 colleges).
Evaluation and research consultancy, ERS Ltd, undertook an evaluation of Money Works in collaboration with MyBnk between January 2017 and April 2018. A mixed methods approach specifically sought to address the following research question:
What is the effectiveness of delivering digitally enhanced financial education (Money Works) to NEET young people as they transition towards financial independence?
The aim was to strengthen evidence on:
Utilising measures informed by the Money Advice Service (MAS) Outcomes Framework, quantitative data was collected from participants through surveys. These were undertaken at intervals pre- and post- intervention (including a control) in order to capture changes in participants’ financial capability development, attitudes, knowledge and use of digital tools. In total, 2,053 survey responses were collected from 1,243 young people.
Qualitative evidence was gathered through seven focus groups undertaken with participants at different locations across the country, following programme delivery.
In-depth interviews were conducted with representatives of the funders (Money Advice Service, and City of London), the Money Works management team, MyBnk/freelance trainers, host organisations and youth workers.
Analysis examined changes in responses across surveys collectively and individually, with consideration of control data. Social value analysis was also undertaken using the HACT model (which draws upon industry verified questions and methodology from HM Treasury’s Green Book). Alongside this, qualitative data was analysed using Nvivo data analysis software.
The evaluation highlights key findings on the programme’s outcomes and processes:
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