Evaluation of Your Money Matters Financial Education Textbook in Northern Ireland, Scotland and Wales

• Description of the programme
• The study
• Key findings
• Points to consider

Description of the programme

The programme’s primary aim was to enhance financial education among young people aged 14 to 16 years old. Throughout 2021, all state-funded secondary schools in Northern Ireland, Scotland, and Wales received 75 copies of a textbook called ‘Your Money Matters’, and links to digital resources (including a Teacher’s Guide and lesson PowerPoints) were communicated separately, ahead of the distribution of the physical books. A previous project created, produced and distributed Your Money Matters to state-funded schools in England in 2018.

The resources are primarily aimed at teachers working with KS4 in Wales (Years 10 and 11) and Northern Ireland (Years 11 and 12) and stages S3 and S4 in Scotland, and provide a range of financial education content that teachers can incorporate into lesson plans etc.

The project was intended to last approximately 20 months from December 2020 to September 2022. Due to national lockdowns and school closures during the Covid-19 pandemic, the project was affected in a number of ways, including the timing of the distribution of the books; teachers’ capacity to engage with the books; the ability to access schools for the evaluation; and subsequent engagement with the evaluation. The project was therefore extended, to extend the opportunity to reach and engage schools and teachers in the study.

In March 2021, a total of 12,000 copies were sent to 196 post-primary schools in Northern Ireland; in April 2021, a total of 21,500 copies were sent to 357 secondary schools in Scotland; and in September 2021, a total of 12,500 copies were sent to 187 middle and secondary schools in Wales.

The study

The study evaluated the impact of the Your Money Matters (YMM) resources on the delivery of financial education, specifically focusing on teachers’ access to support, knowledge, and confidence; schools’ approaches to financial education; and the financial capability outcomes of young people. The evaluation questions explored were:

1. Who does Your Money Matters reach?
2. How does Your Money Matters contribute to the delivery of meaningful financial education?
3. What difference does Your Money Matters make to schools, teachers, and young people that use it?

The study employed a multi-method approach involving audits of 37 schools, 15 survey responses from teachers, five in-depth interviews with teachers and three stakeholder interviews. It was not possible to conduct fieldwork with young people directly due to a lack of engagement.

The previous 2020 evaluation of the England textbook found that the book was well-received and trusted; gained wide-appeal and use in schools; provided engaging and relevant content; helped to build teacher confidence; helped some teachers to deliver more or better-quality financial education; and improved student awareness and knowledge and confidence managing money.

Key findings

Who does Your Money Matters reach?

• The study was unable to fully assess the reach of Your Money Matters due to low and uneven engagement across the three nations.
  • Factors such as timing of distribution, established contacts with schools, and endorsements influenced the uptake of the programme and engagement in the evaluation.
• The COVID-19 pandemic was felt to have particularly disrupted the distribution of books and impacted teachers’ ability to utilise the resources effectively.

What does Your Money Matters contribute to financial education?

• Your Money Matters is used as a supplemental resource by some teachers to support existing teaching and resources, extending learning opportunities.
• Some teachers use it as the main resource for specific subjects or the development of new lessons.
• Teachers primarily utilise the parts of the book that align with their own teaching, focusing on specific topics.
• The first four chapters of the book (saving, making the most of your money, borrowing, and moving on from school) are the ones most commonly used by schools and teachers.
• Teachers highly praise the resources for being comprehensive, relevant, engaging, and covering the right topics.

What difference does Your Money Matters make?

• The study’s limited engagement prevented a comprehensive assessment of the programme’s impact.
• However, evidence suggests that Your Money Matters may positively affect awareness of the importance and provision of more and better-quality financial education in schools.
• Among participating teachers, it appears to increase their interest in and ability to teach financial education, and for some, reducing knowledge gaps and increasing confidence.
• Though direct insight from young people was lacking, feedback from schools and teachers indicates that students find the book engaging, easy to use, relevant, and potentially beneficial in increasing their knowledge of financial concepts and confidence in managing money.

The study provides insights into the reach, contributions, and potential impact of Your Money Matters in financial education. However, it also highlights the challenges encountered by the evaluation caused by low engagement, distribution timing, and the effects of the COVID-19 pandemic.

Points to consider

• Methodological strengths/weaknesses: Low and uneven engagement across the three nations limited the ability to fully assess the reach and impact of Your Money Matters, potentially introducing sampling bias and affecting the generalisability of the findings.
• The study relied on self-reported data from participating teachers and schools, which may be subject to response bias or inaccuracies.
• The lack of a control group limits the ability to make strong causal claims about the impact of Your Money Matters.
• Lack of direct feedback from young people limits the findings on the impact of the resources.
• Generalisability/ transferability: The findings of the study may not be generalisable to all teachers, schools, or educational systems beyond those involved in the evaluation.
• The effectiveness and suitability of Your Money Matters may vary across different regions or countries due to variations in curriculum, educational practices, and cultural factors.
• The evaluation is of significant interest to educators and stakeholders in education looking to roll out financial education more widely in schools.
• Relevance: The study primarily focused on the engagement and impact of Your Money Matters within the context of the participating teachers and schools, which may not fully represent the entire target population or geographic area.
• Applicability: The study identified factors such as timing of distribution, established contacts, and endorsements that influenced the uptake and utilisation of Your Money Matters. These factors may differ in other contexts, affecting the applicability and effectiveness of the program.
• The impact of the COVID-19 pandemic on the distribution of books and teachers’ ability to implement the program may not be fully generalisable to non-pandemic conditions.