Description of the programme
Groundwork West Midlands received funding from the Money and Pensions Service’s What Works Fund to deliver a community-led mentoring model, called the #FinancialChampions project. The aim of the project was to reduce social isolation among older people through the use of digital technology and tools, with these participants becoming more financially capable. The project was delivered in Birmingham during 2017. A number of older residents (16 in total) were trained up as ‘Financial Champions’ to facilitate a peer-to-peer mentoring programme with a wider network of 122 residents. This was achieved through the delivery of 14 face-to-face workshops, which focused on improving digital skills and financial capability.
The study
This 2018 evaluation from m.e.l. Research had two main research questions
- How can digital/social isolation projects help older people become more financially capable?
- How effectively can a peer mentoring or ‘champions’ model help to cascade financial capability information in an appropriate way to the target group?
The evaluation employed a mixed-methods approach, taking advantage of both qualitative and quantitative methodologies.
The qualitative elements of the evaluation took place in November and December 2017. There were two focus groups conducted with workshop participants and a further one with Financial Champions. There were also 12 semi-structured interviews conducted with workshop participants and Financial Champions. Additionally, observational research was carried out by the evaluation team during workshop delivery.
The quantitative element of the research comprised of pre- and post-intervention face-to-face surveys. The first set of surveys were administered in January-March 2017, and the follow-ups took place between November 2017 and January 2018. At the baseline 112 participant surveys were completed, and 20 were completed by Financial Champions. At the follow-up, 72 participant surveys were completed, with 14 from Financial Champions. No sub-group analysis was possible due to the small sample sizes.
Key findings
- The peer-to-peer support model was well received by participants. The similarity in ages meant Financial Champions and participants could easily relate to one another and could provide practical help and information.
- While three-in-five participants (61%) agreed that the internet was the first place they looked for financial information before the intervention, afterwards this rose to 70% (though note percentages are based on small sample sizes).
- Only a third of participants (33%) found it easy to buy a product online before the intervention, compared to 81% after.
- Most workshop participants and Financial Champions felt more organised in managing their day-to-day finances and felt more in control of them, but this wasn’t necessarily as a result of using online services.
- Most Financial Champions agreed that the project equipped them with the necessary skills and knowledge to provide peer-to-peer support.
- While some Financial Champions and participants felt there had been improvements in their ability to find financial information online, not all felt confident in doing this independently.
- The surveys showed that there were increases in the number of people using the internet. However, the qualitative research suggested that while participants were aware of online banking and shopping they were often hesitant to use it or ultimately make a purchase.
- While participants were more aware of ‘what was out there’ in terms of online resources and information, it didn’t necessarily translate to a change in their financial behaviour.
- The evidence that the project led to participants being more digitally capable was not definitive. It seems constrained by a lack of confidence among participants, concerns about online security, and a preference to speak to someone or physically see a product.
- Overall, it was felt that practical demonstrations of online budgeting tools and introducing participants to online security worked well.
- However, the effectiveness of one-off sessions was questioned, with participants and Financial Champions feeling the workshops would have worked better broken down into shorter sessions delivered over a number of days.
The evaluation offered several recommendations:
- Deliver a course of shorter workshops, with each session focusing on a specific topic; Provide follow-up support, perhaps in the form of a physical booklet; Have a more ‘hands on’/practical approach;* Ensure there are a sufficient number of computers in the workshop settings, with reliable and fast internet connections.
Points to consider
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Methodological strengths/weaknesses: The lack of survey data from a control group makes it difficult to state with certainty if the observable changes are due to the intervention.
- Findings do not appear to be tested for statistical significance, meaning the results are not necessarily representative of the wider population.
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Generalisability/ transferability: The evaluation is of significant interest to those looking to design and implement financial capability interventions that tackle social isolation among older people.
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Relevance: The intervention took place in the Birmingham, so findings do not necessarily represent the rest of the UK.
