evaluation
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
The Children and Young People Financial Education Innovation and Evaluation Programme was commissioned by the Money and Pensions Service in October 2020. It aimed to address gaps in the wider understanding of effective financial education by developing and evaluating new, innovative solutions, or by evaluating existing but untested interventions. The Milo’s Money programme was one of seven pilot projects funded and was one of three that focused on children under seven years.
Research (published by The Money Advice Service in 2013) suggests that adult spending habits, including the ability to plan and delay gratification, are developed by the age of seven. The study highlights the key role parents/carers and teachers can play in promoting beneficial financial behaviour.
The Milo’s Money pilot programme was designed to help prepare Early Years and Key Stage 1 children for later financial education, and to ensure that all children were able to engage in financial education in a practical way. It involved consultation work with teachers to inform the design of the programme; publication of the Milo’s Money storybook and pocket resources; the creation and launch of the Milo’s Money website; Dino Development training workshops for schools; the creation of guidance materials and over sixty unique classroom resources for teachers; and delivery to children under seven. The overall aim of the pilot was to develop a scalable proof-of-concept model to improve the financial capabilities of children under seven years. 74 schools participated.
Ecorys conducted a process and outcomes project-level evaluation of Milo’s Money between January-August 2021. The evaluation aimed to investigate:
The evaluation took a mixed methods approach, collecting quantitative data (via pre and post surveys with teachers and parents/carers, a children’s consultation conducted by teachers, monitoring information provided by Just Finance Foundation) and qualitative data (via virtual interviews with teachers and Just Finance Foundation stakeholders).
Pilot implementation
Pilot outcomes