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
Money Works is a four-part financial education programme for young adults moving into independent living to help them confront their money worries. Money Works combines activities, discussions, practical examples, personal experiences and story sharing.
The content of the sessions is flexible to respond to learners’ needs and circumstances. The programme includes:
Money Works is delivered to groups such as NEET / employability youth groups, supported housing residents, young people leaving care and young parents.
Young adults living on their own, or about to, are often in need of survival money management skills and actions they can implement immediately. Some of these young people also have low self-confidence around money management, so the Money Works programme contains a strong element of challenging negative attitudes, building self-belief and aspirations to move forward financially.
Tailored specifically to the target group and exploring personal money experiences, the programme identifies young people’s misconceptions and bad financial habits – aiming to break down the barriers to independent living and support those trapped in debt or struggling with the costs of living.
During the course of the study period Money Works was delivered to 26 young people in multiple institutions in Lambeth, London, by MyBnk. The programme is ongoing.
One independent impact evaluation of the programme, conducted by Oxford University Consulting, Isis Innovation Limited in 2010/11, has been published. This study involved pre- and post-programme measurement, but no comparison group.
The evaluation (which involved pre and post-measurement amongst a small group of students) found that positive outcomes were achieved in relation to:
These positive outcomes are supported by qualitative data from young participants on the value and impact of the programme.
As of 2015 a full Money Works programme including accreditations costs £1,300.
A licence to deliver Money Works in another organisation or area, or consultancy to develop a programme similar to Money Works, can be purchased. However costs vary depending on the project specification.
Steve Korris Quality and Training Director MyBnk Steve@mybnk.org