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
Young Money delivered the ‘What Works for Financial Education’ (WWFE) project, which aimed to ascertain the extent to which training teachers to plan and deliver financial education impacts on the financial capability of the young people they teach. The project focused specifically on post-16 learners (KS5) and their teachers in schools in England, a group that had previously not been a focus in financial education teaching.
Young Money commissioned a team at the University of Edinburgh Business School to conduct the evaluation of WWFE between September 2017 and February 2018. The research design comprised a multi-faceted randomised controlled trial among teachers teaching financial education to young people aged 16+ in 126 schools and colleges in England. The intervention consisted of Young Money’s teacher training in the following five themes:
Young Money provided teacher training to teachers from a random sample of 60 schools (Treatment group) and six Centres of Excellence (COE). A control group of teachers from a further random sample of 60 schools did not receive the training. Teachers in all groups, including the control group, were given free access to Young Money’s Financial Education Subscription Service to support their financial education teaching. Teachers in all groups then delivered financial education to their students over one term.
The evaluation comprised a mixed methods approach including a survey, interviews and focus groups. Matched pre- and post-surveys were completed by 101 teachers and 1,215 post-16 students from 93 of the 126 schools. The evaluators also conducted individual interviews with 20 teachers, six focus groups with post-16 students, and a survey and focus group with all eight consultants that delivered the training.
Overall, the analysis confirms that training teachers to teach financial education does have a positive impact on teachers’ confidence and pedagogical practice:
Tina Harrison, Caroline Merchant, and Jake Ansell (University of Edinburgh)