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 Money House (TMH) project delivered financial capability training to young people aged 16-25. The programme was based on a model designed by MyBnk and Hyde Housing in 2012, which had supported over 600 participants by 2016. MyBnk took over programme delivery in 2017. The target group was young people, including care leavers and students, seeking social housing or who were new to private sector renting. The aim of the programme was to equip young people with independent living skills, including financial capability training. The project was delivered in two London flats (one in Newham and one in Greenwich), and participants were referred from local authorities and other organisations in neighbouring boroughs. The programme was delivered to small groups (up to 10 participants), via one-day and five-day courses. Over 500 participants had completed the programme at the time of the evaluation.
ERS Ltd were commissioned to evaluate MyBnk’s TMH programme. The evaluation took place between January 2017- October 2018. The evaluation aim was to determine the impact of young people’s transition into independent living, having completed the programme. This evaluation focused on the five-day course. The programme explored a range of financial capability topics, including budgeting, savings, credit and debt, and planning for the future.
The evaluators employed a mixed methods approach. Quantitative pre- and post-intervention surveys measured changes in participants’ ability and attitudes towards financial capability and independent living. The evaluation analysed 826 survey responses, completed by 451 participants. Three focus groups and additional interviews yielded qualitative insights from participants on programme delivery. Stakeholder interviews with funders, managers and staff were also conducted. Social value analysis was undertaken using the HACT model (adhering to HM Treasury guidelines).
TMH appears to be an efficient model for improving the financial capability of the target group. The programme met all of its Key Performance Indicators (KPIs), reporting the following outcomes:
Course participants who completed the course also reported improved financial confidence, knowledge and capability to manage their money and live independently. Participants attributed much of this enhanced knowledge and confidence to the programme. Some participants also felt more empowered following course completion, and have maintained peer support networks.