Evidence type: Insight i
Qualitative research is more exploratory, and uses a range of methods like interviews, focus groups and observation to gain a deeper understanding about specific issues - such as people’s experiences, behaviours and attitudes.
Quantitative research uses statistical or numerical analysis of survey data to answer questions about how much, how many, how often or to what extent particular characteristics are seen in a population. It is often used to look at changes over time and can identify relationships between characteristics like people’s attitudes and behaviours.
For people to be able to manage their finances effectively and plan for the future, it is important that they understand their finances. This report looks whether financial advice plays a role in helping people attain financial wellbeing, and the mechanisms through which that might happen.
The research was conducted by YouGov, an independent research agency in December 2019, and comprised online surveys with 2,000 employees. The data was weighted to be representative of British business size. The survey was commissioned by Aegon, a provider of financial services and advice and founding member of the Initiative for Financial Wellbeing.
The authors stated the following:
There was no indication as to whether these differences were statistically significant.