Impact of Social Education Initiatives 1st FLiP Financial Education Summit Vienna 6 October 2017 Sue Lewis Chair, UK Financial Services Consumer Panel Member, FLiP Advisory Board

’Quids In’: Citizens’ Advice Bureau/Local Housing Association Who 150 social housing tenants in Rugby area What Maximise available income; use appropriate financial products; avoid financial difficulties How 45 minute session delivered at home by skilled trainer; some small group sessions + takeaway toolkit Impact All participants followed up after 6-8 weeks; 20 in-depth interviews 3-4 months after training Over half better off, by average £10 a week More use of money saving tips, shopping around, budgeting Increase in savings – £11 a week Increase in opening or changing bank or credit union account Improved self-confidence People with earned income 7 x more liekly to take action than those on benefits

Barclays Bank ‘Money Skills’ Who Young people not in employment, education or training What Increase budgeting and saving; ability to communicate about financial matters How Peer learning (‘Champions’) 1-1 support for disadvantaged (‘Action for Children’) Impact Follow up questionnaires with participants, interviews with champions and support workers Number of young people keeping a budget doubled Increase in saving £5 or more a month Increase in financial knowledge Higher level of monitoring spending

FirstStop: Community Support for Older People Who Four groups of vulnerable older people (65+): BME; long-term health conditions; unfit accommodation; self-funding care What Improve money management skills; increase income; reduction in fuel poverty How Website, advice line, peer support; face to face Impact Interviews with providers; participants’ self-assessment Participants received over £500,000 in new benefits Majority reported feeling more knowledgeable and confident, aware of available advice

Some references FirstStop, financial education as part of integrated support and guidance for older people. http://www.fincap.org.uk/document/WCBu8ikAAFky1Rf6/managing-money-better-project-evaluation#key-findings Barclays ‘Money Skills’ for young people: harnessed social impact of peer support and volunteering. http://www.fincap.org.uk/document/WPnnAywAAL8MHJln/barclays-money-skills-for-disadvantaged-young-people-impact-evaluation Citizens’ Advice Bureau ‘Quids In’, financial training for social housing tenants.  http://www.fincap.org.uk/document/VMkH4CUAAJMpmnrT/citizens-advices-quids-in Ulster Bank MASP programme. Local community support.  http://www.fincap.org.uk/document/VQq1miUAADQclyU4/ulster-banks-money-advice-support-programme#key-findings Australian Saver Plus scheme: Matched funding savings scheme with financial education support. http://www.fincap.org.uk/document/WTlJVyQAAMTCbAba/saver-plus-a-decade-of-impact MyBnk 'Money House’. For vulnerable young people. Emerging findings: http://mybnk.org/wp-content/uploads/2017/01/The-Money-House-3.pdf Case study: http://mybnk.org/latestfinancial-educationthemoneyhouse/