The What Works Fund Key learning 16th November 2018 The What Works Fund Key learning Jake Eliot The Money Advice Service (UK) moneyadviceservice.org.uk

The scope of the Fund

8 Key learning points Projects did deliver impact and multiple outcomes There is value in train-the-trainer programmes Group sessions are good at laying foundations to be built on Peers can be important and effective Parents are key to improving children’s financial capability And... Engagement is difficult, even with a focus on teachable moments Confidence is a barrier to engagement and adoption Digital is not a simple or easy answer to scale

Children & Young People Trainer-led group sessions in mainstream schools can lay the building blocks for financial capability But to improve behaviour we probably need to include some experiential learning Training teachers to deliver financial education has positive effects for both teachers and their students. I think it's changed me because sometimes when I go to the shops with my sister I'm thinking, “Why can't I buy too?” Then I sometimes think, “Do I really need this? Can't I use this money and save it for something else more important?”’ (11 year old, Primary Money Twist)

Children & Young People I never encouraged my children to do the shopping with me but after attending this course I am taking my children when I go for weekly shopping. They are helping [me] to check the food labels and the cost.’’ (Parent, Family Fortunes programme) Teachers are not the only messengers Parents are critical Support for parents can boost their confidence to be effective money role models for their children.

Young Adults Specialist training for youth practitioners can make them effective financial capability messengers for the young adults they work with. Peer-led sessions are effective at building engagement, but older, trained and experienced advisors also important Peers themselves may need support – practical and pastoral They have to start budgeting for food and so on. I gave them new ideas and tips on how to do this. Before they ignored the problem, I think the course has helped me change that mindset.’’ (Youth Practitioner case study, NSAFS Life, Money, Action)

Working Age ‘Teachable moments’ : when people are more receptive to interventions, can be life events or moments of immediate need In addition to key focus area, evidence of changing mindset alongside ability.

Working Age Good Things Foundation Technology is not a simple solution to scaling Issues with low engagement Personalised one-to-one help can break down digital barriers Informal peer support can amplify the effectiveness of group sessions. Good Things Foundation Randomised Control Trial showed that participants who were supported to make an online digital intervention were 6.5 more times likely to transact again.

Working Age financial resilience Supported Rent Flex: budgeting support plus personalised rent schedule trialed with housing association tenants in south east  Increased take-up of welfare and other support Reduction in credit use, increase in wellbeing Of those that completed 12 months, over 70% reduced arrears Savings: 10.7 million adults don’t save regularly 11.5 million adults have less than £100 to fall back on Credit: 9 million adults often borrow to buy food or pay bills

Older People In Retirement Trainer-led group sessions can have a positive effect on financial capability, some topics remain off- putting  Older people tend to self-report high levels of skills and knowledge. This can impact engagement Income maximization was a popular topic e.g. benefit checks, utility switching. Sessions on planning ahead, e.g. making a will tended to be less popular.

Older People In Retirement People don’t exist just to be financially capable … the training has to first link into their wider interests and things they are already doing, finding ways to get their curiosity going and then building on this.’’ (Advice NI, Building Resilience In Retirement co-ordinator) Digital skills can be ‘hook’ for engagement But challenge then to move conversation onto money management How best to help older people guard against scams still needs testing People don’t exist

The WWF Legacy More large- scale, quality evaluations that tested comparable outcomes Further work planned on specific themes and topics All freely available on the Evidence Hub to use and share Clear ideas about what works for people at different life stages

Find out more https://www.fincap.org.uk/en/articles/w hat works-fund https://www.fincap.org.uk/en/articles/w hat-works -grant -funded-projects