OECD/INFE Tools for evaluating financial education programmes Adele Atkinson, PhD Policy Analyst OECD With the support of the Russian/World Bank/OECD Trust Fund

Outline Terminology Motivation for focusing on evaluation Overview of the OECD INFE research and tools developed under the Trust Fund Introduction to the 2 practical guides Focus on High-level Principles

Terminology Checking whether targets were met by monitoring inputs and outputs keeping track of the day-to-day inputs and processes involved in delivering the education Assessing the outcomes and impact for participants Analysing the cost-effectiveness of the programme Monitoring and Evaluating financial education programmes: what do we mean?

Motivation for focusing on evaluation Widespread policy interest in the role of financial education requires answers to pressing questions Does financial education work?What makes it work?How does it help consumers? When is it the appropriate method and when is consumer protection required?

Benefits for programme delivery Good evaluation allows: Identification of elements that can be scaled-up or replicated Method to test different approaches to see which are most cost efficient Indications of where fine-tuning could be useful Ability to show that objectives are being met and reward staff Opportunity to share experiences rather than repeating mistakes

The challenges faced 46 Authorities from 29 countries responded to an INFE request for information about the extent to which they were evaluating and the challenges they faced; 28 authorities in 23 countries had evaluated The most frequently faced challenges:

Evaluation research and tools Fact-finding stock take of programme evaluation amongst INFE members (2009) Comparative and analytical framework for evaluation of financial education (2010) OECD/INFE high-level principles on evaluation of financial education programmes (2011) OECD/INFE Guides to Evaluation (2011) 7

OECD-INFE Guide available online 8 Non-technical 7 page guide, answering questions such as: Why evaluate? What types of questions will an evaluation answer? Providing guidance on: The principles of a good evaluation The key steps Suggested methods

Detailed guidance also available online 16 page, detailed guidance in non-technical language: Information about the theory of change Detailed guidance on the steps of evaluation Information about analysis and interpretation of data Reminders about reporting the results Annex with information about additional resources

OECD INFE High-level Principles 5 key principles : 1.New programmes should be evaluated; try to also evaluate existing programmes 2.Include evaluation in the budget 3.Evaluation should be credible: consider an external evaluator or reviewer 4.Design the evaluation in accordance with the objectives and type of programme 5.Report what worked, and what didn’t work 3 steps : planning, implementation, reporting 10

1. Evaluation: an essential element of FE programmes New programmes: Develop a strategy for monitoring and evaluating alongside programme design Keep in mind the benefit of collecting information before the programme starts All programmes: Encourage dialogue and collaboration with key stakeholders to ensure clarity and consistency of aims and objectives Reassure providers that evaluation is not designed to judge them, but to improve efficiency if appropriate and to identify successful programmes that will ensure the best possible outcomes for future participants 11 FE Programmes planning should include evaluation

2. Budget for evaluation Find out how much other evaluations have cost and gather estimates before finalising the budget The amount of money available shouldn’t determine the design of evaluation, but may indicate the need to prioritise certain aspects of evaluation Look for ways of reducing costs: e.g. sharing questionnaires, drawing on existing data and international methodology and drawing on contacts; piloting programmes before large scale roll-out 12 A good evaluation ensures that resources are being well spent: it is a wise expense!

3. External evaluators: adding credibility, skills and experience External evaluators bring skills and independence Other ways of ensuring credibility: Use technology: Administrative systems and websites can automate data collection. Electronic games can store scores and measure improvement. Ask (well designed) questions of participants and non- participants, trainers and designers: use surveys, tests, interviews, focus groups. Corroborate findings where possible: check bank statements, pension fund records, credit counselling services 13

4. Appropriate evaluation design Continuous monitoring: Count/measure/quantify- how many participants, hours of contact, leaflets distributed etc Measure change according to programme type and objectives: monitor improved awareness, evaluate behaviour change strategies, test knowledge Identify ways of attributing change: create a control group- lottery for places, random marketing of courses– according to programme design. Undertake comparisons of: knowledge, behaviour, attitudes before vs. after – and long after; participants vs. non-participants; targets vs. achievements; budget vs. expenditure, opinions of providers vs. users 14

5. Reporting Reporting is critical for the future of FE programmes Avoid over generalisation: check carefully and get advice on whether findings may apply more widely Also report the method and limitations of the evaluation Disseminate the findings widely, using different styles of reporting (newsletter, academic paper..) Draw on the report when making future funding decisions & designing future programmes Compare your results to those of other programmes 15

Questions, comments, further information: OECD/INFE Russian Trust Fund 16