1. 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

2. The scope of the Fund

3. 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

4. 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)

5. 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.

6. 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)

7. 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.

8. 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.

9. 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

10. 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.

11. 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

12. 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

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