Embedding research at the heart of the UK’s financial capability strategy
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Nick Watkins, Head of insight and evaluation, Money Advice Service
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Embedding research at the heart of the UK’s financial capability strategy
- 1. 1 MRS Financial Services conference Driving the UK Financial Capability agenda MRS Financial Services conference 17th November 2016 Nick Watkins Head of Insight & Evaluation, Money Advice Service nick.watkins@moneyadviceservice.org.uk
- 2. 2 MRS Financial Services conference Strategy launched in October 2015 The Financial Capability Strategy
- 3. 3 MRS Financial Services conference Critical role for insight and evaluation Definition and measurement Diagnostics Sharing the evidence Commission at scale Test and learn Identify potential solutions
- 4. 4 MRS Financial Services conference The Adult Financial Capability survey • Nationally representative survey of UK adults aged 18+ • Fieldwork conducted online (74%) and face-to-face (26%) • Total of 5,603 interviews • 3,461 nationally representative • 2,142 boost interviews in devolved nations and with 18-24 year olds • Extensive questionnaire development • Interviewing April – July 2015, conducted by GfK 4
- 5. 5 MRS Financial Services conference Saving and budgeting A wealth of data Personal wellbeing, confidence and ability to pay bills 27 minute interview 130 questions Future planning and goals Attitudes to money Product holding and credit usage Demographics : income, housing tenure, presence of children etc
- 6. 6 MRS Financial Services conference Some headline findings Levels of financial capability are too low
- 7. 7 MRS Financial Services conference Making sense of the data Demographics and other characteristics Financially capable behaviours Wellbeing measures Financial enablers and inhibitors
- 8. 8 MRS Financial Services conference What influences current wellbeing? Demographics and other characteristics (35%) Financially capable behaviours (25%) Other things (43%) Financial enablers and inhibitors (33%)
- 9. 9 MRS Financial Services conference The ‘additive’ effect on wellbeing Demographics and other characteristics (13%) Financially capable behaviours (25%) Other things (43%) Financial enablers and inhibitors (19%)
- 10. 10 MRS Financial Services conference Financially capable behaviours Financially capable behaviours Managing money well day-today • Managing credit use • Active saving • Keeping track Managing and preparing for life events • Building resilience (savings and protection) • Working towards goals
- 11. 11 MRS Financial Services conference Financial enablers and inhibitors Financial enablers and inhibitors Mindset • Financial confidence • Savings mindset • Considered spending Ability • Financial numeracy Connection • Digital engagement • Financial engagement
- 12. 12 MRS Financial Services conference The building blocks of financial capability Managing credit Financial engagement Active saving Financial Confidence Building resilience Financial numeracy
- 13. 13 MRS Financial Services conference Concept of collective impact Success criteria • Common agenda • Shared measurement systems • Mutually reinforcing activities • Continuous communication • Backbone support organisation Source : Stanford Social Innovation Review
- 14. 14 MRS Financial Services conference Collective impact in practice Financial Capability Board and Steering Groups
- 15. 15 MRS Financial Services conference Building and sharing the evidence base MAS research • Financial Capability Survey and analysis • Financial resilience segmentation • Over-indebtedness model • Programme of ‘deep dives’ • Literature reviews • Other research 28 IMPACT signatories 50 toolkit users 80 case studies or reviews Further 200+ to add www.moneyadviceservice.org.uk/en/corporate/research
- 16. 16 MRS Financial Services conference Do we know what interventions work? A B C
- 17. 17 MRS Financial Services conference Grant funding • £7m programme • To generate evidence around specific ‘what works’ questions Expert support • Will use MAS evaluation resources • Support from both MAS and Evaluation & Learning Partner More evidence • Should fill gaps in the evidence • All uploaded to our Evidence Hub Increased capability • Will ‘pump-prime’ the sector’s evaluation practice What Works Fund Launched June 2016 409 Expressions of Interest received
- 18. 18 MRS Financial Services conference Financial Capability Week 2016