Background
The report was commissioned by the Money Advice Service in 2011 as part of a strategic review of the educational interventions of the financial services industry to inform and improve the provision of financial education for young people in the UK. The report was commissioned in order to provide:
- An updated and detailed analysis of available research and evaluation relating to financial education provision to young people – building on previous research published by the Financial Services Authority: ‘Evidence of impact: an overview of financial education evaluations’ (Consumer Research 68, Financial Services Authority, July 2008).
- A detailed analysis of available research and evaluation of health and social interventions targeted at young people in order to identify good practice and to inform future financial education.
- A “landscape review” summarising Corporate Social Responsibility (CSR) funded activity directed at financial education for young people (as an appendix).
Methods
There is no information provided on the methodology for the analysis of research and evaluation relating to financial education provision to young people. For the programme landscape review, 14 financial institutions of varying size and type provided information via a survey of 36 different programmes.
Key findings
Conclusions presented in the report are:
- The current financial education interventions designed and delivered to young people are held to be effective without a correspondingly robust evidence base, particularly in the UK.
- Existing guidance on how to effectively evaluate financial interventions is sparse which is why there is such a variable quality and depth of evaluation material in the field, whereas evaluation guidance in the fields of health and youth offending is more detailed and robust.
- Even taking into account limitations in available evidence, there is consistent agreement about “what works” in producing positive outcomes for young people from financial interventions.
- The review of what works in terms of changing behaviours in the fields of alcohol, smoking, sexual health and youth offending highlighted some consistent messages that can inform the development of financial education interventions.
Recommendations
The authors recommend:
- Taking a “life stage” approach to engaging young people (a model is provided).
- Adopting a good practice financial education communications model (also provided), supported by a voluntary good practice framework for providers to use in designing, developing and delivering interventions.
- A role for the Money Advice Service in acting in stewardship of these proposed good practice metrics.
Points to consider
Methodological limitations:
- The robustness of the analysis of research on health and social interventions is unclear as no information is provided on the methodology adopted for this component of the report.
- The landscape review appendix is limited in scope to a review of CSR-funded activity directed at financial education for young people, based on information provided by 14 UK financial institutions. The list of contributing institutions is not provided. Furthermore the authors emphasise the indicative nature of the information, given the variable levels of detail and quality of information provided by institutions.
Relevance:
- The landscape review appendix is unlikely to be relevant now given the narrowness of its scope and the quality and age of its data.
Applicability:
- The good practice models do appear to have potentially wider applicability for practitioners.
Full report
Impact review of financial education for young people - full report