The Money Charity and ClearScore Group partner with the University of Birmingham on Aviva Foundation-backed study to prove the positive impact of financial education on adults’ financial wellbeing.
The Money Charity, the UK’s Financial Capability charity, has partnered with The ClearScore Group, to launch a year-long study which aims to quantify the impact of financial education on financial wellbeing. Around 5,000 ClearScore users are expected to take part in the study, which is funded by the Aviva Foundation. The Aviva Foundation aims to build more secure financial futures for people and communities.
The study, designed by the Centre on Household Assets and Savings Management (CHASM) at the University of Birmingham, will use the Field Trial methodology – a gold-standard evaluation technique that allows them to assess the causal impact of the Money Charity’s financial wellbeing content.
Michelle Highman, CEO at The Money Charity, said: “The Money Charity’s financial capability work over the past 30 years has shown that financial education positively impacts people’s confidence, behaviours and ability to manage their money better. Through this study with ClearScore and CHASM, supported by the Aviva Foundation, we will measure the impact of our content, not just on an individual’s financial behaviour, but ultimately on financial wellbeing.”
Adele Atkinson, Professor of Practice in Financial Literacy and Wellbeing at the University of Birmingham commented: “CHASM is thrilled to be working with the Money Charity and ClearScore to undertake this scientific study looking at the impact of financial wellbeing content on consumers. By applying a rigorous approach to evaluation, we will advance academic understanding and provide robust evidence that can be used to shape future practices amongst stakeholders seeking to improve financial literacy, wellbeing, and inclusion.”
Justin Basini, Co-founder and CEO of ClearScore, said: “We know that the level of financial education in the UK is poor. Through the ClearScore service, we have put empowering consumers with insights, education, data and product choice at the heart of what we do. We are excited to partner with The Money Charity, supported by the Aviva Foundation, on this innovative approach, one of the first of its kind in the world, to assess the impact of financial education on financial confidence and outcomes.”
Alex Christopoulos, Lead at the Aviva Foundation, said: “The Aviva Foundation supports organisations working on new ways to help people get ready for the future, so we are delighted to fund this joint study between ClearScore and The Money Charity. The combination of ClearScore’s platform and reach, with The Money Charity’s experience in providing education, information, advice and guidance to people of all ages and at all stages of life is crucial to delivering this groundbreaking research. We look forward to exploring how insights from the study can inform organisations who have a role to play in building the financial resilience of those who need it the most.”
For further information about the study please contact rhiannon@themoneycharity.org.uk.