Our What Works Funding
We’re delighted to be part of the Money Advice Service (MAS) programme to find out what works in financial capability projects.
There is no doubt that Britain needs help to manage its finances. With debt growing much faster than wages, nearly half of us have less than £1,500 in savings, the vast majority of UK citizens require help to build the skills and attitudes it takes to have a healthy relationship with money.
But it’s not always obvious how to give people that leg up.
So we’re really pleased that the Money Advice Service (MAS) has recently begun its mission to find out “what works?” in financial capability services. And as one of the main organisations delivering financial education in UK schools, we are delighted to be part of this What Works Fund (WWF) programme.
Since 2010 we have grown our network of consultants who go into schools and delivered financial education workshops. Through their hard work, we’ve reached over 150,000 students up and down the country. Every young person learns from experts who know what they’re talking about and who are equipped with up to date teaching resources.
From 2017, WWF funding will allow us to grow our work and give even more young people the skills they need to navigate those rocky years after leaving home. We estimate that this funding will allow us to deliver around 500 hours of workshops to around 9,000 students.
It is not only that the WWF funding will allow us to expand what we do that’s so exciting. As our research into financial education last year showed, robust evidence that it works would be one of the main thing teachers and schools would need to push it up the agenda.
Our What Works Fund project will involve carrying out a randomised controlled trial of our Money Workshops in schools for Key Stage 4 and Post 16 students (14-19 year olds). This will provide us with robust evidence on the impact of our workshops, as well as useful insight into what aspects of the process of running our workshops is scalable.
So this chance for organisations like ours to prove the impact we’re having can ensure that financial education actually happens in schools and this vital life skill is taken more seriously in the classroom.
In total, The Money Advice Service’s What Works Fund will provide £7 million to dozens of projects for people of all ages up and down the country.
We want to thank MAS for their support and wish all the other organisations involved in the programme good luck as we all try to build a more financially capable country and transform people’s lives.