- Description of the programme
- The study
- Key findings
- Points to consider
Description of the programme
Age Cymru Swansea Bay received funding from the Money Advice Service to provide a range of financial advice to older people aged 65 and over. They worked with 150 older people, providing advice on financial safeguarding. The project ran over a nine-month period from March to November 2017.
The advice given included:
- Lasting Power of Attorney
- Online banking and digital finance
- Scams/fraud
- General financial services.
The study
Trilein and Shephard & Moyes Ltd were appointed to evaluate the project. The overall objective of the evaluation was to answer the following question: “As a result of the advice given, to what extent do older people go on to take action to reduce risks associated with financial safeguarding?”
The evaluation consisted of baseline and follow up surveys and interviews with clients, along with conversations with staff and stakeholders. In total, 150 baseline surveys were completed, and 73 follow-ups. Additionally, 16 clients were spoken to over the telephone, as well as four clients face-to-face.
Key findings
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Impact:
- The project has not made any substantial difference to clients’ abilities to access financial information
- There was a very small increase in people’s confidence to deal with unexpected events, and managing finances on a day to day basis.
- The project has not changed attitudes towards managing finances, as most clients had a positive attitude before receiving the advice.
- Over three quarters of clients (77%) have a better understanding of financial products as a result of the project, with this being higher amongst people who benefited from group-based advice.
- Awareness of specific financial products has increased, with the exception of wills and funeral planning.
- The project has increased clients’ awareness of how to spot and report scams.
- 86% of clients are now more aware of what financial support is available to them.
- There has not been a change in clients’ confidence levels around using IT.
- Just over half of clients have taken some action since receiving the advice. 25% have now set up a will, 18% have set up an LPA and 12% have switched their fuel or utility providers.
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Process:
- The advice was provided at a 1-1 appointment with the advisor, or through a group seminar. 51% of the 150 people who received advice through the project received support in a group seminar and 49% received 1-1 support.
- The service was generally a one-off intervention, but the advisor would carry out an informal follow up call with people who received 1-1 advice, to check if they had any further questions.
- At 1-1 advice appointments, the advisor was able to provide more hands-on support; e.g. helping people set up online banking. Advice given at seminars was more general, with people given information on where to go next if they wanted additional help.
- The project was promoted in several ways, however the most common way of finding out about the project was through contact with Age Cymru Swansea Bay.
- One of the key successes of the project was the ability to recruit an advisor with previous experience, combined with the existing expertise in the wider organisation. Satisfaction with the advice given was high; 88% of clients agreed that the advisor was knowledgeable and able to answer questions, 82% felt the advice was useful and 70% felt it met their needs.
- Areas of lower satisfaction included the wait between being referred to the project and the appointment, and onwards referrals and signposting to other organisations.
- Overall the project has been successful at providing financial advice to 150 people as planned.
- Just over half the clients have taken some form of action since receiving the advice, and people receiving 1-1 advice are more likely to take action than those receiving group advice.
Points to consider
Evaluating this project in this way is a new approach for Age Cymru Swansea Bay. As with any evaluation work, there have been challenges with collecting data:
- The surveys were largely informed by the Outcomes Framework set by the national learning and evaluation partner, which resulted in fairly lengthy surveys, which has led to people being less willing to complete them
- When we spoke to clients on the phone, many could not recall the advice they had received
- People were unlikely to complete a follow up survey if they could not recall the project
- A general unwillingness to provide what is perceived to be personal data, despite the surveys being anonymous
Notwithstanding the above challenges, we are pleased with the total response rate and feel that it provides a good indication of the effectiveness and impact of the project.
We would recommend that in future shorter surveys are used to capture clients’ views on the effectiveness of this type of support.
Full report
Age Cymru Swansea Bay evaluation - full report
