Cash pointers: improving financial confidence for young people

1. Description of the programme
2. The study
3. What are the outcomes?
4. Key findings
5. Points to consider

• Description of the programme
• The study
• What are the outcomes?
• Key findings
• Points to consider
• Full report

Description of the programme

Cash Pointers initially aimed to build money skills among young social housing tenants in Bristol, South Gloucestershire and North Somerset, but later expanded to include other groups, including young people leaving care and those in supported housing. Using a test and learn approach, the project included one-to-one support sessions, a wide range of group sessions, media projects and grants to community projects. Services were delivered in a wide range of community settings, in schools, and in partnership with other agencies. Between 2013 and 2017 Cash Pointers supported 1151 people in one-to-one sessions and over 1500 in group sessions.

The study

The study reports a wide range of targets, but also analysis of results of two pre- and post-questionnaires completed by people receiving one-to-one support: the My Financial Confidence questionnaire (115 questionnaires completed), measuring self-perception of money management confidence, and an ECORYS tool (309 questionnaires completed) that recorded consumer debt and household utilities arrears.

What are the outcomes?

• Understanding of different financial services and products
• Confidence getting the right support
• Awareness of weekly income and costs
• Budgeting and money management
• Confidence in keeping up rent payments
• Confidence in keeping up with utilities bills
• Confidence in ability to solve financial problems alone
• Ability to cope with money-related worry
• Knowledge of how to get professional advice
• Confidence in managing changes to financial circumstances

Key findings

Findings record self-reported improvement in confidence or financial situation among young people using two pre- and post-questionnaires.

Recorded self-improvement in financial confidence (My Confidence questionnaire):

• Understanding of different financial services and products (74%)
• Confidence finding the right support (70%)
• Awareness of weekly income and costs (67%)
• Budgeting and money management (68%)
• Confidence in keeping up rent payments (48%)
• Confidence in keeping up with utilities bills (67%)
• Confidence in ability to solve financial problems alone (74%)
• Ability to cope with money-related worry (67%)
• Knowledge of how to get professional advice (80%)
• Confidence in managing changes to financial circumstances (66%)

Proportion of recipients paying off arrears or debt completely (ECORYS questionnaire):

• Rent (33%)
• Service charges (53%)
• Council Tax (23%)
• Pawnbroker or payday lender (41%)
• Electricity or gas (24%)
• Mobile, TV or broadband (38%)
• TV licence (54%)

Project learning about key success factors :

• Understanding that young people are in transition
• Youth work skills and building relationships
• Working holistically
• Involving young people as key messengers
• Persistent, flexible and creative working

Points to consider

• Methodological limitations:
  • Disengagement and the changing nature of the programme limited response rates and potential to be considered to be representative beyond the study participants themselves..
  • Staff felt that some respondents over-reported their confidence levels.
• Generalisability/ transferability:
  • Limited description of approaches and methodology complicate wider comparison.

Full report

Cash pointers - full report