Look after the pennies - online

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

Description of the programme

This project is one of fifteen Managing Money Better projects funded by Comic Relief in a £2.5m programme which aims to support older people (65+) to build their knowledge and skills to manage their money more effectively, ensure access to good, independent financial advice, guard against financial scams and abuse and cope better with cold homes.

The project aimed to investigate and test the hypotheses that:

• Older people need a tailored service that directly addresses their age group and their circumstances
• Integrating internet use and financial literacy will lead to greater personal financial benefits for older people

The context and rationale for the project are that one in five older people in the UK are currently living below the poverty line (source: Comic Relief, reference provided) and while many services and information relevant to money are online, 69% of the 11m people that do not have basic online skills are over 55.

Look after the pennies is an online money management course designed specifically for older people, developed and delivered in conjunction with UK online centres. It uses partners’ tools such as Age UK Benefit Checker and Money Advice Service Budget Planner. In the first six months (May to October 2013) 2,712 learners were engaged through UK online centres throughout England.

The study

The research aims and objectives were stated as follows: As a result of completing Look after the pennies, older people have:

• Skills instilled to access online tools (“I’m ready to start”)
• Increased confidence in using the internet and online money management tools (“I know how”)
• Increased propensity to use money management techniques (“I do it”)
• Improved personal financial behaviour/circumstances. Increased usage of financial services and advice including online help available (“I now benefit from changes in my behaviour” or “I’ve made changes”)

The evaluation methods comprised surveys completed by learners before and after taking part in Look after the pennies, focus groups with older learners and surveys/workshops with centres. Qualitative and quantitative data collection techniques were used to enable in depth understanding of the course impact and centre and learner feedback.

16 centres took part in the centre baseline; 72 learners completed the baseline survey; 40 learners completed the impact survey and 8 centres took part in the impact surveys and visits.

What are the outcomes?

• Financial behaviour: The study measured self-reported changes in behaviour.
• Financial capability (Connection): The study measured self-reported changes in skills to access online tools.
• Financial capability (Ability): The study measured self-reported confidence to use online money management tools and skills to manage money.

Key findings

• Financial behaviour: Although this was stated as an outcome measured through the evaluation, no information on findings was presented.
• Financial capability (Connection): 72% of learners surveyed (n=40) feel their confidence to use online money management tools has improved compared to 18% having confidence to use such tools in the baseline survey (n=77); 90% either know where to go to receive online money management advice, or know more than they did before (compared to baseline results of 88% who didn’t know or weren’t sure where to go to receive money management/financial advice online).
• Financial capability (Ability): 73% of learners surveyed (n=40) feel their skills to manage their money have improved;

The study summarised its findings as “Look after the pennies is a useful resource and introduction to money management tools and information online. However the course itself and money management tools cannot be used in isolation; Look after the pennies is most successful when delivered in well-known community locations where face-to-face support is on offer from volunteers or centre staff that older learners trust.” (Tinder Foundation 2013)

There was no information on confidence limits etc. available.

Points to consider

• Relevance: Highly relevant as looks at the delivery of online financial education where the ‘digital divide’ remains a relevant issue for older people.
• Generalisability/transferability: The programme was within a structured setting of UK online centres and findings may not necessarily translate to other settings.
• Applicability: The learning from the evaluation on how to engage older people and increase access to online money management tools may be useful for others wishing to engage this cohort.
• Methodological strengths or limitations: Sample size is too small to be robust (n=40); survey administered by centres and so may be some bias in learners’ self-reporting; improvements in financial capability are self-reported. No detail on survey questions or representativeness of sample. No information on size of possible error around outcome estimates.

Full report

Look after the pennies - online - full report