MyBnk's 'Money Works'

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

Description of the programme

Money Works is a four-part financial education programme for young adults moving into independent living to help them confront their money worries. Money Works combines activities, discussions, practical examples, personal experiences and story sharing.

The content of the sessions is flexible to respond to learners’ needs and circumstances. The programme includes:

• Budgeting & Habits: Attitudes towards money, needs & wants, cutting back, budgeting, sources of income
• Being Independent: Wage slips, tax & NI, benefits, Universal Credit, steps after move in, reading bills, household costs
• Banking: How banks work, savings and current accounts, interest, forms of payment, choosing an account
• Borrowing & Beyond Today: Forms of borrowing, credit history, debt consequences & prioritisation, looking forward, setting goals

Money Works is delivered to groups such as NEET / employability youth groups, supported housing residents, young people leaving care and young parents.

Young adults living on their own, or about to, are often in need of survival money management skills and actions they can implement immediately. Some of these young people also have low self-confidence around money management, so the Money Works programme contains a strong element of challenging negative attitudes, building self-belief and aspirations to move forward financially.

Tailored specifically to the target group and exploring personal money experiences, the programme identifies young people’s misconceptions and bad financial habits – aiming to break down the barriers to independent living and support those trapped in debt or struggling with the costs of living.

During the course of the study period Money Works was delivered to 26 young people in multiple institutions in Lambeth, London, by MyBnk. The programme is ongoing.

The study

One independent impact evaluation of the programme, conducted by Oxford University Consulting, Isis Innovation Limited in 2010/11, has been published. This study involved pre- and post-programme measurement, but no comparison group.

Key findings

The evaluation (which involved pre and post-measurement amongst a small group of students) found that positive outcomes were achieved in relation to:

• Financial capability (Mindset): Confidence in relation to financial matters.
• Financial capability (Ability): The largest increase was seen in student’s knowledge about money and the financial system.

These positive outcomes are supported by qualitative data from young participants on the value and impact of the programme.

What are the costs?

As of 2015 a full Money Works programme including accreditations costs £1,300.

A licence to deliver Money Works in another organisation or area, or consultancy to develop a programme similar to Money Works, can be purchased. However costs vary depending on the project specification.

Points to consider

• MyBnk had positive and established relationships with the schools and other establishments in Lambeth in which Money Works was delivered. This was identified in the study as important for facilitating the effective take up and delivery of the programme. MyBnk uses feedback from participants and from its Youth Advisory Panel to keep the programme relevant and up to date.
• The programme is often funded by charitable foundations and corporate organisations allowing for it to be delivered free at point of delivery. This enables a wider variety of organisations to take up Money Works than would have otherwise been possible.
• Young people who complete the programme obtain a Level 1 qualification in Personal Money Management.
• The study noted that having a high ratio of trainers to participants enabled more effective delivery, and that teachers felt the young age of the trainers delivering the Money Works programme helped the young participants relate to them and engage positively with the session. MyBnk also has quality and training standards to make sure that those delivering the programme do so to a high standard.
• Nevertheless, caution should be exercised when reviewing the findings due to the very small sample size involved.

Full report

MyBnk's 'Money Works' - full report