Money Talks - Evaluating life event focused money guidance
In 2017, we ran a service throughout Wales which focused financial capability support around key life events. People were referred to the service if they were experiencing a period of ill health, relationship breakdown or change in employment.
Clients' financial capability was measured across a range of measures in their first Money Talks session, and then again in a second follow up session, enabling us to track any changes in people's money skills.
We ran a comparative survey of 3,300 people across England and Wales so that we could compare the financial capability changes of people who received Money Talks to those who had just had face to face advice.
We found that financial capability increased significantly for Money Talks clients across all 13 measures, and that these increases in scores were significantly greater than in the comparison group.
We also conducted a process evaluation, where we discovered what worked well and what didn't in terms of referrals, service design and the delivery of sessions.