Financial inclusion and capability have become increasingly important priorities across Government in recent years, reflecting a need for individual financial responsibility, particularly in times of high debt levels and low savings. The ability of people to access financial services at a cost where individuals are effectively able to manage their money (financial inclusion) and possess the knowledge and skills to understand their financial circumstances and necessary actions (financial capability) directly influence the ability of people to plan for the future and cope with financial pressures. Research and evaluation in financial inclusion and capability is a key area for ECOTEC, having worked with organisations such as the Financial Services Authority, Legal Services Commission, Citizens Advice and Department for Work and Pensions. Our finance-related work includes evaluation of a number of initiatives and pilots related to financial capability to support saving and alleviate poverty. In addition, we have conducted a number of studies examining wider financial and saving behaviour, for example in relation to pensions.
Service Portfolio: Evaluation of Financial Capability Workplace Pilots Phases I and II
ECOTEC was commissioned by the Financial Service Authority (FSA) to evaluate the financial capability workplace pilots. The purpose of the Phase I research was to review and evaluate the success of a number of pilots. The evaluation consisted of a process and an impact evaluation. The main aim of the process evaluation was to provide information on the issues around engaging employers and persuading them of the benefits of providing financial capability in the workplace. The main aim of the impact evaluation was to provide information on whether the pilot interventions had a positive impact on and employers.
ECOTEC's evaluation found that the most successful method of delivering financial education in the workplace was through seminars. The second phase of the initiative aimed to deliver seminars to 15,000 employees through about 40 employers - through a shorter more focused month of financial education. The shape of this phase was based on the recommendations of the first evaluation.
During the second phase ECOTEC again provided the FSA with support to evaluate both the process and impact of the pilot's activities, namely seminars. This was done through an approach that integrated the evaluation process into project delivery where ECOTEC developed the evaluation frameworks, tools and then analysed the data.
ECOTEC also analysed data collected from seminar feedback forms, telephone interviews with employees, and interviews with key people delivering the initiative - to understand both the process and the impact.
kate.lowe@ecotec.com
0113 290 4100
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