MyBnk takes the impact of our financial education and enterprise programmes very seriously.
We use an outcomes-based monitoring and evaluation system with teachers, facilitators and young people, employing a range of data-collection methods to evaluate the effect of our workshops.
Baseline and end line questionnaires, focus groups and interviews are completed by participants documenting both expected and unexpected outcomes. To date, we have worked with 160,000 young people in over 750 secondary schools and youth groups.
For more details, please see our latest Impact Report highlighting the positive changes our programmes can have on young people’s financial capability and enterprise acumen. Also, see our Impact Centre for information on the methodology used to prove the power of financial education and enterprise for young people.
Increase in Capability 2014/15
We have looked at our impact by both topic and type of outcome, measuring changes in young people’s knowledge, skills and attitudes – collecting 239,090 pieces of data from over 15,000 participants in the process.
Our largest impact was in ‘Personal Finance’, the most technical area, containing, for example, knowledge of tax, insurance, credit and the impact of inflation. The overall 37 percentage point (%p) increase in ‘good’ or ‘better’ understanding from base to endline contained a 54%p improvement in ‘knowing what APR is’. Within the 12%p improvement in ‘Skills’ was a 30%p increase in ‘reporting an excellent ability to work in a team’ after attending a MyBnk enterprise education programme. Also, within the overall 24% improvement in ‘Attitudes’ there was a 44%p rise in confidence in turning ideas into a reality’.
Money Advice Service & University of Bristol – Evidence Hub.
The Money Advice Service’s ‘Evidence Hub’ has found MyBnk is delivering proven and evaluated financial education programmes for young people.
Dozens of UK projects were scrutinised examining ‘what works’ in financial literacy in an effort to raise standards and outcomes.
According to the hub, our flagship schools programme, Money Twist, for 11-18 year olds resulted in financial capability improvements in:
- Mindset: Attitudes, values and self-belief in relation to money.
- Ability: Knowledge about money and the financial system and increased skills.
Qualitative follow-up research conducted eight months after the programme suggests key knowledge had been retained.
Project Oracle – Evidence Hub
The Mayor of London and Metropolitan University initiative is London’s first children and youth evidence hub. They examined our training and quality methods as well as independent assessments, concluding we are:
“…an exceptional youth sector organisation that demonstrates a direct benefit for young people’s employment and life chances”.
Simultaneously, MyBnk were certified as Standard 3, meaning we:
“Demonstrate through rigorous evaluation, that we are having a measurable effect on our most important outcomes: Financial Literacy”.
Standard 3 is:
A project that has undertaken evaluation that draws a consistent link between the project and the change in outcomes, indicating that the project has caused the observed changes. The project also has procedures in place to increase the likelihood of it being implemented in the future in ways faithful to its design.
J.P. Morgan/Oxford ISIS Innovation Impact Report 2011
295 MyBnk programmes were delivered to 6,286 young people in twenty secondary schools and youth organisations in Lambeth, London. This work was made possible with the support of the J.P. Morgan Chase Foundation.
Three areas of financial capability were measured; knowledge, skills and attitudes, values & self-belief. The key findings of the report include:
- Money Twist for 11-16 year olds, scores on all three areas increased significantly. In addition, the control group data shows there is a significant difference in knowledge, skills and attitudes of young people participating in MyBnk programmes versus those not participating.
- The evaluation team followed up with some of those who had participated in Money Twist several months later. They found the young people recalled important ideas imparted through the programme and reporting changes in their attitudes.
- Evaluators found strong evidence of the efficacy of Money Works programmes for vulnerable young adults.
- Feedback on the MyBnk trainers was extremely positive, with 98.5% saying their trainer was good or very good.
Cabinet Office 2013
In the summer of 2013, MyBnk delivered dozens of financial education programmes to over two thousand 16-18 year olds taking part in the National Citizens Service in partnership with the Cabin
et Office, Reed in Partnership and the Football League Trust.
Here are the results of a sample of 441 participants in which 89% of young people said Money Twist workshops gave them good/excellent skills like budgeting and banking:
nancial education impact