Improving Financial Confidence

1. Improving Financial Confidence Learning from the final programme evaluation Jenny Williams, Ecorys

2. An outline of the IFC programme …… • Big Lottery Fund £31.7m strategic investment • Primarily targeting social housing tenants • Testing different approaches to engaging social housing residents in financial inclusion activities • Demonstrating and disseminating impact of activities to social housing landlords and financial sector organisations • 37 projects delivering range of activities for 3 to 5 years • Led by social landlords and voluntary sector organisations, with buy in from local authorities

3. Context and target groups Dramatic changes to the operating context: • Welfare reforms • (Staggered) introduction of Universal Credit • Housing benefit payments direct to individuals Resulted in: • Higher level of beneficiary need; programme shifted from prevention and awareness raising to crisis support and intensive provision. • Revisiting targets and broadening of the target group

4. What works? Referral and engagement Building the brand locally takes time Sales approach Physical presence – shopfronts Open door policy Trust and language Broadening of target groups improved programme reach and inclusivity Community engagement and partnership working – importance of trusted relationships Social media helped raise awareness

5. Challenges: Referral and engagement Importance of building strong partnerships; educating partners about what financial capability means and how it can benefit their own organisations and service users. Unforeseen tensions between IFC services and housing providers impacting on partner engagement and referrals.

6. Referral and engagement: Future planning Investing in sales/ marketing staff Securing engagement and support staff that can maintain a community presence Raising the profile of your offer by using shopfront premises in busy areas Using social media such as Facebook and Twitter to raise awareness and share information Offering incentives to engage with your initial offer Operating an open door policy Building trust with beneficiaries (jargon-free language, focuses on every-day tasks such as paying bills and cooking

8. Effective delivery models Adapting content to user need and in response to welfare reform Approaches that promote beneficiary health and wellbeing Encouraging beneficiaries to develop online skills, in the context of Universal Credit Integrating IFC into tenancy support Combination of group and one-to-one support Outreach support (including home visits) Peer mentoring and volunteers

9. Examples of Sessions Moneywise project (Haringey) – workshop delivery in secondary schools, with format and frequency tailored to individual schools’ needs, and ages of young people (12-19). Activities include quizzes; using the Moneywise app and learning to cook on a budget. Wiser Wonga project (Plymouth) – delivery of sessions to a small group of young people supported through an independent living course by The Foyer organisation (incl. transition from care). Sandwell Financial Services Hub (West Midlands) - ‘passport your property’ sessions piloted and incorporated into pre tenancy meetings. Key topics include general budgeting and managing bills; signposting to affordable furniture scheme. Sessions have been well received.

10. Examples of innovative partnership working Bristol Cashpointersdeveloped Community Award projects - supporting other organisations and community groups to deliver IFC, such as theatre groups. Hull & East Riding’s Quidsproject ran a successful Home Visits Pilot in partnership with the council’s WarmZone team. Sandwell Financial Services Hub funded SWEDA, a business support organisation, to deliver the ‘Money Project – Waste or Save?’

11. Demonstrating programme impact: evidence of change in beneficiary outcomes • Of those respondents that had been followed up, 84% saw a positive change in their MyFC score. • The average MyFC score for all respondents who were followed up increased from 0.05 at the baseline to 0.35 after IFC.  The range runs from +1 (excellent level of financial confidence) to -1 (very poor level of financial confidence). • Among those followed-up, the number of tenants in rent arrears or behind with a loan fell between the baseline and the follow-up. • Among those followed-up, 14% of tenants had home contents insurance, compared to just 8% at the baseline. • The use of high-cost credit also fell slightly, from 11% at the baseline to 9% after IFC.

12. Longer Term Change Base size: 911

13. Wider beneficiary outcomes • Increased income • Reduced stress • Gained work • Increased confidence to deal independently with finances

14. Sustainability: mainstreaming activity Challenging given the operating cuts, but activity was being continued by a variety of organisations who recognised the business case, for example: • Housing providers incorporating IFC support for beneficiaries into their core offer (Circle) • Citizens’ Advice, particularly through volunteering activities (Knowsley, Liverpool, Tameside)

15. Programme legacy: social value • 13 Group estimated that the added social value of Middlesbrough’s Know Your Money, Keep The Change IFC project was £2.2 million in 2015-2016. • Places for People estimated that Bristol’s Pennywise IFC project generated a social value more than £4.5 million from the £1 million grant it received from Big Lottery Fund. • Cotman Housing Association estimated that the social value of Norwich’s Money Wise, Home Safe was around £400,000 for 2016-17.

16. Programme legacy: informing future programmes and wider reach IFC work is being taken forward through a range of programmes… • Building Better Opportunities (Big Lottery Fund) • Help through Crisis (Big Lottery Fund) • What Works Fund (Money Advice Service) • MyBnK training scheme (private sector investment) …and achieving wider reach, by: • Informing policy debates (Hyde Homes- Money House) • Continued local community activities (Pennywise – Blue Mondays events with 200 local providers)

17. Thank you. Further information:Jenny.Williams@ecorys.com