Money Advice Service
The way forward
Allison Barnes & Colin Kinloch
Thursday 28 June
Money Advice Scotland Conference
Ready for July
All current tools, calculators and planners plus:
•
C. 650 action-orientated articles
•
More comparison tables
•
C. 30 template letters/documents
•
New tools including ‘Summer 2012 budget planner’ (May), savvy mover (June) and
Auto-enrolment
•
Revised ‘Health check’
•
Action plans
•
Personalisation
•
Commenting
•
Web chat
•
Email alerts
2
In plan for 2012/13
• Offline versions of all tools
• More on Auto-enrolment
• Pilots of Universal credit
• Isa (and other) alert tool
• Extension of comparison tables
• Other tools
3
Medium term plans
• Impact UK financial capability
• Drive awareness of benefit of managing your money
• Build customer engagement - 11 million users each year
• Drive action, getting (closer) to the point of purchase
• Play major part in the government change initiatives
e.g. Auto Enrolment, Universal Credit, Simple Products
• Align Money Advice, Debt Advice and Financial Education
4
Online research community
• New online RESEARCH community being established.
•
Cross-section of customers:
different life-stages
attitudinal segments,
range of financial experiences
across 4 countries
• Enable quick and cost-effective feedback on our service and key
money issues through surveys, discussions, and co-invention.
• Currently testing the new website with customers.
5
Financial education of young people
Review of financial education of young people funded by industry:
• Map the landscape
• Identify evidence of impact, UK and worldwide
• Identify learning's from other areas that can be applied, e.g. health/sex
Emerging insights
• Lack of robust evidence - urgent need for Key Performance Indicators
• Attitudes are formed early (5-12) – need to engage this age group
• Interventions within a broader family framework have the potential for
long-term behaviour change – align financial education of young
people with adult money advice
Source: Mapping: Primary research by Money Advice
Service, Dec 11 / Mar 12
Literature review: Ci research on behalf of Money Advice
Service, Conducted Dec 11 / Mar 12.
Financial capability
• Desire to build on the skills/knowledge-based FSA
Baseline survey, also exploring attitudes, emotions,
motivations and behaviour in real lives.
• Commissioned a significant ethnographic research
program with Ipsos-MORI.
• Following 72 families and how money fits into their lives
over a year. Boosted by interviews with individuals
experiencing life trigger events (e.g. redundancy, new
baby).
• Quantifying in March 2013 to provide a new baseline of
financial capability.
7
Financial capability
• Outputs will include:
•
refined definition of financial capability
•
better understanding of the determining factors
•
interventions affecting capability.
• Deliverables will include searchable film database, as
well as the usual reports.
• Want to engage stakeholders now to help guide the
research.
8
UK Financial Capability Strategy
• Asked by Westminster HMT to develop new UK financial
Capability Strategy
• Currently reviewing the ‘rest of the worlds’
• Will engage with policy units of each government and
regulator to prepare first draft for discussion
• Will then seek inputs through consultation process (to be
defined)
UK Financial Capability Strategy
Financial Education
of Young People
Generic Money
Advice
ESTABLISHING
A BASE
DRIVING INFORMED
ACTIONS
GETTING BACK
ON TRACK
General skills and
information
Establishing positive
attitudes to money
Specific skills and
information
Reinforcing attitudes
Specific skills and
information
Changing attitudes
Driving positive action
Ensuring corrective
action
Navigable landscape
1
Specific Debt
Advice
The Debt Advice Coordination
Plan
1
Research overview
Overarching principles
We will develop a new model from the point of view of
people in need, not the process of delivery; one which
• has Reach and Accessibility
• is Simple to understand
• encourages Self-help whenever practical and
• Addresses gaps in delivery (without displacing or
substituting for existing funding arrangements)
1
Funding in Scotland
We are providing funding to increase advice and support advice
infrastructure in Scotland
 Scottish Legal Aid Board grant funding being put in place (£2.2m)
and open for applications
 Agreements being put in place (£500k) with Money Advice
Scotland, Accountant in Bankruptcy & Improvement Service
1
Reducing Demand
Financial Education
of Young People
ESTABLISHING A
BASE
General Skills and
information
Positive attitude to
money
management
Generic Money
Advice
DRIVING
INFORMED
ACTIONS
GETTING BACK
ON TRACK
Specific skills and
information
Reinforcing
attitudes and
positive action
Specific skills and
info
Addressing
negative attitudes
Corrective Action
Navigable landscape
1
Specific Debt
Advice
Allison.barnes@moneyadviceservice.org.uk
Colin.kinloch@moneyadviceservice.org.uk