Professor Tony Chapman and Stephanie Rich are to evaluate the National Youth Agency’s My Money Now programme which is funded by the Money Advice Service. The project brings together tried and tested approaches to inform the development of financial literacy and sustained money management skills and builds on the success of an existing intervention (Barclays Money Skills Champions).
Its purpose is to strengthen the existing evidence on the immediate advantages of the previous programme for Money Skills Champions, to get a better understanding of how peer education improves the financial capability of 16-21 year olds who are engaged in apprenticeships and which, in turn, has the potential to help influence subsequent decision making which could have longer-term benefit by enhancing the likelihood of improved retention on apprenticeship schemes.
More specifically, the evaluation aims to explore the efficacy of the project through the following research questions:
- To determine if the NYA’s existing approach to ‘peer education’ has distinctive and beneficial impacts upon young people’s approach to learning about discrete financial issues which are replicable for young people from disadvantaged or marginalised backgrounds.
- To find out if the financial learning intervention has a positive impact by improving young people’s knowledge about financial issues and strengthens their locus of control when making immediate financial decisions.
- To explore whether increasing knowledge and skills through peer education about financial issues may impact positively on young people’s ability to navigate key life transitions by weighing up the ‘opportunity costs’ of their decisions in financial and personal development terms.
The project runs for 15 months, beginning in January 2017.
This project has now been completed and it is expected that the final report will be published on the MAS evidence hub website in May 2018 – a link will be provided here when available.