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The Financial Capability Strategy for the UK Jonathan.hollow@moneyadviceservice.uk

Explore the UK's Financial Capability Strategy, a collective impact approach to taming the complex issue of financial education. Learn about the strategic elements and notable impact of this initiative.

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The Financial Capability Strategy for the UK Jonathan.hollow@moneyadviceservice.uk

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  1. The Financial Capability Strategy for the UK Jonathan.hollow@moneyadviceservice.org.uk

  2. A “wicked” problem “Tame” problem v “Wicked” problem (Rittel and Webber, 1973) • Clear formulation • Clear whether a solution is reached • Similar problems exist elsewhere, and they have been solved • You know when you can stop • Boundaries exist • Even creating a formulation is challenging and controversial • Only “better” or “worse” solutions • Each problem is unique • Starting and stopping both controversial • Solving one aspect of the problem may create new problems Financial education is clearly on this side of the slide …!

  3. Collective impact approach to the problem 2. Shared measurement 1. Common Agenda / Goals 3. Mutually reinforcing activities 4. Continuous communication 5. Backbone organisation Adapted from the Guide to Evaluating Collective Impact: https://www.fsg.org/publications/guide-evaluating-collective-impact

  4. 5 key elements of Collective Impact 1. Common Agenda / Goals A strategy document and thematic plans A behavioural model A three-yearly survey of 5,000 people in the UK 2. Shared Measurements “Six dials” A customer segmentation model 3. MutuallyReinforcing Activities Evaluation support and toolkit What Works Fund Board and steering groups 4. Continuous Communication Annual Financial Capability “Week” B2B website 5. Backbone organisation Money Advice Service Strategy (to be) set into UK law

  5. Elements with noteworthy impact (1) A behavioural model Needs to be applied to each:1) age group 2) circumstance:- Managing money day to day- Planning ahead- Dealing with difficulties For more information download the Strategy at http://tinyurl.com/y8d8sw95

  6. Elements with noteworthy impact (2) The What Works Fund: £7m to fund evidence 409 organisations 95 shortlisted projects 65 grants awarded For more information see https://www.fincap.org.uk/what-works-fund 6 Presentation Title

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