Measuring the impact and outcomes of local financial inclusion initiatives Sinéad Marron, Toynbee Hall

Outline of Talk 1.Wheres this project based? 2.Why are we doing it? 3.Who are you working with? 4.How did we develop the Tool? 5.What exactly will it measure? 6.What do we hope it will achieve? 7.What will it look like when its finished? Followed by time for questions and discussion...

Toynbee Hall Community-based organisation Vision: to eradicate all forms of poverty Current Projects include: – Free Legal Advice Centre – Youth work – Older-peoples services – ESOL – Work with street-prostitutes – Volunteering & employment – Community Engagement – Time-banking

Advice & Toynbee Hall Services Against Financial Exclusion (banking, 1:1 work etc.) Debt advice (Capitalise operator) MacMillan advice City advice East End Energy Fit Financial Well-being measurement Transact Money for Life Financially Inclusive Tower Hamlets Local research

Measuring Impact: 6 observations... Excellence Organisations with rigorous impact measurement systems Lack of expertise and resources Many organisations lacking the capacity, resources or expertise No single language No means of valid comparison Poor national data Dont know what were comparing results with Output based funding No reliable, independent way of demonstrating soft outcomes Tailored snapshots e.g. Debt advisors looking at financial capability...build on existing practice...be an independent way of measuring soft outcomes...prevent multiple wheel inventions...create the opportunity for holistic assessment...create a language to talk about impact...create a national database Many of these observations came from local practice at Toynbee Hall

MAP Tool Money, Access and Participation Tool AIM: Develop a national financial well-being measurement tool ETHOS: Stakeholder led design process (by sector, for sector) facilitated by independent experts

Partners and Funders Citi Foundation have funded a 2 year development and roll- out phase (June 2011 – May 2013) Partnered with National Centre for Social Research (Questionnaire Testing and Development Hub) Transact

Steering Group Bristol University (PFRC) Centre for Responsible Credit Centrepoint Citizens Advice Department for Work and Pensions Financial Inclusion Centre Friends Provident Foundation Hyde Housing Group Liverpool John Moores University (RUFI) Money Advice Service Money Advice Trust National Audit Office Northern Rock Foundation Southern Housing Group University of Birmingham (CHASM)

Pilot Organisations 2Shires Credit Union (PS1) Fabrick Housing Group (PS1) Bromley by Bow Centre (PS1 & PS2) CHS Group (PS1 & PS2) Civil Service Benevolent Fund (PS1 & PS2) Coastline Housing (PS1 & PS2) Hyde Housing Group (PS1 & PS2) Knowsley Housing Trust (PS1 & PS2) Regenda Ltd (PS1 & PS2) The Hillcrest Group (PS1 & PS2) Wolverhampton Homes (PS1 & PS2) Wrexham County Council (PS1 & PS2) Advice NI (PS2) City Save Credit Union (PS2) Community Housing Cymru (PS2) Housing 21 (PS2) Kirklees Citizens Advice Bureau (PS2) London Borough of Camden (PS2) Money Advice and Community Support (PS2) NHS Dumfries and Galloway (PS2) North Liverpool Citizens Advice Bureau (PS2) Sandwell Citizens Advice Bureau (PS2) Sandwell Homes (PS2) South Yorkshire Credit Union (PS2) Wales & West Housing Association (PS2) Waltham Forest Community Credit Union (PS2) Womens Employment Enterprise and Training Unit (PS2)

Development Plan 1.Steering group 2.Analysis of current impact evaluation 3.Stakeholder consultation 4.Develop and test initial questions 5.Pilot 1 – 5 weeks 6.Analysis & re-design 7.Pilot 2 – 6 months with ongoing revisions 8.Further consultations (including weighting) 9.Analysis and redesign 10.Move to web-based platform

What is financial well-being?

Building components Information on what financial products and services the individual is currently using and how they are using them. Useful for identifying gaps and addressing issues of inclusion. FINANCIAL PRODUCTS AND SERVICES Bank Account Type of Account Bank Account Refusal ID/Address Verification Debit Card Overdraft Direct Debits Savings How Saving Not Saving Reasons for Not Saving Insurance Retirement Provision Digital Inclusion Access to the internet Confidence/ability using the internet

9 Component Areas Demographics Financial Products and Services Income and Expenditure Debt Capability Resilience Attitudes Well-being Goals Vulnerability (composite area) Barriers (flagged throughout)

Purpose and scope Nationally Sector Funder Organisation Client Policy Lobbying Sharing information Impact & demand Impact measurement Needs assessment Trigger to find help, make changes and keep on track

Whats it actually going to look like? Web-based access Questionnaire format The Tool itself Components are flexible Adaptable for different projects Flexibility On paper, online Needs assessment output Completing the Tool Revised needs assessment Summary of distance travelled Repeat completions Aggregated individual impact Facility to review and manipulate data Impact assessment Facility to share and compare data Anonymised national dataset (tool and survey data) Data sharing

Any Questions?

Potential discussion points... Opportunities of the MAP Tool? Risks of the MAP Tool? Should a client be able to take their record from one organisation to another? What would sharing data allow organisations to do? What are the potential uses of the national data?

Thank you! We always welcome comments, thoughts or suggestions or questions. me at: Let me know if you want to be put on our mailing list or join Transact for regular updates.