1. Needs Analysis National Report Presentation United Kingdom April 2014 EuroPartnership Agency Ltd This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

2. Topic Criteria Synopsis Report – Questionnaire General Information How do you manage your financial life? Advantages of Web Tool Participant Budgeting Behaviour Barriers to Budgeting Country Specific Information – UK Budgeting Schemes & Types of Budgeting Tool Methods/Tools/Good Practices Used Bad Experiences & Disadvantages Learnt Recommendations for iFiscus Web-Tool This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

3. Synopsis Report – Questionnaire Survey Conducted to monitor broad range of aspects regarding Family Budgeting saving and expenditure Why? To understand budgeting behaviours of the UK sample To better understand the needs and expectations of an online Family Budgeting web- tool. Construct a customisable tool that is specialised for Family Budgeting financial needs More detailed information found within the report, cherry picking most relevant information This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

4. General Information This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

5. How do you Manage your Financial Life? This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

6. This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

7. Advantages of Web Tool Participants expressed strong interest in a dedicated Family Budgeting web tool Very Beneficial – 50% Beneficial –30% Little Benefit – 20% Top 3 advantages of free web tool, according to respondents Saving time and money - 7 Provides convenience - 5 Allows for better planning and budget management - 5 This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

8. Participant Budgeting Behaviour 70% of respondents put money away on a regular basis 80% keep a record of their money after fixed/regular expenses. Savings in banks were the most popular Other answers included saving to buy a house Primary Purpose of savings Retirement: 40% Education: 20% Emergency Fund: 20% Unexpected Family needs: 20% This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

9. Barriers to Budgeting Too many unexpected expenses 29% Bad Planning29% Not enough income to Spare 24% Lack of knowledge18% Expenses for the leftovers0% This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113 How to Overcome Principal Barriers to Family Budget Management

10. Country Specific Information - UK Demographics Population: 63.7 million Median age: 39.7 years Average Household Size: Northern Ireland: 2.5 England: 2.4 Wales: 2.3 Scotland: 2.2 Family information: 1.91 children per woman Average gender age of family conception: Male: 32.7 Female Late twenties/early thirties (depending on level of profession) This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

11. Economics GDP (% Growth) Services Industry: 0.8% Production Industry: 0.5% Unemployment Rate: 7.2% Sectors Services Production Construction Agriculture Household Expenditure Increased by 2.2% Top four expenses: Housing fuel & power Transport Recreation & Culture Food & non-alcoholic drinks This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113 Country Specific Information - UK

12. Governmental Support Preventative actions taken against crisis Banking Homeowners £9 million contribution towards debt advice services for third sector partners Financial assistance towards benefits/income support ‘Mortgage rescue schemes’ Macroeconomic measures Interest rates Quantitative easing Fiscal policy Help for small business Financial support & non finical help This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

13. This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113 Budgeting Schemes & Types of Budgeting Tool The Big Deal Independent initiative which aims gain bargaining power for consumers for their energy bills. Provide a union where users can discover ways of saving more money on their household energy bills Coursera Provide open online courses with recognisable qualifications, for free Money Advice Service Independent provider for financial assistance, guidance and other tools for financial purposes Microsoft Office Excel 2013 Templates designed to aid in budget management

14. This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113 Methods/Tools/Good Practices Used Zero Based Budgeting Budgeting method through separating bills and savings to create a zero balance after savings and expenditure. Effective tool for creating a mind-set of giving saving the impression of being an expense The Money Advice Service Budget Planner Online web-tool designed to calculate categories of savings and expenses to show if users are able to make ends meet. Displays leftover money after overall expenditure based on user input. Provides offline version of findings for Excel style editing.

15. Bad Experiences & Disadvantages Learnt Bad Experiences Poor budgeting knowledge leads to poorer savings Poor budget management led to lower income families struggling to know where and how to save money Difficulty changing lifestyle to accommodate budget Time to create a budget takes time, depending on method Lessons Learnt Budgeting information resources provided helps to create new levels of understanding in budget management and new techniques Budget planning needs to be incorporated as part of a permanent lifestyle change Increased knowledge in financial literacy will improve budgeting implementation This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

16. Recommendations for iFiscus Web-Tool Comprehensibility Safety and Security Record of Balance Savings & Cost Overview Category separation Innovative and learn from other budgeting tools Must be purpose built for Family Budgeting This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113

17. Thank you for your time This project has been funded with support from the European Commission. This communication reflects the views only of the author, and the Commission cannot be held responsible for any use which may be made of the information contained therein. GRUNDTVIG PROGRAMME Project number: 2013-1-BG1-GRU06-00113