Earlier this year our Made of Money project Get Set was brought to a close.
Funded by The Money Advice Service* as part of its What Works Fund, the project evaluated a unique approach to building family confidence around money in the Islington area.
Get Set was developed by our Made of Money team to look at the impact of a combination of one-to-one coaching, group sessions and online resources on the financial wellbeing of families with children aged 7-11.
Why did we work with families at this stage?
Between the ages of 7 and 11, children start to develop the financial values and norms they will carry into adult life. They also begin to understand the persuasive nature of advertising, will have made purchases online and can grasp concepts of budgeting and saving for the future.
The primary influence on a child’s financial development will come from observation and interaction with those around them, in particular parents and caregivers. It is therefore vitally important that those in this position are able to model positive financial behaviour, and have the knowledge required to offer practical advice and guidance.
How did it work?
- Four group sessions that used discussion, reflection and peer-to-peer support to help parents become more aware of their own behaviour around money and how it might impact on their children.
- Three one-to-one coaching sessions where we worked together to turn knowledge into action and encourage people to achieve their financial goals, plans and ambitions.
- Parents were also able to access a host of online activities to do at home with their children. These include looking at adverts and using online budgeting apps, or spotting marketing techniques when out at the supermarket.
"When I used to try and tell my children that I can't buy them a certain thing, they didn't understand."
Get Set participant
What did Get Set find?
Over the course of Get Set we explored our delivery methodology, adopting an agile approach to the group sessions to keep them creative, engaging and effective.
Some key findings from the project's evaluation included:
Control: a fifth of parents said they felt more able to control their finances
Communication: almost half of parents started talking to their children about their budget for the first time
Confidence: 40% of parents improved their planning and budgeting.
“Before I did the shopping without thinking about it. A lot of my shopping was because of what the kids asked for.
"Now I buy what I need, I don’t just fill my fridge. I manage my finances better than I used to.”
Get Set participant
*The Money Advice Service subsequently became part of the Money and Pensions Service.