We used cognitive testing to help develop a national web-based tool for practitioners who work with people at risk of financial hardship.
We're working with Toynbee Hall, with funding from the Citi Foundation, to develop a web-based measurement tool that will allow the UK’s financial inclusion sector to measure their clients’ financial wellbeing and the outcomes they’re achieving for their clients.
There are lots of ways to measure financial hardship. By consulting industry stakeholders, like Citizens Advice and housing associations, we were able to identify a number of key financial wellbeing indicators.
These indicators include: access to financial products and services, income and expenditure, debt, capability to manage finances, attitudes towards saving and debt, the resources a person could draw on if something went wrong and the impact on wellbeing of financial deprivation.
We used these indicators to design a suite of questionnaire modules which we tested with users of financial advice services, revised in light of their responses and piloted across 24 organisations nationwide.
The resulting MAP Tool will give financial advice services the means to pick and choose questionnaire modules which they can use to assess and alleviate the particular needs of their clients.