Randomised Controlled Trial Evaluation of The Money Charity's Workshops in Schools

19 July 2018

NFER was commissioned by The Money Charity to provide an independent evaluation of their Money Workshops in Schools and Colleges for Key Stage 4 and post-16 students. This school-level RCT explored the impact of Money Workshops on students’ attitudes, behaviour, confidence and knowledge relating to managing money. The analysis involved 59 schools and 1,679 students. A process evaluation was also conducted including: student and teacher surveys, interviews and observations.

Key Findings

  • Although there were no significant effects on students’ attitudes and behaviours relating to money (the primary outcome for the trial), Money Workshops were found to be effective at improving: students’ self-reported confidence in managing money; how much students’ feel they know about savings and credit; and how much students’ feel they know about planning and budgeting. These significant positive outcomes are impressive given that most students took part in just one one-hour workshop. It may be that a longer period is needed to observe behavioural effects.
  • The process evaluation found that the Money Workshops are delivered in a positive and effective way. They were easy to follow and highly relevant, particularly to students’ futures. The workshops were delivered as intended, with very little adaptation, and were perceived to be high quality.
  • Money Workshops may be filling a gap in students’ education as many felt that what they learnt was new to them. Considerations for further scale-up include funding, continuing to ensure quality at scale, and responding to teachers’ appetite for further professional development resources.

For more information about the trial, please visit the Financial Capability website.