What Money Means - evaluation

Between September 2007 and August 2010, ERS delivered a process of independent external evaluation of What Money Means on behalf of pfeg.

The evaluation covered three core academic years of programme delivery and sought to assess the following:

  • The extent to which the expectations of those involved are being met
  • The impact of What Money Means on pupils’ financial capabilities
  • The impact of What Money Means on teachers’ skills and confidence in delivering personal finance education
  • The extent to which personal finance education is sustained within a within a local authority and its schools once support from a pfeg consultant is withdrawn.

Key findings highlighted in the report:

  • All participating local authorities have increased the number of confident and competent teachers in developing financial capability programmes of learning.  This has been achieved most successfully when there has been high quality commitment and effective investment of time from local authority representatives
  • There is evidence that the quantity and quality of financial education in primary schools has increased through participation in the What Money Means Programme
  • There is evidence of a change in the confidence of teaching staff in their knowledge, skills and understanding of how to deliver personal finance education
  • There is evidence of increased understanding by a greater number of teaching staff of the way that certain exercises can be used to explore pupils’ perceptions of money and link in well with other parts of the curriculum
  • Teachers have also benefited from a variety of opportunities to expand their teaching styles and think creatively.

Extracts from the evaluation

“Because of the project I have learnt how to save money wisely.” Pupil

“The work helped me in life because I can understand money more.” Pupil

“For many children, the fact that deductions had to be paid out of earnings was a real revelation...the children struggled with ‘wants’ and needs’ with many claiming that a mobile phone was a necessity and one even claiming that hairspray was a need as she could not leave the house without it.” Teacher

Download the evaluation report

What Money Means: Making an Impact

What Money Means: Making an Impact uses short case studies of a range of approaches to personal finance education to illustrate findings from the project’s external evaluation final report. The booklet can be downloaded below and highlights the impact of the project and offers ideas for activities that teachers can develop in the classroom. Order or download.