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Max MawbyFinancial Capability Project ManagerBehavioural Insights Team
The Financial Capability Lab
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We need new thinking to help people with their money
The Financial Capability Lab
In 2016, we set up the Financial Capability Lab to tackle some of the UK’s most common money management challenges. Each idea has been built on insights from behavioural science.
10,500 Predictiv test and 80 qualitative work participants
90 expert contributors from business, academia, the third sector and the policy community
244 ideas generated across three key areas of focus
18 ideas tested and detailed reports prepared
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Financial Capability
We used BIT’s online experimentation platform Predictiv to run online randomised controlled trials
Focus groups, workshops and interviews were conducted by Ipsos MORI to help us explore ideas in depth
Financial Capability
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Online research to understand human
behaviour and how to change it
Financial Capability
7 in 10 households will experience an unexpected cost each yearTypically between £200 and £400, but can be much higher, such as £1,341 for the average car repair bill
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£580 average savings 1 in 4 of these households have no savings at all
Building savings
Checkout
Savings
Accessible
Emergency
Fund
Savings
Supporter
Financial Capability
1 in 2 people miss out on free supportLess than half of us are aware of Government free guidance
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6 in 10 of the financial events experienced by the financially squeezed and struggling last year did not involve seeking help
Getting help
Take
Guidance
and Win!
Guidance
That Is
Right On
Time
Financial
Guidance
First Aider
Financial Capability
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1 in 4 of the financially squeezed are
vulnerable because of their credit 3.2 million financially squeezed adults in the UK face excessive interest charges or problem debt as a result of making low repayments
1/2of the financially squeezed have a credit or store card6.4 million financially squeezed adults in the UK
Managing credit
Increasing
Credit Card
Repayments
Repay and
Save
Offer
Blocker
Where next?
Full report published in the New Year
Work with us – We are looking for pilot partners to develop the most promising ideas from the Lab
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Max Mawby – Financial Capability Project Manager, Behavioural Insights TeamSonia Fernandes – Policy Manager, Money Advice Service
Q&A PanelBen Walker – External Affairs Adviser, Money Advice Service