Overview
2017-2018
YIACS and Money Matters was a research project testing the effectiveness of the Youth Information, Advice and Counselling Service model in improving young adults’ financial capability and increasing understanding of the relationship between mental health and personal finances.
While the relationship between financial capability and psychological wellbeing in the general population was well evidenced, little work had been conducted to understand the relationship between mental health and wellbeing and financial capability of young people.
Funded through the Money Advice Service’s ‘What Works Fund’, the project ran from April 2017 to May 2018. Young people accessed nine YIACS sites across England on a self-referral basis and were offered packages of help and support aimed at improving their financial capability based on their identified needs.
The participating YIACS, all of which offered a combination of prevention, early intervention and crisis help and support on a wide range of issues, were:
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Croydon Drop-In
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It’s Your Choice, Totton
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MAP, Norwich
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No Limits, Southampton
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Service Six, Wellingborough
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Young Persons Advisory Service, Liverpool
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Young People Cornwall
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Youth Advice Centre, Brighton
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The Zone, Plymouth
The evaluation, led by the Learning and Work Institute, collected pre- and post-survey data, as well as additional qualitative data, on around 500 young people.
Impact
The evidence gathered made an important contribution to understanding what works with regards to supporting young people during the transition to adulthood. A key finding of the project was that young people who participated showed a significant improvement in financial capability.
