8 November 2013
Later today we are publishing our performance figures for Q2. We wanted you to be the first to know about the figures, before they are released to the media.
As part of the performance figures, we are also publishing data on the actions people have taken as a result of receiving money and debt advice. We committed to measuring these outcomes in our Business Plan this year, and this marks the beginning of a new, long-term, process of evaluating how people change the way they manage their money as a result of using the Service.
Quarterly performance
In quarter two (July to September 2013) over 3.7m customers contacted the Service for money advice, and 58,000 customers completed our online Budget Planner. During the same period, our partners in England and Wales provided debt advice sessions to 42,000 people.
Overall - for the year-to-date (April to September 2013) - over 6.3m customers have contacted the Service for money advice; and our partners in England and Wales have delivered debt advice sessions to 86,000 people.
Positive money steps
Separate data - from the our new Quarterly Financial Capability Tracker - indicates 184,000 customers took positive money steps earlier in the year - during April to June 2013. This data provides a very early indicator that people are being nudged in a positive direction when it comes to managing their money.
Although this first wave only covers three months, and a small sample of our customers, from a research perspective this is a really positive step forward. The methodology we have created – in collaboration with behaviour change and research experts – allows us to dig deeper than ever before into this area which is extremely hard to analyse.
We’re erring on the side of caution when we estimate 184,000 actions were taken between April and June 2013, but these figures are a strong signal that the Service and its partners can really motivate people not just to think about how they manage their money, but to do something as a result. We’re very cautious at this stage not to read too much into the figures, given how difficult it is to measure actions rather than just intentions. But these early indicators are encouraging.
We aim to encourage people to take five basic steps in money management; managing debt, saving regularly, saving for retirement, protecting assets and making provision for dependents. Throughout the remainder of 2013/14, the quarterly tracker will continue to monitor which actions people choose to take against these outcomes.
The full details are below. But if you have any questions, please don’t hesitate to get in touch.
Best wishes,
Rosie
Table 1: Service performance: results for Q2 2013/14 against annual targets for 2013/14
KEY PERFORMANCE INDICATORS | Q2 Results Jul–Sep 2013 | 2013-14 Year To Date | Annual Targets 2013/14 |
Volume of customer contacts | 3,787,000 | 6,301,000 | 5.45m |
Online contacts (excluding Web Chats) | 3,738,000 | 6,197,000 | |
Face-to-face contacts | 25,000 | 51,000 | |
Telephone contacts | 18,000 | 40,000 | |
Web chats | 6,000 | 13,000 | |
Budget Planner completions | 58,000 | 98,000 | 200,000 |
Debt sessions funded through partners in England & Wales | 42,000 | 86,000 | 150,000 |
SATISFACTION CRITERIA | Q2 Results Jul–Sep 2013 | Year-To Date 2013/14 (Apr-Sept) | Annual Targets 13/14 |
% of people stating Service helped them decide on a course of action | 71% | 74% | 70% |
% of people stating Service provided them with information required | 86% | 87% | 82% |
% of people stating they will revisit the Service | 90% | 91% | 88% |
% of people who would recommend the Service | 88% | 89% | 85% |
Table 2: Estimate of progress against outcomes
ACTION | TRACKER QUESTION | Actions taken Q1 (Apr-Jun 2013) | Annual target 2013/14 |
Protecting your assets | 1 Did your experience with the Money Advice Service influence your decision to take out home contents insurance? | 184,000 | 480,000 |
Providing for your dependents | 2 Did your experience with the Money Advice Service influence your decision to take out life insurance? | ||
Saving regularly | 3 Did your experience with the Money Advice Service influence your decision to start saving? | ||
Preparing for retirement | 4 Has your experience with the Money Advice Service influenced your decision to pay into a pension? | ||
Managing debt | 5 a) Has your experience of the Money Advice Service helped you avoid missing payments or being charged for going into your overdraft? 5 b) If, in the last six months, your debts have been a heavy burden, are they now more manageable? |
Rosie Clarke
Public Affairs and Stakeholder Engagement Manager
T 020 7943 0603
Website: moneyadviceservice.org.uk
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