DEC (BAME groups) need more trusted support with money - new report findings

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KEY FINDINGS

In January 2019 Money A+E began a three-year partnership with UCL’s Institute for Global Prosperity (IGP).

IGP seeks to conduct research based on inclusivity and ethical collaboration with communities, organisations and institutions. Their approach produces fresh and compelling insights around prosperity and financial lives.

Our partnership aims to evaluate the impact of Money A+E’s services and develop our capacity to self-evaluate, while developing IGP's toolkit for collaborative research and change making. 

The report findings reflect a need for more accessible support with money. 36% of respondents – a significant minority – reported that it had been difficult to find support for their money issues.

This report, Evaluating the Impact of Money Advice and Education’s Work on Creating Prosperity - Year 1, reflects the findings of interviews (conducted pre-Covid 19) with those who had previously engaged with Money A+E’s services.

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The aim was to gain insight into their experience and potential impacts that the service has had on their lives. Money A+E provides money advice and education to Diverse Ethnic Communities (DEC/BAME) and disadvantaged communities. We recruit our beneficiaries as staff and volunteers, meaning that our services are based around lived experience and empathetic peer support.

The report findings reflect a need for more accessible support with money. 36% of respondents – a significant minority – reported that it had been difficult to find support for their money issues. And 19% waited more than a year to seek support, suggesting that more work needs to be done supporting our communities to recognise money issues and seek help sooner.

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These concerning figures may be explained by low levels of trust in other sources of advice. Respondents were asked if they would feel comfortable using a range of alternative providers, with no provider receiving a positive score of more than 42%. Reasons given were varied, but often included negative previous experiences, long waiting times, language barriers and a sense that these organizations are less approachable than Money A+E.

The survey results suggest that Money A+E’s community-led approach to money support has been broadly successful. 81% of those interviewed agreed or strongly agreed that Money A+E’s support had had a positive impact. Reported outcomes were practical – eg. better control of spending – or to do with wellbeing, eg. increased peace of mind and the ability to help others with finances.