Bean Research has supported WizeUp in building a robust impact framework to enhance the financial education offered to students across the UK. Bean and WizeUp have established a system for capturing meaningful outcomes and insights, enabling real-time reporting and ongoing programme improvements.
WizeUp’s approach to evaluating its impact was developed in collaboration with a wide range of stakeholders, including the charity’s Trustees, the Youth Advisory Panel, experienced teachers and Bean Research. The resulting impact framework is designed around three core groups: students, teachers, and financial sector partners. It aims to identify and measure positive changes in financial skills, knowledge and behaviours, focusing on boosting confidence in money management and providing practical, accessible financial education.
The framework supports annual impact reporting and integrates measurement into WizeUp’s daily operations. By embedding key indicators in surveys, the charity can track progress and adjust its strategy to enhance support for students, parents and educators.
Bean Research’s involvement has significantly strengthened WizeUp’s ability to assess its reach and impact. The programme supports a diverse range of schools, including many in underserved communities: 28% of participating schools are in the country’s most deprived areas, and 40% have a higher-than-average proportion of students eligible for Free School Meals. Additionally, nearly 10% of the schools that WizeUp works with cater to students with special educational needs and disabilities (SEND).
The findings from the 2023/24 academic year highlighted WizeUp’s positive impact:
- 92% of students reported increased financial confidence after attending WizeUp sessions, with over half feeling less anxious about their financial future, particularly when considering university.
- Teachers observed a 71% increase in student confidence about the future, and more than half noted an improvement in students’ self-belief regarding financial capabilities.
- 64% of teachers felt more confident teaching financial literacy after participating in WizeUp sessions, with 82% agreeing that the programme helped them enhance their approach to financial education.
The insights gained through Bean Research’s evaluation have informed WizeUp’s ongoing efforts to adapt and enhance its delivery of financial literacy education. As a result, 63% of schools indicated an interest in refining their approach to teaching financial literacy. By embedding impact measurement into its operations, WizeUp continues to evolve and expand its reach, ensuring more young people have the skills and confidence to navigate their financial futures.
“The project has helped us gain greater clarity in the impact we have been having on the young people we have been working with. This has supported the way in which we work and the way in which we can build for the future.”
Michael Flack, CEO, WizeUp Financial Education
