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Improving individuals’ financial knowledge, skills and behaviours

Summary of the impact

The Personal Finance Research Centre (PFRC) at the University of Bristol conducted research between 2004 and 2006 to develop the UK's first quantitative baseline survey of financial capability. The survey was a significant departure from previous methodologies in that it not only assessed knowledge, but also skills and behaviours. The survey results became the basis for the Financial Services Authority's (FSA) understanding of financial capability in the UK, and PFRC's analysis of the survey findings were used to set priorities for its National Strategy for Financial Capability, worth £90 million. One of the findings of the survey was that young people are much less financially capable than their elders. As a result, a priority within the National Strategy was to educate young people. A number of programs were put in place including Learning Money Matters, which offered free advice, support and resources to schools between 2006 and 2011. The program successfully reached over 2 million young people in 4,259 schools, and in 2011 economic wellbeing and financial capability became a statutory part of school curriculum in England. Overall, the FSA strategy was deemed successful, exceeding its target of reaching 10 million people. International bodies regard the FSA's baseline survey as a model for their own work and the UK methodology has been adopted by countries including Ireland, Canada and the Netherlands. The World Bank has led a substantial research and evaluation programme in low and middle income countries that uses the UK approach.

Submitting Institution

University of Bristol

Unit of Assessment

Geography, Environmental Studies and Archaeology

Summary Impact Type

Economic

Research Subject Area(s)

Economics: Applied Economics
Commerce, Management, Tourism and Services: Banking, Finance and Investment

Improving Financial Capability and Wellbeing in Britain

Summary of the impact

Between 2008 and 2011 Essex researchers were funded by the Financial Services Authority (FSA) to investigate the determinants and effects of an individual's `financial capability'. Since 2010 the results of this research have informed Money Advice Service initiatives, under the direction of the FSA, to increase the financial capability of people negotiating significant life events. The research has also raised awareness among mental health providers and policy makers of the benefits that financial management skills have in building resilience and improving wellbeing. In particular, the Money Advice Service used the team's findings to develop an online service for people experiencing divorce/separation and a redundancy guide for people faced with job loss. The research also influenced the current government's policy objectives surrounding wellbeing and child poverty.

Submitting Institution

University of Essex

Unit of Assessment

Business and Management Studies

Summary Impact Type

Economic

Research Subject Area(s)

Medical and Health Sciences: Public Health and Health Services
Economics: Applied Economics

Revealing New Policy Insights on Indebtedness and Household Finances

Summary of the impact

The new research reported on in this case study on the determinants of household indebtedness and dynamics of household finances has informed government policy decisions, aided monetary policymakers and benefited the third sector. Work on measurement and analysis of over- indebtedness was used by the Department for Business, Innovation and Skills (BIS) to create new criteria for `over-indebtedness', monitor its development over time and model the Financial Services Authority (FSA) funding levy for free-to-client money advice services. Insights on how house prices affect consumption influenced the Bank of England in revising its understanding of the `collateral channel' of house price movements in its Quarterly Model. Through serving as an expert witness to a House of Commons Select Committee Inquiry into `Debt Management' the researchers challenged existing policy measures prompting policy response. The authors also disseminated research findings through a series of non-technical reports and applied projects which have been used to inform indebtedness policy by a broad constituency of free-to-client money advice providers.

Submitting Institution

University of Nottingham

Unit of Assessment

Economics and Econometrics

Summary Impact Type

Economic

Research Subject Area(s)

Economics: Applied Economics, Econometrics
Studies In Human Society: Policy and Administration

1: Impact of Research on Financial Crises

Summary of the impact

As part of our commitment to public sociology (see REF3a), we have prioritised making Edinburgh sociological research on financial crises available to wider audiences: financial practitioners, policy makers and interested members of the general public. This has been primarily via six essays by Donald MacKenzie in the London Review of Books (LRB) and two invited articles in the Financial Times, listed in section 5.3. The impact of this research is in enhancing cultural understanding of finance and contributing to critical public debate. Evidence of its significance and reach includes: (a) public recognition (eg Prospect magazine naming MacKenzie amongst the 25 intellectuals with most impact on the "public conversation" about the financial crisis);
(b) articles by others in prominent sources (the Financial Times and Economist) drawing on his work;
(c) use of the Edinburgh University research in a major US corporate lawsuit;
(d) reprints of the LRB articles eg in French and German public affairs magazines, in the booklets accompanying a Swedish exhibition and a Belgian art video, and in two financial-practitioner magazines.

Submitting Institution

University of Edinburgh

Unit of Assessment

Sociology

Summary Impact Type

Societal

Research Subject Area(s)

Economics: Applied Economics, Econometrics
Commerce, Management, Tourism and Services: Banking, Finance and Investment

Understanding where money comes from and applying credit creation analysis to portfolio management

Summary of the impact

Research carried out at the University of Southampton into banking, economic growth and development has made Professor Richard Werner a trusted source of advice for economic policy-makers at the highest level, for example for the Financial Services Authority, the Independent Banking Commission, the International Monetary Fund and the Bank of England. Through articles, books and many media contributions, he has promoted a greater public understanding of economics and the financial crisis. His credit creation analysis has also been adopted by two investment funds in their portfolio management, leading to financial gains for investors, outperforming the FTSE100.

Submitting Institution

University of Southampton

Unit of Assessment

Business and Management Studies

Summary Impact Type

Economic

Research Subject Area(s)

Economics: Applied Economics, Econometrics
Commerce, Management, Tourism and Services: Banking, Finance and Investment

Global Microfinance: Fighting against poverty in developing countries

Summary of the impact

This case study refers to the work of Professor Thankom Arun of the Institute of Global Finance and Development (IGFD) at UCLan, who has been working very closely with Microfinance Institutions (MFIs) and international development agencies to understand and tackle the critical issue of finance in the development process. The ingenuity and originality of this type of research has had a profound impact on national and international policy debates, challenging and disproving misunderstandings about the inability of the poor to engage effectively with financial services provision, such as savings and insurance. The research has had a significant direct impact on the functioning of microfinance institutions at the local and grassroots level and on the delivery of financial services to some of the most vulnerable communities around the world.

Submitting Institution

University of Central Lancashire

Unit of Assessment

Business and Management Studies

Summary Impact Type

Economic

Research Subject Area(s)

Medical and Health Sciences: Public Health and Health Services
Economics: Applied Economics
Commerce, Management, Tourism and Services: Banking, Finance and Investment

Informing and Influencing Policy in Financial Services

Summary of the impact

A body of research has informed government bodies, policy makers and other agencies on consumer interactions with retail financial services markets. Specifically, it has informed formulation of new policies in the area of simple products and banking standards that are now being put into effect as new policy initiatives.

The impact detailed here has been on policy development and implementation in the area of consumers and financial services. The body of academic research has gained traction and credibility with relevant stakeholders due to academic endorsement and wide scale dissemination efforts. This has allowed researchers a significant input into consultation processes, campaigns and a parliamentary commission. Such inputs have helped formulation of new policies in the area of simple products and banking standards that are now being operationalized as new policy initiatives. Thus, a direct chain of impact exists between the initial research and the final outcomes, which influences numerous financial services decision makers and banking customers.

Submitting Institution

University of Nottingham

Unit of Assessment

Business and Management Studies

Summary Impact Type

Economic

Research Subject Area(s)

Economics: Applied Economics

The ethics of finance and business

Summary of the impact

This case study looks at the impact on the international finance industry and big business of research conducted at Heythrop College by Catherine Cowley. Cowley's work is transforming the ethical framework with which some of the most powerful corporations in the world operate and how they understand their role in society, as well as influencing the direction and content of the public debate over the ethics of finance and business.

Submitting Institution

Heythrop College

Unit of Assessment

Theology and Religious Studies

Summary Impact Type

Societal

Research Subject Area(s)

Mathematical Sciences: Statistics
Economics: Applied Economics
Commerce, Management, Tourism and Services: Banking, Finance and Investment

Developing and governing sustainable credit unions in the modern financial services industry of Ireland

Summary of the impact

Professor Wilson's research has increased understanding of how credit unions have developed in different countries, with the intention of informing policy around these institutions. Such work is especially important in the aftermath of the financial crisis in 2008, as many countries seek to strengthen their retail financial sectors. The research has had wide-ranging impact internationally on the ways in which policy makers, regulators and practitioners view the sector. Specifically, as part of the Irish Commission on Credit Unions, Wilson's work was taken up in reports which made a raft of recommendations that were later adopted to form the basis for new legislation (Credit Union and Co-operation with Overseas Regulators Act 2012). This new legislation in turn has affected the governance, regulation, stabilisation policy and structure of the credit union sector in Ireland.

Submitting Institution

University of St Andrews

Unit of Assessment

Business and Management Studies

Summary Impact Type

Economic

Research Subject Area(s)

Economics: Applied Economics
Commerce, Management, Tourism and Services: Business and Management

Increasing insights into Credit Risk of Small and Medium-Sized Enterprises (SMEs)

Summary of the impact

Research on risk assessment of SMEs conducted at the University of Edinburgh Business School (2005-current) in conjunction with the international credit industry has improved understanding of SME behaviour with a view to assisting lending bodies in their decision-making. It has led to refinements in the process of developing commercial credit risk models by providing valuable additional details to enhance existing models. It has developed methodologies now used by some of the leading lenders [text removed for publication] to cut the cost of providing credit, thereby making more credit available to SMEs. The reach of the work has extended across 349 credit practitioners from 38 countries.

Submitting Institution

University of Edinburgh

Unit of Assessment

Business and Management Studies

Summary Impact Type

Economic

Research Subject Area(s)

Mathematical Sciences: Statistics
Economics: Applied Economics
Commerce, Management, Tourism and Services: Banking, Finance and Investment

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