In 2016, the Money Advice Service (now Money and Pensions Service) and the Behavioural Insights Team launched the Financial Capability Lab. The Lab was a multi-year £2.5m programme – the biggest of its kind – to design and test new ways to help people better manage their money.
The Lab focused on three themes: help people build savings, get financial help, and manage their credit.
- Generated 244 novel ideas on improving financial capability with the help of 90 experts
- Tested the most promising 17 ideas through online experiments with more than 10,000 participants
- Further developed and rigorously tested a handful of ideas with a dozen companies and 130,000 participants
- Created valuable new evidence on how to improve people’s financial capability
On this microsite, we have included our main findings from the Financial Capability Lab, organised by topic.
After the initial ideation phase of the Lab, we released an interim report, which you can read below.