The Financial Capability Lab was a multi-year £2.5m programme – the biggest of its kind – from 2016 to 2022, designing and testing new ways to help people improve their money management skills.
The Lab, a partnership between the Money and Pensions Service and the Behavioural Insights Team, focused on three themes: helping people to build savings, get financial help, and manage their credit.
What did The Financial Capability Lab Achieve?
The Financial Capability Lab was created to allow BIT and the Money and Pensions Service to test ideas created using behavioural insights, identifying the ideal decision-making solutions that improve a person’s financial decisions.
The BIT Team used Predictiv to understand behaviour and rapidly test ideas.
Throughout its duration the Lab:
- We generated 244 novel ideas for 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 more targeted set of ideas with a dozen companies and 130,000 participants.
Created valuable new evidence on how to improve people’s financial capability.
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How Can We Help
At the Behavioural Insights Team, our experienced team have worked with partners to create and test ideas and strategies that help those in financial need.
Our work on The Financial Capability Lab and with Consumers and Finance have allowed us to focus on and support employers and employees as well as individuals with their finances.
Explore our latest financial blogs for more information and advice from The Behavioural Insights Team.
More on The Financial Capability Lab
Pilot findings from Phoenix Group’s Midlife MOT
Using behavioural insights to improve employee financial resilience
Pension Scams: Four ideas for how pension providers can protect pension savers
Mejorando la seguridad de las empresarias en Honduras: siete estrategias desde las ciencias del comportamiento
Pension Scams in the United Kingdom
Four perspectives on embedding behavioral insights into companies
Work With Us
Whilst our work with The Financial Capability Lab has come to an end, The Behavioural Insights Team continue to work with Consumers and Finance to provide behavioural insights and financial support.
No matter your industry or personal need, get in touch with our team of experts to receive more information on our services today.
Meet the team
Managing Director, BIT UK
Director, Economic Policy
Qualitative Research Advisor
Senior Research Advisor
Dr Sujatha Krishnan-Barman
Head of Capacity Building Programmes