Download Personal finance research and learning: The

Survey
yes no Was this document useful for you?
   Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Transcript
Personal finance research and learning:
The work of True Potential PUFin
Sharon Collard
The True Potential Centre for the
Public Understanding of Finance
NIBUD Study Visit, 24 April 2015
@PUFin_Sharon #PUFin @OUBSchool
Our agenda
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
2
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
3
About True Potential PUFin
• Multi-disciplinary centre for personal finance
research and learning
• Launched November 2013
• Set up with philanthropic donation from True
Potential LLP
• £1.4m over 5 years, to end of June 2018
4
Our purpose
To improve the public’s understanding of
personal finance, providing individuals across
the world with the tools to make sound financial
decisions
… and looking at ways to make financial services
work better for people, and to ensure effective
regulation and consumer protection
5
What we do
• Free online personal finance modules for the
general public
• Research programme
• Dissemination and engagement
6
What we do
Education
Research
Sharing
learning
7
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
8
Personal finance modules
• Three online modules for adults, free of
charge
– Managing My Money (2014)
– Managing My Investments (2015)
– Consumer rights and responsibilities (2016)
9
Personal finance modules
• Available on two platforms:
– FutureLearn: Massive Open Online Course,
facilitated by OU educators
– The Open University’s OpenLearn: permanent
resource, not facilitated
10
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
11
Purpose of MMM
• Improve personal finance knowledge and understanding
– Financial planning, household balance sheet, spending and
borrowing, mortgages, pensions and savings, insurance
• Understand social and behavioural drivers of financial
decisions (e.g. ‘bad financial habits’)
• Establish systematic ways to manage individual financial
decisions and aggregate household finances
12
Key Features of MMM
•
•
•
•
•
Covers spectrum of personal finance subjects
24 hours of study over 8 weeks
Divided into digestible ‘steps’
Targeted at people aged 16+
Text, AV assets, quizzes, discussions, selfassessment tests
13
Managing My Money: FutureLearn
MMM in numbers
1st FL
presentation
2nd FL
presentation
Total
Registered
15,390
19,465
34,855
Active Learners
10,000
11,071
21,071
Comments posted
24,794
29,792
54,586
Steps visited
493,144
435,613
928,757
15
Data about MMM
• Start-of-course and end-of-course surveys
– Some demographics, views about course, views about
online learning, views about OU and future learning
– Drop-off in responses between start-of-course (about
1,400) and end-of-course (about 400)
– Not (yet) matched learners’ responses at start and end
• In-course data from quizzes and assessments
– Plan to analyse, can we link to start and end of course
surveys?
16
Getting people interested
• PR campaign in run-up to MMM1, May 2014
– Featured on 166 radio stations, 26 press/online
pieces, 23 broadcast interviews
• How found out about the course?
– FutureLearn website (43%), 21% read about it online,
15% read about it in print media
• Personal interest (98%), free course (49%)
17
Who signed up?
•
•
•
•
•
•
More women (64%) than men (35%)
Aged 46+ (53%), only 9% under 25
Lived in UK (78%)
Educated to degree level or above (61%)
In work (67%) or retired (16%)
Familiar with online learning (55%)
18
Learners’ views about MMM
•
•
•
•
Overall experience excellent (53%) or good (39%)
Time required ‘about right’ (89%)
Course structure very (80%) or fairly (18%) clear
Activities interesting (73%), helpful (72%),
thought-provoking (49%), challenging (28%)
– Confusing (5%), difficult (5%), boring (2%)
19
Pensions are the ‘big worry’
• How does the new pension regime work?
• How do I take advantage of new pension freedoms?
• How do I transfer to another pension scheme and
what are the costs?
• How do I evaluate different pension products?
• How do I check that my pension plans are on track
for the outcome I want?
20
Impact of MMM?
• Know a lot (47%) or a little (47%) more about
the subject now
• Activities ‘changed my view’ (17%)
• Qualitative feedback from comments posted
on the steps
21
Made changes that will save me money
De-mystifying financial matters
Signed up for online banking
Take steps towards managing a vastly
reduced income
Created financial spreadsheet and budget
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
23
Managing My Investments
• On FutureLearn from 11 May 2015
• Six week course covers:
– Different investment choices, returns and risks,
historical performance
– Investment strategies and the practicalities of
investing
– Behavioural traits and their impact on effective
investment decision making
24
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
26
Saving, investing and regulation
• What works to improve consumer outcomes?
• Under-saving and low financial resilience
• Poor choice of products
– Money left in cash with low/no real returns
– Reckless conservatism
• Positive/negative regulatory impacts?
27
Towards a common
understanding of risk
• People’s understanding of ‘risk’ in relation to
saving and investing
• How the financial services industry assesses
people’s attitude to risk, and
• The scope to improve the current system
28
Towards a common
understanding of risk
Blueprint for a Toolkit for the Ordinary Investor
• What should I understand about the investment
environment?
• What type of investment is right for me?
• How might my emotions affect my decisions and what
can I do to manage my emotions?
• What kind of investor am I? (Delegator, Affirmation
Seeker, DIY investor)
29
• About True Potential PUFin
• Personal Finance Modules
– Managing My Money
– Managing My Investments
• Research programme
• Q&A
30
Find out more
Managing My Money
www.open.edu/openlearn/openlearn/ocw/money-management/managing-my-money/content-section-overview
www.futurelearn.com/courses/managing-my-money/
Managing My Money Q&A Socials – videos from Managing My Money 2nd FL presentation
www.open.edu/openlearn/moneyquestions
www.open.edu/openlearn/money-management/managing-my-money-the-experts-answer-your-questions
Managing My Investments
www.futurelearn.com/courses/managing-my-investments
True Potential PUFin
www.open.ac.uk/pufin
OU personal finance
www.open.edu/openlearn/money-management/money/personal-finance
31
New series on Money and Wellbeing
Please get in touch if you’re interested to contribute!
www.rowmaninternational.com/economics/new-series-money-and-wellbeing
32
Sign up for updates
http://www3.open.ac.uk/forms/FBLPUFinCentre/
Follow us on Twitter
@PUFin_Sharon @WillBrambley
#PUFin @OUBSchool
33