Financial education impacts financial well-being, but how much? To find out, the ClearScore Group, the financial marketplace platform, has partnered with The Money Charity, the UK’s financial capability charity, to launch a year-long study.
Around 5,000 ClearScore users are expected to take part in the study, which is funded by the Aviva Foundation, the firm aiming to help people and communities deal with financial challenges. These users will receive financial education, which will then be monitored against a control group for any improvements to their financial capability, credit score, and wider creditworthiness.
Michelle Highman, CEO of The Money Charity
Michelle Highman, CEO of The Money Charity, said: “The Money Charity’s financial capability work over the past 30 years has shown that financial education positively impacts people’s confidence, behaviours and ability to manage their money better. Through this study with ClearScore, supported by the Aviva Foundation, we will measure the impact of financial education, not just on an individual’s financial behaviour, but ultimately on access to credit and financial wellbeing.”
Alex Christopoulos, lead at the Aviva Foundation
Alex Christopoulos, lead at the Aviva Foundation, said: “The Aviva Foundation supports organisations working on new ways to help people get ready for the future, so we are delighted to fund this joint study between ClearScore and The Money Charity. The combination of ClearScore’s platform and reach, with The Money Charity’s experience in providing education, information, advice and guidance to people of all ages and at all stages of life is crucial to delivering this groundbreaking research.
“We look forward to exploring how insights from the study can inform organisations who have a role to play in building the financial resilience of those who need it the most.”
Expanding financial options for users
Justin Basini, CEO and co-founder of The ClearScore Group
Serving over 25 million users globally (including over 15 million users in the UK) ClearScore’s proprietary technology platform works by matching users to credit cards, loans and car finance via a sophisticated mix of credit and affordability data, facilitated through credit reports and open banking. Improvements to credit scores and affordability data expand financial options for users, improving financial inclusion and lowering the cost of credit.
Justin Basini, co-founder and CEO of ClearScore, said: “We know that the level of financial education in the UK is poor. Through the ClearScore service, we have put empowering consumers with insights, education, data and product choice at the heart of what we do. We are excited to partner with The Money Charity, supported by the Aviva Foundation, on this innovative approach, one of the first of its kind in the world, to assess the impact of financial education on financial confidence and outcomes.”
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