The link between financial capability and mental health

MAP is to be part of a new national research project to determine the relationship between mental wellbeing and financial capability in young people and to identify the most effective ways to offer support. Young people who come to our drop-in centres in Norwich and Great Yarmouth will be offered packages of help and support aimed at improving their financial capability based on their identified needs.

MAP will be one of nine YIAC (Youth Information and Advice Centres) taking part in the ‘YIACS and Money Matters’ project which aims to gain robust evidence of the effectiveness of the YIACS model in improving young adults’ financial capability and helping disadvantaged young people become more financially resilient.

“We already have strong evidence of the close relationship between young adults’ money problems and their mental health, but we do not currently have equivalent evidence on YIACS’ impact on their financial capability’ says James Kenrick, Head of Policy and Development at Youth Access.  ‘This project will enable us to strengthen this evidence-base by developing our understanding of the relationship between mental wellbeing and financial capability in young people and of the effectiveness of integrated young person-centred models of support in this context.’

The evaluation, which is being led by the Learning and Work Institute, will collect pre and post survey data, as well as additional qualitative data, on up to 500 young people accessing the nine sites.   The project is funded by the Money Advice Service’s ‘What Works Fund’ as part of an attempt to build a more solid evidence base for future funding of financial capability initiatives and will run until May 2018.