Feedback closed 6 April 2024
Financial wellbeing is the ultimate goal of financial capability interventions, but how do we know if they work? An ongoing challenge for those working to lift financial capability is the lack of a clear way to measure progress and success. A consistent way to measure outcomes will support providers to share findings and better understand what works.
The development of a financial wellbeing measurement tool
We have scanned the globe delving into research on measuring financial capability and wellbeing and conducted interviews with financial capability providers in New Zealand. The findings are included in the research and background paper.
This has helped to define 10 good financial capability outcomes (focusing on growth and resilience), and a questionnaire-based tool to capture progress from an intervention. This has long been requested by partners and defined as a project in the National Strategy for Financial Capability 2021-2024.
Thank you to those who provided feedback
Consultation on the outcomes and tool took place between 28 February – 6 April 2024. We received 13 submissions.
Next steps
We will provide a summary of consultation feedback and changes made to the tool as a result of feedback in the coming months. Financial capability partners are welcome to use the tool in the meantime but be aware there may be improvements coming.
If you have any questions in the meantime or want to request a late submission you can contact Rachel on rachel@retirement.govt.nz.
Financial wellbeing shared measurement tool
Research and background paper: What are good outcomes for financial capability, and how do we measure them?
How will the shared measurement tool be used?
The intention is that providers use the survey tool to measure people’s progress against the 10 outcomes after an intervention. It will provide a useful evidence base for campaigns, research, policy and nudges, empowering people to make better financial decisions and influencing behaviours.
We intend to use the tool to test the range of programmes run by Te Ara Ahunga Ora Retirement Commission and are looking for partners to test and share their results too.