The Money Advice Service is to develop a voluntary code of practice for firms that run financial education programmes to benchmark whether the programmes are changing attitudes to finance.
Research commissioned by the MAS estimates the industry invests around £25m a year in financial education programmes, mainly targeted at under 18s.
The research found that while over half of the 36 financial programmes run each year measure the numbers participating, but only 20 per cent examined behavioural change.
The MAS says following the research it will work with providers and stakeholders within the financial education sector to establish a good practice forum.
The code of practice, which will set out ways to measure the success of financial education programmes, is expected to be completed next year.
The MAS plans to measure the financial capability of 15-16 year olds in the UK over the next year. It will also work with the Personal Finance Education Group to increase the impact of financial education initiatives targeted at schools.
MAS chairman Gerard Lemos (pictured) says: “Developing financial capability for young people is an important part of our work and many excellent industry-funded programmes have been supporting the same objective for years.
“We look forward to working with the industry and other organisations in drawing up a voluntary code to create a more joined-up, comprehensive and impactful approach.”