Policy Target
Financial self-efficacy
EVIDENCE-BASED STRATEGY
Initiatives (including financial self-efficacy strategies) boost people’s financial confidence while acknowledging the enabling or constraining financial environment and one’s life circumstances.
SAMPLE INDICATORS
- Confidence levels in financial skills
- Confidence levels in financial decision-making
- Perceived ability to pursue financial goals
EVIDENCE-BASED STRATEGY
Initiatives enhance knowledge of day-to-day money management and how to choose and use financial services and products while building upon people’s lived experiences of financial decision-making.
SAMPLE INDICATORS
- Number/percentage of people who report keeping watch of their financial affairs
- Number/percentage of people who feel well-informed about finances
- Number/percentage of people who report weighing risks and benefits before choosing financial services and products
EVIDENCE-BASED STRATEGY
Initiatives tailor the content of financial self-efficacy strategies that target low-income people and those who have experienced significative increases in expenditures in order to leverage external opportunities and mitigate barriers people face on a daily basis.
SAMPLE INDICATORS
- Number/percentage of low-income people who feel the services and programs set up achievable and realistic goals for them
- Number/percentage of people who report feeling confident about navigating through life transitions
- Levels of confidence in budgeting and managing finances
- Risks to debt (e.g., middle-income people facing financial windfalls)