Outcomes Matrix - Income and financial inclusion | Good Finance

Outcomes Matrix - Income and financial inclusion

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Individuals

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Has sufficient sustainable income, including benefits if appropriate

  • Receives the benefits one is entitled to
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Receives the benefits to which they are entitled and in a timely manner
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  • Increased income available for non-essential outgoings
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Proportion of income spent on housing costs is less than 33% (more than a third is unaffordable) - Proportion of income spent on energy costs is less than 10% (more than 10% is fuel poverty)
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  • Improved security of income
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Has a permanent employment contract (See also under the outcome area “Employment, training and education”) - Has a temporary employment contract for at least 1 year (See also the outcome area “Employment, training and education”) - Has sufficient income 
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  • Achieved minimum level of income
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Lives above the poverty line (individuals and households with incomes of less than 60% of their respective medians are beneath the poverty line) - Has income above the Minimum Income Standard - Has sufficient income to cover all necessary outgoings
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Is managing finances well

  • Is budgeting and living within means
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Young people
    - Has improved knowledge of how to draw up a budget - Is able to keep to their budget - Is able to avoid going into their overdraft
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  • Improved financial literacy
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Young people
    - Has developed financial management skills - Has developed an understanding of how to use and manage bank accounts - Has developed an understanding of essential mechanics of finance (credit, debt, interest etc.) - Has developed confidence and aptitude in filling out financial forms
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  • Has moved from “unmanageable” to “manageable” debt
    • Addiction issues
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Older people
    • Parents
    • Young people
    - Future debt repayments are covered by income - Has improved level of household and personal debt
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Has access to appropriate financial advice, products or services

  • Improved support for people with specific needs
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Long-term health conditions
    • Mental health needs
    • Older people
    • Parents
    - Has the support needed to manage their own finances - Has access to managed bank accounts - Is able to manage their own money and deals with letters and forms - Has access to a properly funded individual budget if they want one
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  • Improved access to appropriate financial product and services
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Has a bank account - Makes appropriate use of savings and insurance products - Makes appropriate use of mainstream financial instruments - Makes informed and appropriate use of credit - Engages with debt management, debt counselling and debt solutions as appropriate - Use of Credit Union services - Use of alternatives to formal accounts (e.g. mobile money)
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  • Improved access to appropriate financial advice
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Has access to and makes use of financial advice as appropriate
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  • Has the support needed to manage their own finances
    • Living in poverty
    - Has access to managed bank accounts - Is able to manage their own money and deals with letters and forms - Has access to a properly funded individual budget if they want one
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Communities

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Public and corporate policy and expenditure that supports fair income and financial inclusion

  • Improvements in policy and legislation
    • Homeless
    • Living in poverty
    • Long-term unemployed
    • Older people
    • Parents
    • Young people
    - Changes in policy and legislation (e.g. tax credits, wage legislation, consumer protection and fair treatment) - Changes to regulation (i.e. through regulators like the FCA) - Level of relevant parliamentary activity (e.g. white papers published, committees formed, consultations or reviews conducted, citations made) 
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  • Improved investment, expenditure and procurement
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Older people
    • Parents
    • Young people
    - Government investment in financial inclusion - Government expenditure/funding for programmes - Procurement practices and public sector contracts that are designed to improve social outcomes (e.g. contracts and practices that support socially-motivated financial institutions and financial infrastructure, outcomes-aligned contracts) - Corporate investment and expenditure (giving) on improving financial inclusion
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  • Improved benefits
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Young people
    - Level of benefits available to address financial inclusion - Number of people who qualify for benefits - Proportion of people who are accessing the benefits for which they qualify
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Strong public awareness and participation in matters relating to financial inclusion, and good sectoral understanding of how to achieve it

  • Improved stakeholder participation with decision making and with issues
    • Homeless
    • Living in poverty
    - Institutional and organisational engagement with stakeholders - Levels of stakeholder choice regarding financial services and support - Levels of stakeholder involvement in the design and provision of financial services and support
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  • Improved sectoral understanding as to how to achieve better financial inclusion
    • Homeless
    • Living in poverty
    • Older people
    - Research and evidence relating to the problem and interventions (e.g. studies conducted, papers published) - Innovation of new ideas, technologies and approaches - Uptake of new ideas by other organisations or government - Retirement of previous methods shown by research to be ineffective - Funding for research - Support for the sector through quality umbrella bodies
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  • Improved public awareness and engagement
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Mental health needs
    • Older people
    • Parents
    - General availability of information - Level of media exposure (e.g. number of articles published on the subject in mainstream media; exposure on TV, radio; internet traffic) - Level of public awareness about the causes and consequences of the problem - Public events, rallying and campaigning - Public donations to related charities - Public volunteering on projects and initiatives related to financial inclusion - Change in perception and trust from excluded people towards financial institutions - Change in public perception toward issues of financial exclusion and improvements to any underlying prejudice or stigma
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Income equality

  • Improved income equality
    • Ex-offenders
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Parents
    • Victims of crime
    - Average household disposable income - Increase in income as a result of the multiplier effect - Ratios of highest paid to lowest paid employees across private, public and third sectors - Average annual poverty premium - Average annual costs of servicing debt - National levels of poverty - National GINI coefficient
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Strong public financial capability, literacy and management, and understanding of legal matters (MAP 4)

  • Improved financial capability
    • Disabled (learning)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Older people
    • Parents
    - Levels of savings - Levels of over-indebtedness - Number of debt-related legal proceedings
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  • Improved availability and use of financial support services
    • Addiction issues
    • Disabled (learning)
    • Disabled (physical)
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Mental health needs
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Availability and use of support for financial literacy and education, and advice regarding financial planning - Availability and use of support and legal services regarding debt and over-indebtedness - Geographical coverage of organisations offering financial advice or support services - Partnerships among financial service providers, public sector and third sector that promote financial support services
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Ethical responsible and suitable financial services and products are available to all

  • Improved availability and design of fair financial products
    • Ex-offenders
    • Homeless
    • Living in poverty
    • Long-term health conditions
    • Long-term unemployed
    • Older people
    • Parents
    • Victims of crime
    • Young people
    - Number of institutions offering alternative products (Credit Unions, CDFIs) - Number of institutions offering flexible bank accounts and affordable credit - Percentage of population without a bank account - Percentage of population without access to low cost/affordable credit - Percentage of population without affordable insurance - National demand for affordable credit - Size of payday lender market - Availability of financial and legal support for communities and small businesses - Geographical coverage and social reach of financial institutions - Partnerships among financial service providers, public sector and third sector - Availability of platforms and IT systems that support financial institutions to serve, integrate and manage low income customers 
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All outcome areas