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FINANCIAL EDUCATION PROGRAMS MONITORING & EVALUATION TOOLKIT
THE ELEMENTS OF A TOC The key components of a ToC as applied to a FEP are included in Table 1. In the next section, we describe each of these elements in more detail using an example of a ToC for a Youth FEP. This allows the reader to see the intersection of the conceptual and practical layers. The Figure 5 shows the ToC for this Youth FEP. Another example of a ToC from the Central Bank of Armenia can be found in Figure 6.
TABLE 1: SUMMARY OF THE MAIN ELEMENTS OF A TOC TOC ELEMENT
SUB-ELEMENT
EXPLANATION/DEFINITION
NEED ASSESSMENT
Necessities
Identifies which problem the intervention aims to attend, its causes and consequences, and which opportunities for improvement exist or can be created
Target Population
The specific group of people targeted by intervention/ program
Expected Goal
The desired changes (in behaviors, attitudes, capabilities, values) the program expects to achieve
TECHNICAL DESIGN
Risks
Intervention or solutions that the financial education program proposes to be able to change the items in the initial equilibrium/ current behavior of the population.
Understanding of the context and the range of strategies that can be implemented
Assumptions
The conditions under which the desired changes will happen
Working hypothesis
Cause-effect statements that describe the logical relationships that the financial education program will go through to achieve results/create change
Inputs
Program’s resources (e.g financial, human, etc) used to support its activities
Process
Activities or actions that are executed to transform inputs into outputs
Outputs
Tangible goods and services produced by the program activities
OUTCOMES
Short term
Short-term, medium term and long-term expected achievements of the proposed financial education program.
Medium term
Desired effect we hope the program will have. Can be short and medium-term results including changes in knowledge, skills, attitudes, and behaviors or longterm relating to the program’s final objective
Initial equilibrium, initial situation in the context/environment before the financial education program is implemented.
IMPLEMENTATION Resources needed in the FEP, activities that describe how the program team will accomplish each of the outputs of the FEP and the deliverables, and services for which the financial education program implementers are accountable for.
Long term
