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FINANCIAL EDUCATION PROGRAMS MONITORING & EVALUATION TOOLKIT
governance structure right from program to department to institutional level need to be thought through, including committees, and working groups. An example is El Salvador, where the institutionalization of the government body with a clear M&E policy has enabled compulsory M&E for measuring the country’s financial inclusion progress (AFI, 2021d).
HOW TO MONITOR FEPs
Monitoring - steps: 1. Translating statement of objectives to SMART indicators 2. Include gender approach, cultural and socio-economic perspective 3. Conducting baseline study and setting up the target
DESIGNING A FINANCIAL EDUCATION MONITORING FRAMEWORK A financial competency matrix is a useful tool in policy monitoring for policy makers, and implementers (AFI, 2020b). First, it can be used to design a comprehensive monitoring (and Evaluation) framework of financial competencies for adults, covering four components and seven themes. The components include knowledge, skills, attitude and behavior and the themes include economy, Budgeting, saving, and planning, debt management, shopping around, rights protection and security. Second, it can be used in actual monitoring of the program policies, for example, the Financial Competency Matrix for Adults were used as a key tool for assessing and monitoring Armenia’s NSFE. In 2014, the Financial Capability Barometer baseline study showed that only 44 percent of adults in Armenia, on average, demonstrate competencies across the seven topics and four components of the matrix.
4. Data collection
STEP 1
5. Data analysis 6. Assessment of gaps: target vs status 7. Data and finding dissemination
Translating Statement of objectives to SMART indicators Once the intended results in the ToC have been established, each level of result needs to have a set of measurable indicators (AFI, 2021c). Designing and selecting indicators that will be used to monitor program implementation is very critical.
FIGURE 7: EXAMPLE OF FEP INDICATORS
MONEY MANAGEMENT
PLANNING AHEAD
FINANCIAL SERVICES
CONSUMER PROTECTION
> Can answer all numeracy questions correctly
> Has savings goals
> Has knowledge of financial services
> Takes steps to protect identity and account
> Has a budget
> Has a plan for unexpected expenses
> Has a savings account
> Knows where and how to file a complaint
> Does not need to borrow to cover regular expenses
Source: AFI (2021a)
> Has a savings plan
> Shops around to compare options
> Knows what to do before signing a contract
