Almost 1 in 4 adults in the UK are financially squeezed. We need new thinking that will help more people make the most of their money. In 2016, the Money Advice Service (MAS), in partnership with the Behavioral Insights Team (BIT) and Ipsos MORI, created the Financial Capability Lab to generate and rapidly test new, behaviorally informed ideas to solve some of the most important money challenges facing people in the UK.
The Lab used BIT’s online experimentation platform Predictiv to understand financial behavior and rapidly test ideas that can improve decision making. Predictiv does this by running randomized controlled trials (RCTs) with an online population of participants, drawn from a sample of over 200,000 adults across the UK. Qualitative research (focus groups, workshops and interviews) was conducted by Ipsos MORI to help us explore ideas in depth.
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