Memorandum submitted by Personal Finance Research Centre (SG 01)

 

1,478 Saving Gateway accounts were opened during the first pilot. Quantitative and qualitative research methods were used to evaluate the pilot.

 

The following surveys were carried out with account holders and a reference group:

· Self-completion questionnaires for Saving Gateway users at account opening and maturity

o Over 95 per cent of account-holders completed the questionnaire at account opening. In four of the five pilot areas, partner organisations distributed the questionnaires and were able to assist with the completion of questionnaires.

o 54 per cent of account-holders completed the questionnaire at the time of account maturity (801 account-holders).

· Face-to-face survey interviews with users and reference group members

o 70 per cent of possible interviews were achieved (1,030 account-holders and 445 reference group members).

· Follow-up interviews with 539 account-holders and 126 members of the reference group. Only those who took part in the face-to-face survey were approached. The interviews were intended to be conducted by telephone, but owing to problems with phone numbers and people moving, in fact 30 of the account-holders and 86 of the reference group members were interviewed face-to-face.

 

The following qualitative research was also carried out:

· Depth interviews with users at account opening and maturity

· Depth interviews with partners who promoted the Saving Gateway and assisted with account opening, including third sector organisations and commercial bodies

· Depth interviews with the account provider.

 

In addition, PFRC conducted analysis of management information relating to all deposits and withdrawals on individual Saving Gateway accounts

 

Post-maturity research

Towards the end of the research evaluation period, PFRC was able to look at 559 accounts that had received matched funding more than three months' previously. The following data was collected:

· Analysis of account monitoring and other data for Halifax savings products, mainly transactions relating to the default post-Saving Gateway account and whether users had other products with the Saving Gateway provider.

· Telephone survey with 124 account-holders who had not transferred money into the default deposit account three months after Saving Gateway account maturity.

· Depth interviews with 20 users whose Saving Gateway accounts had matured at least three months before.

 

January 2009