Money Matters

Researchers from Queen’s University Management School have been working with your credit union to understand how digital technology could be used to improve members’ financial capability.  This study will look at whether using a package of phone apps can develop financial confidence, skills and decision-making.  Based on what they learn they intend to either further refine these apps or explore alternative ways of helping people to feel more in control of their finances.  For further information and general queries about the Money Matters study, please contact moneymatters@qub.ac.uk

1.       What is this study about?

Researchers from Queen’s University Management School have been working with your credit union to understand how digital technology could be used to improve members’ financial capability. This study will look at whether using a package of phone apps can develop financial confidence, skills and decision-making. Based on what they learn they intend to either further refine these apps or explore alternative ways of helping people to feel more in control of their finances.

2.       Why is this study important?

We as individuals make decisions determined by our financial capability every day. From our necessities (i.e. food shop, rent, household bills) to our luxuries (i.e. holidays and cars), every time we decide to spend and not to spend is a decision that affects our financial situation today and for the future. Our financial health should be considered as important as our physical health as it can provide us with happiness and contentment. Further, better decisions now can help towards ensuring that you and your family have financial stability for the future. Our study is important because we are working alongside your local credit union to help improve your financial capability. We aim to achieve this by identifying if, through the use of smartphone apps, we can help people understand their finances and enhance financially capable behaviours to help people make better informed decisions about how to tackle debt, manage money day-today and prepare for life ahead.      

3.       Who will be asked to take part?

We will be asking 1000 members of Derry Credit Union to participate in the study.  Non-members are also welcome to participate.

4.       How will the researchers keep respondents’ information confidential?

An independent survey company (Perceptive Insight) will be undertaking the survey on behalf of Queen’s University. Perceptive Insight adheres to the principles of the Data Protection Act (1998).  Information which you provide as part of the survey will be pulled together with the information that is provided by others to offer general insights into the impact of debt on people’s lives. At no time will information be analysed at the level of an individual.

5.       Will my credit union see the information I provide?

The personal information you provide will not be available to your credit union or any organisation other than the academic researchers at Queen’s University.  The information you provide will be treated with total confidentiality.

6.       Is this study subject to a code of best practice?

The study complies with the Regulations Relating to Research Involving Human Participants in the Queens University Research Governance Framework and the Queens University Code of Good Conduct in Research.  The research has undergone ethical scrutiny to ensure that the rights, safety and wellbeing of all those involved are protected.

7.       Why should I participate in this study?

Your participation in this study will help provide new insights into how to effectively improve financial capability. Without your participation this study would not be possible. Lessons from this study will hopefully be extended across all credit unions in Northern Ireland and the Republic of Ireland creating benefits to a wide spectrum of credit union members. As a small thank you each survey participant will be offered £20.  

8.       Who are the researchers?

Professor Donal McKillop is professor of financial services at QUB. He has a fifteen year history of research into credit unions. He is an advisor to the Minister of Finance (Ireland) on matters pertaining to credit union policy. He is also part of an Advisory Group on Alleviating Hardship appointed by the Office of the First and Deputy First Minister (NI).

Dr Declan French is a lecturer in finance at QUB and is a member of the Centre of Excellence for Public Health. He has published on health economics and the detriments of financial strain and he has previously worked as a social researcher on deprivation and health in the Department of Health, Social Services and Public Safety (NI).

Dr Elaine Stewart is a postdoctoral researcher at QUB. She has just completed her PhD in accounting and researches primarily in the areas of the not-for-profit and public sector.

9.       How will I see the results?

The results of the study will be made available in a number of forms and will include a half-day workshops open to credit union members and an overview of the key findings and recommendations which will be made available to you through your credit union.

10.      Are there any video guides available on how to use the apps?

For step-by-step instructions please watch the following four video tutorials.