London Foundation for Banking and Finance

The London Foundation for Banking & Finance (LFBF) is a charity incorporated by Royal Charter, dating back to 1879. The charity aims to tackle a “two-sided” problem: improving financial capability across society while engaging the financial services sector in meaningful change.

The challenge

As a well-resourced and well-networked organisation, LFBF had already undertaken a robust strategic planning process. However, they recognised the need to translate their ambition into a coherent impact model that reflects the very best practice in the charity sector.

The approach

LFBF approached NPC for support in articulating their Theory of Change and developing a measurement framework.

NPC worked closely with LFBF’s senior leadership team over several months, delivering a two-phase support programme:

Phase 1: Theory of Change

NPC developed a comprehensive Theory of Change for LFBF, grounded in evidence and aligned with their strategic vision. The framework was built around three core principles:

• Stage not age: Recognising that financial capability needs vary across life stages, LFBF advocates meeting people where they are—whether entering the workforce, buying a home, or navigating retirement.
• Money in motion: Emphasising the transitional nature of financial decisions, LFBF positioned itself as a lifelong partner in financial literacy.
• Confidence and action: Ensuring that financial knowledge leads to confident decision-making and tangible behavioural change.

Phase 2: Measurement Framework

Building on the Theory of Change, NPC developed a tailored measurement framework to help LFBF track progress and demonstrate impact. This included:

• A set of outcome indicators aligned with the Theory of Change.
• Tools for monitoring and evaluation, including surveys, feedback logs, and a research citation tracker.
• Guidance on data collection and analysis to support continuous learning and improvement.

To ensure that LFBF’s measurement approach was aligned with sector standards, NPC introduced the Money and Pension Service “MaPS” Financial Capability Outcomes Framework and Question Bank. Originally developed by NPC in partnership with the Financial Capability Strategy for the UK (now the UK Strategy for Financial Wellbeing), and further refined by MaPS, this framework groups outcomes under three headings: ability (knowledge and skills), mindset (attitudes and motivations), and connection to products, services and tools.

NPC proposed using the MaPS question bank to design LFBF’s survey tools, which will enable the organisation to benchmark its cohort against national averages and other sector data. This alignment not only enhances the rigour of LFBF’s evaluation tools but also ensures comparability with other financial capability initiatives across the UK. Furthermore, using this question bank was aligned to LFBF desire to never knowingly replicate the good work of others.

The result

LFBF now stands on a solid foundation for achieving its ambitious mission. With a clear and evidence-based Theory of Change, the organisation has transformed its approach to programme design and stakeholder engagement.

This work has delivered:

• A strategic roadmap that aligns activities with long-term goals and provides clarity for partners and funders.
• A robust, best-practice measurement framework that enables LFBF to track outcomes, demonstrate impact, and continuously improve.
• Enhanced confidence and credibility to lead systemic change in financial capability across the UK, backed by data and insight.

As LFBF approaches its 150-year milestone, these tools position it to scale its influence, deepen partnerships, and drive meaningful progress towards a financially capable society.