What is our social value?
Social value is the value of the difference we make. It is the value of the changes that stakeholders – such as young people, adults involved in the Award delivery, businesses and governments – experience due to the Award.
Through our social value model we are uncovering how these changes occur. Through welfare economics we can represent these changes in monetary terms. Social value evaluation helps us understand the contribution of the Award to society and economy.
The methodology of our social value evaluation uses quantitative research and data to value the following broad, long-term effects of the Award on individuals and their communities.
Award Social Value
Social value is the sum of the changes that stakeholders (such as young people, adults involved in Award delivery, businesses and governments) experience due to the Award. Through the Award social value research we are uncovering how these changes occur, and through welfare economics, we can then represent these changes in monetary terms. This body of research helps us understand the contribution of the Award to society and economy.
How do we measure the impact of character? In 2018, The Duke of Edinburgh’s International Award Foundation conducted a series of surveys to investigate whether young people were ready for the world and whether the world was ready to engage positively with young people and the opportunities that they present. Over 12,000 people across 150+ countries and territories were surveyed and the results showed that 2 in 3 young people and 4 in 5 adults believe classroom learning alone is not enough to prepare them for the world.
We know – and have been told by Award alumni, participants, volunteers and their communities time and time again – that participating in the Award can have a truly transformational impact on young people and the societies in which they live. However to date, the opportunity to measure that impact using anything other than anecdotal evidence has not really existed.
That is why the social value model detailed here is ground-breaking. For the first time, with the support of PwC, we can start to measure the financial and non-financial impacts that people and their communities experience, as a result of being involved in non-formal education and learning. We believe the Award framework can be a blueprint for successfully investing in human capital, specifically strengthening resilience, promoting global prosperity and helping the world’s most vulnerable. The Award does this today, just as it has done for the last 60+ years, through working in partnership with young people and their communities, supporting them in finding their own development solutions, rather than imposing solutions on them.
It has never been more important to equip young people with skills and confidence for life and to help them to realize their potential. On an individual level this can make a transformational difference to a young person’s life; on a collective basis, it has the power to bring significant change to wider society. In the coming months and years, this social value measurement activity will continue to grow and evolve to a point where we will be able to paint a global picture of the Award’s social value and impact.
We wish to thank PwC for all their support on this project to date and we very much look forward to exploring and expanding this further in the future.
You can read the full report here: Social Value PwC report – Changing lives in the changing world