Social investment answers questions such as ‘what works, for whom, where and at what costs’.
It’s called social investment, not spending, because it’s about investing resources upfront to enable people in need to thrive over the longer-term.
Four elements of social investment
While the numbers are critical, the insight gained from doing the analysis is just as important. This ensures there’s a complete view of why different individuals may experience different outcomes from the social services being delivered. These insights add crucial context to investment advice to support decisions around where to best target investments.
Cabinet's definition of social investment
Putting the needs of people who rely on public services at the centre of decisions on planning, programmes and resourcing by:
- Setting clear, measurable goals for helping those people
- Using information and technology to better understand the needs of people who rely on social services and what services they are currently receiving
- Systematically measuring the effectiveness of services, so we know what works well and for whom, and then feeding these learnings back into the decision-making process
- Purchasing outcomes rather than specific inputs, and moving funding to the most effective services irrespective of whether they are provided by government or non-government organisations (NGOs).