Mental Disorder
Conditions
Keywords
Financial Wellness
Brief summary
This study tests a psychosocial intervention to improve financial literacy and behaviors among adults with mental illnesses.
Detailed description
This study is designed to test the effectiveness of a financial education curriculum, called Building Financial Wellness (BFW), in promoting financial literacy and reducing economic strain among adults with a mental health condition. The design involves random assignment of adults who are receiving mental health services to the intervention plus services as usual, versus services as usual alone. Assessments at baseline, two months post-baseline, and three months later collect data to test the null hypotheses of no difference between intervention and control conditions on outcome measures in the following domains using longitudinal mixed-effects random regression analyses: 1) financial well-being; 2) financial strain; 3) financial capability; 4) financial self-sufficiency; and 5) financial literacy.
Interventions
BEHAVIORALBuilding Financial Wellness
In addition to receiving services as usual, subjects attend financial literacy classes and booster sessions.
OTHERServices as Usual
Subjects continue to receive services as usual.
Sponsors
Collaborative Support Programs of New Jersey
University of Illinois at Chicago
Study design
Allocation
RANDOMIZED
Intervention model
PARALLEL
Primary purpose
SUPPORTIVE_CARE
Masking
NONE
Intervention model description
The intervention improves financial literacy by imparting knowledge, increasing self-awareness of spending habits, building on existing money management skills, and setting personally-meaningful financial goals. During the course of the 6-session intervention, participants learn to set and begin working toward attainable financial goals. Learning occurs in a context of acceptance and encouragement aimed at increasing participants' sense of control over their personal finances. For 3 months after class ends, monthly booster sessions are held.
Eligibility
Sex/Gender
ALL
Age
18 Years to No maximum
Healthy volunteers
No
Inclusion criteria
* age 18+ * access to computer, tablet or smart phone and an internet connection suitable for using Zoom * receiving services and/or supports for a diagnosed mental health disorder * ability to understand spoken English * interest in learning money management skills.
Exclusion criteria
* Cognitive impairment preventing informed consent * Unable to communicate in English
Design outcomes
Primary
| Measure | Time frame | Description |
|---|---|---|
| Change in Financial Wellness | study entry (pre-intervention), immediate post-intervention, 3 months post-intervention] | The Consumer Financial Protection Bureau's Financial Well-Being Scale consists of 10-items and assesses the extent to which a person's financial status and capability provide them with security and freedom of choice. Respondents rate each item using a 5-point Likert scale ranging from not at all to completely. Responses are coded 0-4 and summed for a total score potentially ranging from 0 to 40 with higher scores indicating greater financial well-being. |
Secondary
| Measure | Time frame | Description |
|---|---|---|
| Change in Financial Strain | study entry (pre-intervention), immediate post-intervention, 3 months post-intervention] | The Financial Strain Questionnaire measures the level of distress associated with one's finances. This scale consists of 9-items and uses a 3-point Likert scale ranging from no difficulty to great difficulty. Responses are coded 1-3 and summed for a total score potentially ranging from 9-27, with higher scores indicating greater financial strain. |
| Change in Financial Capability | study entry (pre-intervention), immediate post-intervention, 3 months post-intervention] | The Financial Capability Scale measures one's knowledge, skills, and ability to manage financial resources effectively. It consists of 6 questions for which summed responses range between 0-8 points, with higher scores indicating greater feelings of financial capability. |
| Change in Financial Self-Sufficiency | study entry (pre-intervention), immediate post-intervention, 3 months post-intervention] | The Financial Self-Sufficiency Scale assesses whether someone engages in sound money management activities such as comparison shopping, resisting impulse spending, living within their means, and balancing their bank account. This scale includes 6 items rated on a 4-point Likert scale ranging from never true to always true and summed for a total score potentially ranging from 6-24 points. Higher scores indicate greater financial self-sufficiency. |
| Change in Financial Literacy | study entry (pre-intervention), immediate post-intervention, 3 months post-intervention] | The Financial Literacy Assessment tested knowledge of class content and included17 multiple-choice items with a 70% correct score considered passing in accordance with National Financial Educators Council guidelines. |
Countries
United States
Outcome results
None listed