Financial Difficulties
Conditions
Keywords
financial difficulties, social work, poverty, financial literacy, economic self-efficacy, financial anxiety
Brief summary
As of 2022, about 12% of children in Finland lived in poverty. Many of these families face not only a lack of money but also stress, low confidence in managing finances, and limited access to financial guidance. This study aims to support these families by improving their financial skills and well-being through a practical and research-based program. The intervention includes five sessions with a trained social service professional, focusing on budgeting, financial decision-making, emotions around money, and the role of money in relationships. The goal is to reduce financial anxiety, improve knowledge, and build confidence in managing finances. The sessions also aim to help families talk more openly about money and set realistic financial goals. To test effectiveness, a randomized controlled trial (RCT) will be conducted. Families are randomly assigned to either the intervention group (receiving the FinSoc program) or a control group (receiving regular social work services and, after final measurements, a material package to promote financial capability). At least 136 participants-families with at least one child under 18 and facing financial difficulties-will take part. Information will be collected at three time points: before the intervention, after it ends, and three months later. Outcomes include financial literacy, financial anxiety, economic self-efficacy, and health-related quality of life, measured with self-rating scales in questionnaires. In addition to questionnaires, interviews will be conducted with a sample of families and social workers to explore their experiences-what worked, what could be improved, and how the sessions were received. This qualitative feedback will guide future development. Formative evaluation involves feedback from families before and after each session, covering topic clarity, session usefulness, and experiences with the techniques. For fidelity assessment, social workers will report after each session on adherence to the planned approach and tool use. The FinSoc program is offered through public and private social service providers. It was developed and is being implemented by an interdisciplinary team with expertise in financial social work, social policy, and mental health. The study aims to improve families' everyday lives, inform social work practices, and contribute to knowledge on social and economic well-being.
Interventions
BEHAVIORALFinSoc
Financial Social Work intervention (FinSoc) The FinSoc intervention is a structured financial social work program designed for families experiencing complex financial difficulties. It consists of five modules, each delivered in a one-on-one session with a trained social worker. The modules focus on key areas such as budgeting, emotional and relational aspects of money, financial decision making, building long-term financial capability. The intervention aims to reduce financial anxiety, improve financial literacy, strengthen economic self-efficacy, and support overall wellbeing. Motivational interviewing techniques and client-centred approaches are used throughout to encourage active participation and goal-setting.
Sponsors
University of Turku
University of Helsinki
University of Eastern Finland
Study design
Allocation
RANDOMIZED
Intervention model
PARALLEL
Primary purpose
SUPPORTIVE_CARE
Masking
NONE
Eligibility
Sex/Gender
ALL
Healthy volunteers
No
Inclusion criteria
* Client status in child welfare services, family social work, adult social work, assessment of the need for services, health social work, and financial social work * Within the past six months, the client has brought up one or more of the following challenges in managing their finances during their contact with social services: (1) Difficulties paying bills, housing-related expenses, or repaying debts on time, (2) Difficulties meeting the basic needs of family members (e.g. food, medication, clothing) (3) A perceived lack of sufficient knowledge, skills, or competence to manage financial matters (4) Feelings of anxiety or stress related to financial situation. * There is at least one underage child in the family. In cases of shared custody, the child must reside in the household for an average of at least half of the time in each calendar month.
Exclusion criteria
* There is an ongoing crisis or life situation in the family that, in the assessment of the social worker, prevents commitment to the intervention process. * There is an active criminal proceeding within the family. * The parents do not speak Finnish (all project materials are in Finnish, and there are no resources available to provide translations into other languages).
Design outcomes
Primary
| Measure | Time frame | Description |
|---|---|---|
| Financial Literacy Scale | Measured at three timepoints: 1) baseline pre-randomization, 2) within 2 week post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement | Financial literacy is operationalised as an adapted OECD/INFE financial behaviour score. The score consists of six selected behaviour indicators: four Likert-based financial behaviour statements, one saving behaviour item, and one budgeting item. The four Likert-based items are dichotomised so that responses indicating "mostly true" or "completely true" are scored as 1 and other responses as 0. The saving item is scored as 1 if the respondent reports active saving behaviour according to OECD/INFE scoring principles. The budgeting item is scored as 1 if the respondent reports preparing a household or personal budget. The total score ranges from 0 to 6, with higher scores indicating more financially responsible behaviours. |
Secondary
| Measure | Time frame | Description |
|---|---|---|
| Economic Self-Efficacy | Measured at three timepoints: 1) baseline pre-randomization, 2) within 2 weeks post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement. | Economic self-efficacy is measured using the 10-item Scale of Economic Self-Efficacy. Items are rated from 1 to 5. The outcome is calculated as the item mean, ranging from 1 to 5, with higher scores indicating greater economic self-efficacy. |
| Financial Anxiety | Measured at three timepoints: 1) baseline pre randomization, 2) within 2 week post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement. | Financial anxiety is assessed using a modified eight-item version of the Financial Anxiety Scale (FAS). Two items referring to university education and academic performance were omitted because they were not applicable to the study population. The outcome is calculated as the item mean, ranging from 1 to 4. The score is calculated when at least 7 of the 8 items have been completed. |
| Health related quality of life | Measured at three timepoints: 1) baseline pre-randomization, 2) within 2 week post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement | Health-related quality of life is measured using PROMIS Global Health v1.2. The instrument produces two profile scores: Global Physical Health and Global Mental Health. Both scores are converted to PROMIS T-scores according to PROMIS scoring instructions and will be analysed separately. Higher T-scores indicate better health-related quality of life. |
Countries
Finland
Contacts
CONTACTAnniina Kaittila senior lecturer, PhD
CONTACTKatri Viitasalo senior lecturer, PhD
STUDY_DIRECTORAnniina Kaittila senior lecturer, PhD
University of Turku
Outcome results
None listed