Building Financial Wellness Randomized Controlled Trial
- Conditions
- Mental Disorder
- Interventions
- Behavioral: Building Financial WellnessOther: Services as Usual
- Registration Number
- NCT06489275
- Lead Sponsor
- University of Illinois at Chicago
- 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.
Recruitment & Eligibility
- Status
- COMPLETED
- Sex
- All
- Target Recruitment
- 100
- 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.
- Cognitive impairment preventing informed consent
- Unable to communicate in English
Study & Design
- Study Type
- INTERVENTIONAL
- Study Design
- PARALLEL
- Arm && Interventions
Group Intervention Description Intervention Building Financial Wellness Subjects receive a brief intervention consisting of 6 financial literacy classes designed to improve their financial literacy and financial wellness, followed by 3 one-on-one booster sessions to reinforce learning and provide support. Services as Usual Services as Usual Subjects receive routine mental health care.
- Primary Outcome Measures
Name Time Method 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 Outcome Measures
Name Time Method 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.
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.
Trial Locations
- Locations (1)
University of Illinois at Chicago, Department of Psychiatry
🇺🇸Chicago, Illinois, United States