Building Financial Wellness Randomized Controlled Trial (BFW)

Testing an Intervention to Promote Financial Wellness Among Adults With Psychiatric Disabilities

This study tests a psychosocial intervention to improve financial literacy and behaviors among adults with mental illnesses.

Study Overview

• Status: Completed
• Conditions: Mental Disorder
• Intervention / Treatment: Behavioral: Building Financial Wellness; Other: Services as Usual

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.

• Study Type: Interventional
• Enrollment (Actual): 100
• Phase: Not Applicable

Contacts and Locations

Study Locations

• United States
  • Illinois
    • Chicago, Illinois, United States, 60612
      • University of Illinois at Chicago, Department of Psychiatry

Participation Criteria

Eligibility Criteria

• Ages Eligible for Study: Adult; Older Adult
• Accepts Healthy Volunteers: No

Description

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

Study Plan

How is the study designed?

Design Details

• Primary Purpose: Supportive Care
• Allocation: Randomized
• Interventional Model: Parallel Assignment
• Masking: None (Open Label)

Number of Arms

2

Arms and Interventions

Participant Group / Arm	Intervention / Treatment
Active Comparator: Services as Usual; Subjects receive routine mental health care.	Other: Services as Usual; Subjects continue to receive services as usual.
Experimental: Intervention; 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.	Behavioral: Building Financial Wellness; In addition to receiving services as usual, subjects attend financial literacy classes and booster sessions.

What is the study measuring?

Primary Outcome Measures

Outcome Measure	Measure Description	Time Frame
Change in Financial Wellness	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.	study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]

Secondary Outcome Measures

Outcome Measure	Measure Description	Time Frame
Change in Financial Strain	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.	study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Change in Financial Capability	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.	study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Change in Financial Self-Sufficiency	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.	study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Change in Financial Literacy	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.	study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]

Collaborators and Investigators

• Sponsor: University of Illinois at Chicago
• Collaborators: Collaborative Support Programs of New Jersey
• Investigators: Principal Investigator: Judith A Cook, Ph.D., University of Illinois at Chicago

Study record dates

Study Major Dates

• Study Start (Actual): March 15, 2021
• Primary Completion (Actual): October 31, 2023
• Study Completion (Actual): October 31, 2023

Study Registration Dates

• First Submitted: June 28, 2024
• First Submitted That Met QC Criteria: June 28, 2024
• First Posted (Actual): July 5, 2024

Study Record Updates

• Last Update Posted (Actual): July 5, 2024
• Last Update Submitted That Met QC Criteria: June 28, 2024
• Last Verified: June 1, 2024

More Information

Terms related to this study

• Keywords: Financial Wellness
• Additional Relevant MeSH Terms: Mental Disorders
• Other Study ID Numbers: STUDY2020-1566

Drug and device information, study documents

• Studies a U.S. FDA-regulated drug product: No
• Studies a U.S. FDA-regulated device product: No