Building Financial Wellness Randomized Controlled Trial (BFW)

University of Illinois

Status: Completed

Conditions: Mental Disorder

Treatments: Other: Services as Usual; Behavioral: Building Financial Wellness

Study type: Interventional

Funder types: Other

Identifiers

NCT06489275

STUDY2020-1566

Details and patient eligibility

About

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

Full 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.

Enrollment: 100 patients

Sex: All

Ages: 18+ years old

Volunteers: No Healthy Volunteers

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

Trial design

Primary purpose: Supportive Care

Allocation: Randomized

Interventional model: Parallel Assignment

Masking: None (Open label)

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100 participants in 2 patient groups

Intervention

Experimental group

Description:

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.

Treatment:

Behavioral: Building Financial Wellness

Services as Usual

Active Comparator group

Description:

Subjects receive routine mental health care.

Treatment:

Other: Services as Usual