Financial and Mental Health: Exploratory Research

Yale University

Status: Completed

Conditions: Financial Difficulties

Treatments: Behavioral: A matched savings account; Behavioral: Supported access to mainstream banking services; Behavioral: One-on-one financial counseling; Behavioral: Peer support group

Study type: Interventional

Funder types: Other; NIH

Identifiers

NCT03267342

1504015686

5R34MH107633-02 (U.S. NIH Grant/Contract)

Details and patient eligibility

About

This project will develop a model for providing low-income people with mental illness with supports that enable them to manage their money as well as possible so that they are better able to meet their basic needs, to experience less anxiety about finances, and to live fulfilling lives in the community with the greatest possible degree of independence. The project will work within a citizenship-oriented approach to mental health care, which promotes recovery through linking people with mental illness to the rights, responsibilities, roles, resources and relationships necessary to achieve full membership in society. The aims of the project are to: train clinicians and peer staff so that they are able to integrate discussion of financial issues and concerns into their work with clients; provide on-site services including financial counseling, peer support groups, help with opening a bank account, and a savings club, and; develop a 'financial health' model which can be replicated by other providers of mental health services. The investigators hypothesize that the intervention will result in improved financial health, reduced financial stress, increased community participation, and improved satisfaction with care.

Full description

This study will pilot and assess financial health interventions that will provide clients with financial counseling, and information about and access to financial management tools within the framework of citizenship-oriented care, which approaches recovery by linking clients to the 5 Rs of rights, responsibilities, roles, resources and relationships needed to achieve full membership in society. Based on results of previous research, the investigators hypothesize that the intervention will result in improved financial health, reduced financial stress, increased community participation, and improved satisfaction with care for the target group.

Enrollment: 31 patients

Sex: All

Ages: 18+ years old

Volunteers: No Healthy Volunteers

Inclusion criteria

• All participants will be adults (18 years or older).
• Participants will be clients receiving services from the CMHC.
• The investigators intend to include clients who do not have a representative payee and who are employed, or receiving supported employment services at CMHC, or interested in employment

Exclusion criteria

• factors that compromise an individual's ability to provide informed consent such as a co-occurring organic brain syndrome or dementia
• age under 18, as the mental health center serves adults only.

Trial design

Primary purpose: Treatment

Allocation: N/A

Interventional model: Single Group Assignment

Masking: None (Open label)

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31 participants in 1 patient group

All participants

Experimental group

Description:

low-income people with mental illness will be given one-on-one financial counseling, a weekly peer support group, supported access to mainstream banking services and access to a matched savings account for a 12-14 month period.

Treatment:

Behavioral: One-on-one financial counseling

Behavioral: Supported access to mainstream banking services

Behavioral: Peer support group

Behavioral: A matched savings account