Clinical trial NCT06489275: Building Financial Wellness Randomized Controlled Trial
Official title: Testing an Intervention to Promote Financial Wellness Among Adults With Psychiatric Disabilities
Study type: INTERVENTIONAL
Overall status: COMPLETED
Phase: NA
Conditions: Mental Disorder
Keywords: Financial Wellness
Lead sponsor: University of Illinois at Chicago
Sponsor class: OTHER
Collaborators: name: Collaborative Support Programs of New Jersey
First posted: 2024-07-05
Enrollment: 100
Sex: ALL
Minimum age (years): 18
Standard ages: ADULT
OLDER_ADULT
Accepts healthy volunteers: no
Allocation: RANDOMIZED
Intervention model: PARALLEL
Intervention model description: The intervention improves financial literacy by imparting knowledge, increasing self-awareness of spending habits, building on existing money management skills, and setting personally-meaningful financial goals. During the course of the 6-session intervention, participants learn to set and begin working toward attainable financial goals. Learning occurs in a context of acceptance and encouragement aimed at increasing participants' sense of control over their personal finances. For 3 months after class ends, monthly booster sessions are held.
Primary purpose: SUPPORTIVE_CARE

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.

Eligibility criteria: 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

Primary outcomes:
measure: Change in Financial Wellness
timeFrame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Secondary outcomes:
measure: Change in Financial Strain
timeFrame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
measure: Change in Financial Capability
timeFrame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
measure: Change in Financial Self-Sufficiency
timeFrame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
measure: Change in Financial Literacy
timeFrame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Other outcomes:
Locations:
city: Chicago
country: United States
facility: University of Illinois at Chicago, Department of Psychiatry
state: Illinois
Study officials:
affiliation: University of Illinois at Chicago
name: Judith A Cook, Ph.D.
role: PRINCIPAL_INVESTIGATOR
References: