Building Financial Wellness Randomized Controlled Trial
NCT Number: NCT06489275
Acronym: BFW
Status: COMPLETED
Study Type: INTERVENTIONAL
Phases: NA
Conditions: Mental Disorder
Interventions: BEHAVIORAL: Building Financial Wellness|OTHER: Services as Usual
Sponsor: University of Illinois at Chicago
Collaborators: Collaborative Support Programs of New Jersey
Sex: ALL
Age: ADULT, OLDER_ADULT
Enrollment: 100
Study Design: Allocation: RANDOMIZED|Intervention Model: PARALLEL|Masking: NONE|Primary Purpose: SUPPORTIVE_CARE
Start Date: 2021-03-15
Completion Date: 2023-10-31
Locations: University of Illinois at Chicago, Department of Psychiatry, Chicago, Illinois, 60612, United States

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

Primary Outcome Measures: 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: 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]