Financial and Mental Health: Exploratory Research

NCT03267342 | Completed

• 2 other identifiers: 15040156865R34MH107633-02
• Study Type: interventional
• Target: 31
• Locations: 0 countries
• Sites: N/A

Brief Summary

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.

Conditions

Financial Difficulties

Outcome Measures

Primary Outcomes (1)

• Financial health measure

  Improved financial health, defined as being more financially secure, and better able to plan for the future. This outcome was measured through questions about having a bank account, savings behavior, borrowing behavior, debt, financial advice, lending behavior, credit score, knowledge about credit score, perception of financial well-being, and financial attitudes.

  up to 15 months

Secondary Outcomes (5)

• Citizenship instrument

  up to 15 months

• Wellness in 8 Dimensions Inventory

  up to 15 months

• Financial Stress

  up to 15 months

• Satisfaction with CMHC Care

  up to 15 months

• Money mismanagement Measures

  up to 15 months

Study Arms (1)

All participants

EXPERIMENTAL

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.

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

Interventions

One-on-one financial counseling BEHAVIORAL

Clients will be given access to one-on-one financial counseling, provided by trained peer specialists, initially working under the guidance of the project director. The Consumer Financial Protection Bureau's Your Money, Your Goals: Financial Empowerment Toolkit for Social Services Programs (21) will be used as a reference during counseling sessions, with a view to developing a manual based on clients' existing experiences and coping strategies, such that the desired behavior change is manageable, realistic, and based on real-life possibilities rather than idealized circumstances which may be far from the reality of people's lives. Counseling will in all cases be responsive to clients' particular needs and concerns, rather than following a predetermined sequence.

All participants

Peer support group BEHAVIORAL

Support groups, facilitated by peer specialists and guided initially by the project director, will be offered for clients interested in specific financial issues such as budgeting, managing benefits, wise spending, planning and saving. The peer support groups will focus on enabling clients to share their own experiences with finances.

All participants

Supported access to mainstream banking services BEHAVIORAL

Interested clients will be helped to open bank accounts at banks of their choice, and to manage associated tools such as Automatic Teller Machine (ATM) cards and online bill pay. Clients will also be advised regarding use of non-bank financial products such as prepaid cards and check cashers. Representatives from both bank and non-bank providers will be invited to come in and talk with clients about the services they offer, and clients will also be invited to visit the facilities to be guided around the available services.

All participants

A matched savings account BEHAVIORAL

Clients will have the option of joining a savings club, which will combine group meetings, facilitated by a peer specialist under the initial guidance of the project director, and regular savings deposits towards specified goals. Clients will be offered a limited savings match as an incentive to achieve their savings goal (for example, the savings club will offer a 50% match on any money saved within a specified time period towards a specific goal, up to a maximum of a $100 match).

All participants

Eligibility Criteria

• Age: 18 Years+
• Sex: all
• Healthy Volunteers: No
• Age Groups: Adult (18-64), Older Adult (65+)

You may qualify if:

• 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

You may not qualify if:

• 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.

Sponsors & Collaborators

• Yale University: lead
• National Institute of Mental Health (NIMH): collaborator

Study Officials

• Michael Rowe

  Yale University

  PRINCIPAL INVESTIGATOR

Study Design

• Study Type: interventional
• Phase: not applicable
• Allocation: NA
• Masking: NONE
• Purpose: TREATMENT
• Intervention Model: SINGLE GROUP
• Sponsor Type: OTHER
• Responsible Party: SPONSOR

Model Details: Investigators will be testing four main interventions for clients of a Community Mental Health Center (CMHC) with serious mental illnesses who currently have control of their finances, based on our study of the literature on financial health and our preliminary research at CMHC. Participating clients will be free to choose which of the services to access and will be free to withdraw at any time.

Study Record Dates

• First Submitted: August 28, 2017
• First Posted: August 30, 2017
• Study Start: August 1, 2015
• Primary Completion: July 31, 2017
• Study Completion: December 31, 2017
• Last Updated: June 29, 2018

Record last verified: 2018-06