Building Financial Wellness Randomized Controlled Trial

NCT06489275 | Completed

• 1 other identifier: STUDY2020-1566
• Study Type: interventional
• Target: 100
• Locations: 1 country
• Sites: 1

Brief Summary

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

Conditions

Mental Disorder

Keywords

Financial Wellness

Outcome Measures

Primary Outcomes (1)

• 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 Outcomes (4)

• Change in Financial Strain

  study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]

• Change in Financial Capability

  study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]

• Change in Financial Self-Sufficiency

  study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]

• Change in Financial Literacy

  study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]

Study Arms (2)

Intervention

EXPERIMENTAL

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.

Behavioral: Building Financial Wellness

Services as Usual

ACTIVE COMPARATOR

Subjects receive routine mental health care.

Other: Services as Usual

Interventions

Building Financial Wellness BEHAVIORAL

In addition to receiving services as usual, subjects attend financial literacy classes and booster sessions.

Intervention

Services as Usual OTHER

Subjects continue to receive services as usual.

Services as Usual

Eligibility Criteria

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

You may qualify if:

• 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.

You may not qualify if:

• Cognitive impairment preventing informed consent
• Unable to communicate in English

Sponsors & Collaborators

• University of Illinois at Chicago: lead
• Collaborative Support Programs of New Jersey: collaborator

Study Sites (1)

University of Illinois at Chicago, Department of Psychiatry

Chicago, Illinois, 60612, United States

Location

MeSH Terms

Conditions

Mental Disorders

Study Officials

• Judith A Cook, Ph.D.

  University of Illinois at Chicago

  PRINCIPAL INVESTIGATOR

Study Design

• Study Type: interventional
• Phase: not applicable
• Allocation: RANDOMIZED
• Masking: NONE
• Purpose: SUPPORTIVE CARE
• Intervention Model: PARALLEL
• Sponsor Type: OTHER
• Responsible Party: SPONSOR

Model Details: 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.

Study Record Dates

• First Submitted: June 28, 2024
• First Posted: July 5, 2024
• Study Start: March 15, 2021
• Primary Completion: October 31, 2023
• Study Completion: October 31, 2023
• Last Updated: July 5, 2024

Record last verified: 2024-06

Locations

US (1)