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| Name | Class |
|---|---|
| Collaborative Support Programs of New Jersey | UNKNOWN |
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This study tests a psychosocial intervention to improve financial literacy and behaviors among adults with mental illnesses.
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.
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| Label | Type | Description | Intervention Names |
|---|---|---|---|
| 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. |
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| Services as Usual | Active Comparator | Subjects receive routine mental health care. |
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| Name | Type | Description | Arm Group Labels | Other Names |
|---|---|---|---|---|
| Building Financial Wellness | Behavioral | In addition to receiving services as usual, subjects attend financial literacy classes and booster sessions. |
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| Measure | Description | Time Frame |
|---|---|---|
| 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] |
| Measure | Description | Time Frame |
|---|---|---|
| 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] |
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Inclusion Criteria:
Exclusion Criteria:
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| Name | Affiliation | Role |
|---|---|---|
| Judith A Cook, Ph.D. | University of Illinois at Chicago | Principal Investigator |
| Facility | Status | City | State | ZIP | Country | Contacts |
|---|---|---|---|---|---|---|
| University of Illinois at Chicago, Department of Psychiatry | Chicago | Illinois | 60612 | United States |
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| ID | Term |
|---|---|
| D001523 | Mental Disorders |
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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.
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| Services as Usual | Other | Subjects continue to receive services as usual. |
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| 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] |