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Completed

NCT Number: NCT06489275

Building Financial Wellness Randomized Controlled Trial

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

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Key information

Conditions

Mental Disorder Mental Disorders

Age range

18 year and older

Sex eligibility

All sexes

Study type

Interventional

Phase

Not applicable

Primary location

University of Illinois at Chicago, Department of Psychiatry

Chicago, Illinois, 60612, United States

About this study

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.

Who can participate

Healthy volunteers accepted: No

Only the study team can determine whether someone qualifies for participation.

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

Treatment and study plan

Building Financial Wellness

Behavioral

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

Services as Usual

Other

Subjects continue to receive services as usual.

Primary outcomes

  1. Change in Financial Wellness

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

    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.

Secondary outcomes

  1. Change in Financial Strain

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

    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.

  2. Change in Financial Capability

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

    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.

  3. Change in Financial Self-Sufficiency

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

    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.

  4. Change in Financial Literacy

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

    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.

Sponsors and collaborators

Lead sponsor

University of Illinois at Chicago

Other

Collaborators

  • Collaborative Support Programs of New Jersey

Registry information

Official study title

Testing an Intervention to Promote Financial Wellness Among Adults With Psychiatric Disabilities

Acronym: BFW

Important dates

Study start
2021
Primary completion
2023
Study completion
2023
First posted
Jul 5, 2024
Registry last updated
Jul 5, 2024

OpenTrials presents study information sourced from ClinicalTrials.gov. The official registry record should be consulted for the latest information.

View the official ClinicalTrials.gov record (opens in a new tab)

This listing is for discovery and informational purposes only. It is not medical advice, does not guarantee that a study is recruiting, and does not determine eligibility. Contact the study team and a qualified healthcare professional when considering participation.

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