Building Financial Wellness Randomized Controlled Trial

Study Results

Results pending

The study team has not published outcome measurements, participant flow, or safety data for this trial yet. Check back later for updates.

Basic Information

Get a concise snapshot of the trial, including recruitment status, study phase, enrollment targets, and key timeline milestones.

Recruitment Status

COMPLETED

Clinical Phase

NA

Total Enrollment

100 participants

Study Classification

INTERVENTIONAL

Study Start Date

2021-03-15

Study Completion Date

2023-10-31

Brief Summary

Review the sponsor-provided synopsis that highlights what the study is about and why it is being conducted.

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

Related Clinical Trials

Explore similar clinical trials based on study characteristics and research focus.

Testing Self-Directed Care in Florida

NCT05649449

Mental Disorder

COMPLETED NA

Financial and Mental Health: Exploratory Research

NCT03267342

Financial Difficulties

COMPLETED NA

Efficacy of Mental Health Self-Directed Care Financing

NCT03582813

Mental Illness Persistent

COMPLETED NA

Healthy ReStart Intervention to Improve Health and Functioning

NCT05544344

Mental Disorder

RECRUITING NA

Weight Management & Wellness for People With Psychiatric Disabilities

NCT05128045

Obesity Mental Illness

COMPLETED NA

Detailed Description

Dive into the extended narrative that explains the scientific background, objectives, and procedures in greater depth.

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.

Conditions

See the medical conditions and disease areas that this research is targeting or investigating.

Mental Disorder

Study Design

Understand how the trial is structured, including allocation methods, masking strategies, primary purpose, and other design elements.

Allocation Method

RANDOMIZED

Intervention Model

PARALLEL

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.

Primary Study Purpose

SUPPORTIVE_CARE

Blinding Strategy

NONE

Study Groups

Review each arm or cohort in the study, along with the interventions and objectives associated with them.

Intervention

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.

Group Type EXPERIMENTAL

Building Financial Wellness

Intervention Type BEHAVIORAL

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

Services as Usual

Subjects receive routine mental health care.

Group Type ACTIVE_COMPARATOR

Services as Usual

Intervention Type OTHER

Subjects continue to receive services as usual.

Interventions

Learn about the drugs, procedures, or behavioral strategies being tested and how they are applied within this trial.