Mental DisorderBFWNCT06489275
Building Financial Wellness Randomized Controlled Trial
A study testing Building Financial Wellness and Services as Usual in people with Mental Disorder, run by University of Illinois Chicago at 1 site in United States.
Trial summary
This study tests a psychosocial intervention to improve financial literacy and behaviors among adults with mental illnesses. Read more about this study
- Who is it for?
- Ages 18 years and older
- Conditions the study is for
- Mental Disorder
- What is being tested?
- Building Financial Wellness and Services as Usual
- Type of treatment
- Lifestyle or therapy programme
- Could I receive a placebo?
- No, everyone receives an active treatment
- How many people
- 100 participants
- Where
- 1 siteUnited States
- Study dates
- 15 Mar 2021to 31 Oct 2023
- Phase
- Interventional
- Are there results?
- None posted in the registry
Key requirements
Who can take part, as listed by the sponsor. Only the study team can confirm whether you are eligible, so take this list to your doctor.
- Ages 18 years and older
- All sexes
- No healthy volunteers
- Adult, Older adult
Who may be able to join
- 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.
Who cannot join
- Cognitive impairment preventing informed consent
- Unable to communicate in English
Trial locations and contacts
1 site in 1 country.
United States1 site
University of Illinois at Chicago, Department of Psychiatry
Chicago, Illinois, 60612
About this study
Official title: Testing an Intervention to Promote Financial Wellness Among Adults With Psychiatric Disabilities
This study tests a psychosocial intervention to improve financial literacy and behaviors among adults with mental illnesses.
Read the detailed description
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
- Mental Disorder
- Being tested
- Building Financial Wellness, Services as Usual
- Keywords
- Financial Wellness
- Medical subject headings
- Mental Disorders
What participants receive
What participants receive. In a randomised study each person is assigned to one group by chance.
Building Financial WellnessBehavioural
In addition to receiving services as usual, subjects attend financial literacy classes and booster sessions.
Services as UsualOther
Subjects continue to receive services as usual.
| Study group | Role | What they receive |
|---|---|---|
| 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. Receives: Behavioral: Building Financial Wellness |
| Services as Usual | Active comparator | Subjects receive routine mental health care. Receives: Other: Services as Usual |
What is being measured
The primary outcome is the main question the study is designed to answer.
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.
Measured: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Secondary outcomes (4)
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.
Measured: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
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.
Measured: 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.
Measured: 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.
Measured: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Timeline
From the start of the study to its completion; the mark is today. Estimated dates are the sponsor’s plan.
- First posted5 Jul 2024
- Study start15 Mar 2021
- Primary completion31 Oct 2023
- Study completion31 Oct 2023
Resources
- Official record on ClinicalTrials.govThe registry entry this page is built from, with its full change history.
- Other trials for Mental DisorderStudies of the same condition, open and under way.
- More trials run by University of Illinois ChicagoThe sponsor's other registered studies.
- What the trial phases meanHow a treatment moves from first tests in people to approval.
More details
For doctors and researchers: how the study is designed, who runs it, and its registry IDs.
Study design
- Study type
- Interventional
- Phase
- Phase N/A
- Primary purpose
- Supportive care
- Allocation
- Randomised
- Intervention model
- Parallel groups
- Model description
- 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.
- Masking
- None (open label)
- Enrolment
- 100 participants (actual)
Sponsor and investigators
- Lead sponsor
- University of Illinois Chicago
- Sponsor type
- University, hospital or other
- Collaborators
- Collaborative Support Programs of New Jersey
- Responsible party
- Sponsor
- Investigators
- Judith A Cook, Ph.D., Principal investigator, University of Illinois Chicago
IDs, dates and publications
- ClinicalTrials.gov ID
- NCT06489275
- Sponsor's protocol ID
- STUDY2020-1566
- Acronym
- BFW
- Status last verified
- Jun 2024
- First submitted
- 28 Jun 2024
- Last updated
- 5 Jul 2024
- Results posted
- No
- Data monitoring committee
- No
- FDA-regulated drug
- No
- FDA-regulated device
- No
Study at a glance
From the registry record, last updated by the sponsor on 5 Jul 2024. Recruitment status is as the sponsor reported it: confirm with the study team.
- Official title
- Testing an Intervention to Promote Financial Wellness Among Adults With Psychiatric Disabilities
- ClinicalTrials.gov ID
- NCT06489275
- Acronym / sponsor ID
- BFW / STUDY2020-1566
- Conditions
- Mental Disorder
- Keywords
- Financial Wellness
- Study type
- Interventional
- Recruitment status
- Completed
- Enrolment
- 100 participants (actual)
- Lead sponsor
- University of Illinois ChicagoUniversity, hospital or other
- Collaborators
- Collaborative Support Programs of New Jersey
- Study start
- 15 Mar 2021 (actual)
- Primary completion
- 31 Oct 2023 (actual)
- Study completion
- 31 Oct 2023 (actual)
- First posted
- 5 Jul 2024 (actual)
- Results
- Not posted in the source record
Clinical summary
The research question as the sponsor registered it. This describes what the study plans to test, not what it found.
This study tests a psychosocial intervention to improve financial literacy and behaviors among adults with mental illnesses.
Detailed description
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.
Study design
- Primary purpose
- Supportive care
- Allocation
- Randomised
- Intervention model
- Parallel groups
- Masking
- None (open label)
- Number of arms
- 2
- Model description
- 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.
| Arm | Type | Receives |
|---|---|---|
| Intervention | Experimental | Behavioral: Building Financial WellnessSubjects 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. |
| Services as Usual | Active comparator | Other: Services as UsualSubjects receive routine mental health care. |
Who may qualify
- Ages
- 18 years and older
- Sex
- All
- Healthy volunteers
- Not accepted
- Age groups
- Adult, Older adult
Key inclusion criteria (5 listed)
- 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.
Key exclusion criteria (2 listed)
- Cognitive impairment preventing informed consent
- Unable to communicate in English
Eligibility is decided by the study team after screening; this overview does not establish that a patient qualifies. Full inclusion and exclusion criteria.
Interventions
| Intervention | Type | Arms |
|---|---|---|
| Building Financial WellnessIn addition to receiving services as usual, subjects attend financial literacy classes and booster sessions. | Behavioural | Intervention |
| Services as UsualSubjects continue to receive services as usual. | Other | Services as Usual |
Primary outcome
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.
4 secondary outcomes
Change in Financial Strain
Time frame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Change in Financial Capability
Time frame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Change in Financial Self-Sufficiency
Time frame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Change in Financial Literacy
Time frame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]
Results and safety
The study is completed, but results are not available in the source record. That does not mean the treatment did or did not work.
Research links
- Official record on ClinicalTrials.govLast updated by the sponsor 5 Jul 2024.
Related trials for Mental Disorder
Recruiting
Modified Pivotal Response Treatment for Insistence on Sameness in Autistic Youth
Autism Spectrum Disorder, Restricted Behavior
RecruitingObservational study
Asprosin and miRNA Expression in Young Women With Metabolic Syndrome
Metabolic Syndrome, Insulin Resistance
Recruiting
Acupuncture for ADHD: Acupoint Data Mining, Clinical Effectiveness, and Interviews to Explore Treatment Outcomes.
Acupuncture, ADHD - Attention Deficit Disorder With Hyperactivity
Recruiting
The Effect of Using Nature Sounds and Virtual Reality During the Non-Stress Test
Pregnancy - Prenatal Testing
Recruiting
REACH Study (Recovery Environments: Assessing Cognitive & Brain Health in Community Mental Health)
Schizophrenia, Schizo Affective Disorder
Referral and contact
AzTrials does not enrol participants or take referrals. Contact the study team or a site listed below; they decide who can take part. This study is not recruiting at the moment.
Judith A Cook, Ph.D. principal investigator
University of Illinois Chicago
1 site in 1 country: see every site and its status.
Questions about this trial
What is this clinical trial studying?
A study testing Building Financial Wellness and Services as Usual in people with Mental Disorder, run by University of Illinois Chicago at 1 site in United States.
The full registered description is in the About this study section and the official record.
Who may be eligible to take part?
The sponsor lists 5 inclusion and 2 exclusion criteria. Eligibility is decided by the study team after screening, so read the full criteria and contact a listed site.
Is this clinical trial currently recruiting?
The record says: finished, as of the sponsor's last update on 5 Jul 2024. Status can change between updates, so confirm with the study contact before making plans.
Where is the study taking place?
The record lists 1 site in United States. Whether a site is taking part right now should be confirmed with that site. See every site.
What are the possible benefits and risks?
They depend on the study and the treatment, and no study can promise a benefit. The study team explains the known risks during informed consent, before anyone joins; the record itself does not list them.
Are results available for this study?
The study is completed, but results are not available in the source record. That does not mean the treatment did or did not work.
How can a doctor refer a patient or contact the research team?
The record lists no contact. The official record names the sponsor, who can be asked directly. AzTrials does not enrol participants or take referrals.
What does the primary outcome measure?
Change in Financial Wellness (time frame: study entry (pre-intervention), immediate post-intervention, 3 months post-intervention]). It is what the study was designed to measure, not a finding.
Where can I read the original study information?
Does a listing mean the treatment is approved or proven to work?
No. A listing means the study is registered. It does not show that the treatment is safe, works, or is approved by a regulator.
How often is this information updated?
AzTrials copies changed records from ClinicalTrials.gov every night and reloads the whole registry every week. The sponsor last updated this record on 5 Jul 2024.