Building Financial Wellness: Randomized Controlled Trial of a Financial Education and Support Intervention

What is it about?

People with serious mental illness were randomly assigned to a financial education course called Building Financial Wellness or to services as usual. The course involved six virtual 1.5-hour group sessions led by peers with lived experience, followed by 3 virtual one-on-one booster sessions. Participants were interviewed at study entry, 3-months and 6-months later. Those receiving financial education had significantly greater improvement than controls on outcomes such as financial well-bring, money management capability, fiscal strain, economic self-sufficiency, and financial literacy. Financial education and support can improve both knowledge levels and psycho-social outcomes of low-income individuals living with mental health disorders.

Featured Image