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Abstract

Objective:

Many people receiving services for psychiatric disorders live on low incomes, navigate complex financial situations, and have limited economic security. The authors sought to determine whether a financial wellness intervention delivered virtually by peers would increase financial literacy, reduce economic strain, and improve financial competency.

Methods:

One hundred participants receiving services for psychiatric disorders were recruited from community programs and via social media and were randomly assigned (1:1) to receive either an intervention called Building Financial Wellness (N=51) or services as usual (N=49). The intervention involved six virtual 1.5-hour group sessions, followed by three virtual one-on-one booster sessions. Outcomes were assessed with the Consumer Financial Protection Bureau’s Financial Well-Being Scale (primary), Financial Strain Questionnaire, Financial Capability Scale, and Financial Self-Sufficiency Scale. Knowledge regarding money management was measured with a financial literacy assessment based on class content. Intent-to-treat longitudinal multivariable analysis included random-effects linear and logistic regression models.

Results:

Overall, 86% of the study participants either lived in poverty (46%) or met the federal definition of low income (40%). Participants assigned to the intervention had greater improvement over time in financial well-being, capability, strain, self-sufficiency, and literacy. Satisfaction with the intervention was high. Reports from participants receiving booster sessions indicated that ongoing support facilitated their achievement of longer-term financial goals.

Conclusions:

Provision of financial education and support improved monetary well-being, competence, and literacy. With poverty long considered to be an intractable problem associated with psychiatric disorders, peer-taught financial education focused on financial wellness can help people acquire money management skills and manage economic stressors.

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Information & Authors

Information

Published In

Go to Psychiatric Services
Go to Psychiatric Services
Psychiatric Services

History

Received: 30 April 2024
Revision received: 11 July 2024
Revision received: 19 August 2024
Accepted: 10 September 2024
Published online: 12 November 2024

Keywords

  1. Psychosocial rehabilitation
  2. Financial education
  3. Financial wellness
  4. Financial literacy
  5. Economic empowerment
  6. Peer support services

Authors

Details

Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
Pamela J. Steigman, M.A.
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
Jessica A. Jonikas, M.A.
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
George Brice III, M.S.W.
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
Sean Johnson, M.A., C.R.S.S.-E.
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
Claudia Cortez, M.A.
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
Jane K. Burke-Miller, Ph.D. https://orcid.org/0000-0002-5480-9433
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).
Margaret Swarbrick, Ph.D.
Department of Psychiatry, University of Illinois Chicago, Chicago (Cook, Steigman, Jonikas, Johnson, Cortez, Burke-Miller); Collaborative Support Programs of New Jersey, Freehold (Brice, Swarbrick); Center of Alcohol and Substance Use Studies, Graduate School of Applied and Professional Psychology, Rutgers University, New Brunswick, New Jersey (Swarbrick).

Notes

Send correspondence to Dr. Cook ([email protected]).

Competing Interests

The authors report no financial relationships with commercial interests.

Funding Information

This study was funded by the National Institute on Disability, Independent Living, and Rehabilitation Research, Administration for Community Living, U.S. Department of Health and Human Services (awards 90IFRE0042, 90RT5038, and 90RTHF0004).The views expressed in this article do not reflect the policy or position of any federal agency.

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