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Kaittila A, Isoniemi H, Viitasalo K, Moisio M, Raijas A, Toikka E, Tuominen J, Hakovirta M. A Pilot Randomized Controlled Trial of Intervention for Social Work Clients with Children Facing Complex Financial Problems in Finland (FinSoc): A Study Protocol. J Evid Based Soc Work (2019) 2024; 21:32-49. [PMID: 37712670 DOI: 10.1080/26408066.2023.2257174] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 09/16/2023]
Abstract
PURPOSE Social work clients often face complex financial problems. We have developed a financial social work intervention, FinSoc, to increase financial literacy and economic self-efficacy and reduce financial anxiety among parents with financial problems in Finland. The aim of this pilot randomized controlled trial is to explore the feasibility, acceptability, and preliminary effectiveness of the intervention. This paper, a study protocol, describes the design and implementation of the trial. Study protocols are articles detailing a priori the research plan, rationale, proposed methods and plans for how a clinical trial will be conducted. METHOD This study is a pilot randomized controlled trial with a mixed methods approach applying both quantitative measures and qualitative interviews. Participating social work clients with children are randomly assigned to either the treatment or the waiting list control group at a ratio of 1:1. The treatment group receives the intervention and the control group receives services as usual. The quantitative data from social work clients are collected at three measurement points. Qualitative interviews are conducted post-intervention with both clients receiving, and professionals implementing the intervention. The feasibility is assessed through recruitment and retention rates and the interviews with social work professionals providing the intervention. Acceptability is assessed through feedback from participants on satisfaction with the intervention and usefulness of the specific intervention components. Potential effectiveness is measured by financial literacy, economic self-efficacy and financial anxiety. DISCUSSION The intervention is hypothesized to increase financial literacy and economic self-efficacy and reduce financial anxiety among social work clients with children. The results of this pilot study will increase the evidence base of financial social work and offer new insights for developing interventions for clients experiencing financial difficulties.
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Affiliation(s)
| | | | - Katri Viitasalo
- Faculty of Social Sciences, University of Helsinki, Helsinki, Finland
| | - Meri Moisio
- INVEST Flagship, University of Turku, Turku, Finland
| | - Anu Raijas
- Bank of Finland Museum, Bank of Finland, Helsinki, Finland
| | - Enna Toikka
- Department of Social Research, University of Turku, Turku, Finland
| | - Jarno Tuominen
- Department of Psychology and Speech-Language Pathology, University of Turku, Turku, Finland
| | - Mia Hakovirta
- INVEST Flagship, University of Turku, Turku, Finland
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Chen YC, Sun S. Gender Differences in the Relationship Between Financial Capability and Health in Later Life: Evidence From Hong Kong. Innov Aging 2023; 7:igad072. [PMID: 37554950 PMCID: PMC10406417 DOI: 10.1093/geroni/igad072] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 04/12/2023] [Indexed: 08/10/2023] Open
Abstract
Background and Objectives Financial capability, comprising financial literacy, access, and behavior, can influence an individual's ability to effectively use financial resources, thus affecting their health and well-being. However, studies have predominantly focused on financial literacy and overlooked a more comprehensive measure of financial capability and its health impacts. Furthermore, although financial capability is shaped profoundly by gender, there is limited knowledge of the role of gender in these associations. Research Design and Methods This study investigated how gender may moderate the links between financial capability and health. The study recruited 1,109 community-dwelling adults (aged 45+) in Hong Kong to take part in an online survey employing multivariate linear and logistic regression to examine the gender differences in the associations between financial capability and physical (perceived health and mobility limitations), mental (life satisfaction and depression), and financial (retirement worry and financial satisfaction) health. Results The results showed that financial access and behavior had a more significant influence on health outcomes than financial literacy. Gender differences in financial capability were identified through simple slope analyses. Financial literacy was more important for men's self-rated health and life satisfaction, whereas financial behavior was more critical for women. Additionally, although financial access was not related to retirement worry among men, it was significantly associated with lower retirement worry among women. Discussion and Implications The findings suggest that gender-specific pathways to financial capability may lead to health disparities. Policies and programs to improve population health and well-being, particularly for women, should target financial literacy, strengthen financial inclusion, and encourage responsible financial behavior.
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Affiliation(s)
- Yu-Chih Chen
- Department of Social Work and Social Administration, The University of Hong Kong, Pokfulam, Hong Kong SAR, China
- Social Policy Institute, Washington University in St. Louis, St. Louis, Missouri, USA
| | - Sicong Sun
- School of Social Welfare, The University of Kansas, Lawrence, Kansas, USA
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Kumar P, Islam MA, Pillai R, Sharif T. Analysing the behavioural, psychological, and demographic determinants of financial decision making of household investors. Heliyon 2023; 9:e13085. [PMID: 36793953 PMCID: PMC9922930 DOI: 10.1016/j.heliyon.2023.e13085] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Journal Information] [Subscribe] [Scholar Register] [Received: 09/17/2022] [Revised: 01/15/2023] [Accepted: 01/17/2023] [Indexed: 01/22/2023] Open
Abstract
Adding to the behavioural science domain, the principal idea behind the study is to investigate the impact of an array of behavioural, psychological, and demographic factors on financial decision making. The study utilizes a structured questionnaire to collect the opinions of 634 investors using a blend of random and snowball sampling techniques. The partial least squares structural equation modelling has been used to test hypotheses. PLS Predict has been applied to estimate the out-of-sample predictive power of the proposed model. Finally, the multi-group analysis has been applied to assess the differences across gender. Our findings attest the relevance of digital financial literacy, financial capability, financial autonomy, and impulsivity on financial decision making. Additionally, financial capability partially mediates the nexus between digital financial literacy and financial decision making. Also, Impulsivity negatively moderates the relationship between financial capability and financial decision making. The overall results of this comprehensive and unique study portray the influence that various psychological, behavioural, and demographic factors have on financial decision making, favouring the design of a feasible and lucrative financial portfolio to ensure financial well-being of households in the long run.
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Affiliation(s)
- Parul Kumar
- School of Banking, Financial Services, and Insurance, Delhi Skill and Entrepreneurship University, India
| | - Md Aminul Islam
- Faculty of Applied & Human Sciences, Universiti Malaysia Perlis, Arau, Malaysia
| | - Rekha Pillai
- College of Business Administration, Ajman University, United Arab Emirates,Corresponding author.
| | - Taimur Sharif
- School of Business, Newman University Birmingham, UK
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Birkenmaier J, Rothwell D, Frey JJ, Coffey DS. Introduction to the Special Issue on " Financial Capability and Asset Building for Family Financial Wellbeing". J Fam Econ Issues 2022; 43:647-653. [PMID: 36311286 PMCID: PMC9589663 DOI: 10.1007/s10834-022-09871-y] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Subscribe] [Scholar Register] [Received: 09/16/2022] [Accepted: 09/21/2022] [Indexed: 06/16/2023]
Abstract
The papers in this issue emerged from a 2020 social work academic conference focused on financial capability and asset building (FCAB) research. This introduction provides an overview of the challenging financial and economic realities for U.S. families that provide the context for these papers. An outline of social work?s unique role with these families precedes a brief introduction to each included paper. ?Building on these papers, the authors provide an overview of future directions for FCAB research in the areas of theory and methods. Regarding theory, the FCAB field will benefit from the further exploration of the role of access and context for financial capability, as well as the use of institutional theory in FCAB practice and research. The role of relationships on financial behavior is also under-researched along with the intersection of FCAB with clinical issues and other human needs. Regarding methods, future research that uses qualitative and longitudinal data is also needed to advance FCAB knowledge. Overall, interdisciplinary work across social work and consumer finance to build models that span professional boundaries and incorporate FCAB into consumer financial wellbeing models will advance theory and evidence.
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Affiliation(s)
- Julie Birkenmaier
- School of Social Work, Saint Louis University, 3550 Lindell Blvd, 63103 St Louis, MO USA
| | - David Rothwell
- Barbara E. Knudson Endowed Chair in Family Policy, College of Public Health and Human Sciences, Oregon State University, Waldo Hall 462 2250 SW Jefferson Way, 97331 Corvallis, OR USA
| | - Jodi Jacobson Frey
- The University of Maryland School of Social Work, 525 West Redwood Street, 21201 Baltimore, MD USA
| | - Darla Spence Coffey
- Council on Social Work Education, President and CEO, 333 John Carlyle Street, Suite 400, 22314 Alexandria, VA USA
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Birkenmaier J, Rothwell D, Agar M. How is Consumer Financial Capability Measured? J Fam Econ Issues 2022; 43:654-666. [PMID: 36373053 PMCID: PMC9637242 DOI: 10.1007/s10834-022-09825-4] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Accepted: 01/27/2022] [Indexed: 06/16/2023]
Abstract
The research literature on the growing field of consumer financial capability displays a wide diversity of understanding about the meaning and measurement of the concept. While sufficient research literature has been produced for a review of measurement domains and indicators, this work remains undone. The aim of the study is to assess the quantitative peer-reviewed research literature to advance the field toward building an evidence base for financial capability interventions and policies to improve family financial well-being and reduce economic inequality. This scoping review study analyzed the financial capability scholarly literature between 2015 and 2018. Overall, 34 studies used quantitative data and met all inclusion criteria for this study. Findings suggest that financial capability measurement constructs were operationalized in 12 different ways (n = 22). Most commonly, financial capability was operationalized as the combination of objective financial knowledge and financial access. Few studies included measurement of financial socialization or financial well-being. Most studies measured financial access using only formal financial access measures, such as bank account ownership and/or whether the consumer has investments. A smaller number of studies measured both formal and informal access (including use of non-bank financial institutions/products). Half of the articles that included financial access used bank account either solely or in combination with other measures as the indicator(s). Many studies lacked any measure of financial access. Recommendations are made about standardizing measurement for the constructs within financial capability and measurement of financial capability.
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Affiliation(s)
- Julie Birkenmaier
- Saint Louis University School of Social Work, 3550 Lindell Blvd., St Louis, MO 63103 USA
| | - David Rothwell
- College of Public Health and Human Sciences, Waldo Hall 462, 2250 SW Jefferson Way, Corvallis, OR. 97331 USA
| | - Mary Agar
- School of Social Work, University of Georgia, 279 Williams Street, Athens, GA 30602 USA
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Bangma DF, Tucha O, Tucha L, De Deyn PP, Koerts J. How well do people living with neurodegenerative diseases manage their finances? A meta-analysis and systematic review on the capacity to make financial decisions in people living with neurodegenerative diseases. Neurosci Biobehav Rev 2021; 127:709-739. [PMID: 34058557 DOI: 10.1016/j.neubiorev.2021.05.021] [Citation(s) in RCA: 12] [Impact Index Per Article: 4.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Journal Information] [Subscribe] [Scholar Register] [Received: 06/24/2020] [Revised: 05/18/2021] [Accepted: 05/20/2021] [Indexed: 12/13/2022]
Abstract
Self and proxy reported questionnaires indicate that people living with a neurodegenerative disease (NDD) have more difficulties with financial decision-making (FDM) than healthy controls. Self-reports, however, rely on adequate insight into everyday functioning and might, therefore, be less reliable. The present study provides a comprehensive overview and meta-analysis of studies evaluating FDM in people living with an NDD. For this, the reliability of performance-based tests to consistently identify FDM difficulties in people living with an NDD compared to healthy controls is evaluated. Furthermore, the associations between FDM and disease severity, performances on standard measures of cognition and demographics are evaluated. All 47 included articles, consistently reported lower performances on performance-based FDM tests of people living with an NDD (including Alzheimer's disease, mild cognitive impairment, frontotemporal dementia, Parkinson's disease, multiple sclerosis or Huntington's disease) compared to healthy controls. The majority of studies, however, focused on Alzheimer's disease and mild cognitive impairment (k = 38). FDM performance appears to be related to cognitive decline, specifically in working memory, processing speed and numeracy.
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Affiliation(s)
- Dorien F Bangma
- Department of Clinical and Developmental Neuropsychology, University of Groningen, Groningen, the Netherlands; Department of Psychology, University of Amsterdam, Amsterdam, the Netherlands
| | - Oliver Tucha
- Department of Clinical and Developmental Neuropsychology, University of Groningen, Groningen, the Netherlands; Department of Department of Psychiatry and Psychotherapy, University Medical Center Rostock, Rostock, Germany; Department of Psychology, Maynooth University, National University of Ireland, Maynooth, Ireland
| | - Lara Tucha
- Department of Department of Psychiatry and Psychotherapy, University Medical Center Rostock, Rostock, Germany
| | - Peter P De Deyn
- Department of Neurology and Alzheimer Center Groningen, University Medical Center Groningen, Groningen, the Netherlands; Institute Born-Bunge, University of Antwerp, Antwerp, Belgium; Department of Neurology and Memory Clinic, Middelheim General Hospital (ZNA), Antwerp, Belgium
| | - Janneke Koerts
- Department of Clinical and Developmental Neuropsychology, University of Groningen, Groningen, the Netherlands.
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Bialowolski P, Weziak-Bialowolska D, Lee MT, Chen Y, VanderWeele TJ, McNeely E. The role of financial conditions for physical and mental health. Evidence from a longitudinal survey and insurance claims data. Soc Sci Med 2021; 281:114041. [PMID: 34087548 DOI: 10.1016/j.socscimed.2021.114041] [Citation(s) in RCA: 18] [Impact Index Per Article: 6.0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Subscribe] [Scholar Register] [Revised: 05/06/2021] [Accepted: 05/13/2021] [Indexed: 12/25/2022]
Abstract
BACKGROUND Both theory and empirical evidence suggest that financial conditions are influential for mental health and might contribute to physical health outcomes. METHODS Using longitudinal survey data and health insurance claims data from 1209 employees in a large U.S. health insurance company, we examined temporal associations between measures of financial safety, financial capability, financial distress, their summary index (financial security) and six subsequently measured mental and physical health outcomes. RESULTS We found that financial safety and financial capability were positively associated, while financial distress was negatively associated, with subsequent self-reported measures of physical and mental health, even after controlling for these health measures at baseline and other confounders. Additionally, financial conditions were associated with reduced risk of depression based on health insurance claims data. Financial safety was also associated with anxiety. CONCLUSIONS Policy-makers might consider the introduction of more effective measures for ensuring favorable financial conditions as an important contributor to better population health. Furthermore, policy could encourage teaching adequate financial management techniques and the importance of understanding of long-term consequences of financial decisions, as those might be pivotal for health outcomes.
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Affiliation(s)
- Piotr Bialowolski
- Sustainability and Health Initiative (SHINE), Department of Environmental Health, Harvard T. H. Chan School of Public Health, 665 Huntington Avenue, Boston, MA, 02115, USA; Human Flourishing Program, Harvard Institute for Quantitative Social Science, Cambridge, MA, USA.
| | - Dorota Weziak-Bialowolska
- Sustainability and Health Initiative (SHINE), Department of Environmental Health, Harvard T. H. Chan School of Public Health, 665 Huntington Avenue, Boston, MA, 02115, USA; Human Flourishing Program, Harvard Institute for Quantitative Social Science, Cambridge, MA, USA
| | - Matthew T Lee
- Human Flourishing Program, Harvard Institute for Quantitative Social Science, Cambridge, MA, USA
| | - Ying Chen
- Human Flourishing Program, Harvard Institute for Quantitative Social Science, Cambridge, MA, USA; Department of Epidemiology, Harvard T. H. Chan School of Public Health, 665 Huntington Avenue, Boston, MA, 02115, USA
| | - Tyler J VanderWeele
- Human Flourishing Program, Harvard Institute for Quantitative Social Science, Cambridge, MA, USA; Department of Epidemiology, Harvard T. H. Chan School of Public Health, 665 Huntington Avenue, Boston, MA, 02115, USA
| | - Eileen McNeely
- Sustainability and Health Initiative (SHINE), Department of Environmental Health, Harvard T. H. Chan School of Public Health, 665 Huntington Avenue, Boston, MA, 02115, USA
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Xiao JJ, Kim KT. The Able Worry More? Debt Delinquency, Financial Capability, and Financial Stress. J Fam Econ Issues 2021; 43:138-152. [PMID: 33976522 PMCID: PMC8101082 DOI: 10.1007/s10834-021-09767-3] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Accepted: 04/20/2021] [Indexed: 06/12/2023]
Abstract
Research on the link between debt and financial stress is emerging. This study was one of the first attempts to examine the association between debt delinquency and financial stress and the moderating role of financial capability in the association. Delinquencies in three types of debts were examined: (a) mortgage, (b) credit card, and (c) student loan. With data from the 2018 U.S. National Financial Capability Study, multivariate regression results showed that payment delinquencies of mortgage, credit card and student loans were positively, while financial capability was negatively associated with financial stress. Further, surprisingly, the results implied that among consumers with debt delinquencies, financial capability may increase financial stress. If both financial capability's direct and interactive effect were considered, financial capability may decrease financial stress at much smaller rates than those without debt delinquencies. The situation was the worst among consumers with multiple delinquencies, in which the potential net effect of financial capability on financial stress was positive. The results of this study have implications for consumer financial service practices.
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Affiliation(s)
- Jing Jian Xiao
- Department of Human Development and Family Science, University of Rhode Island, Transition Center, 2 Lower College Road, Kingston, RI 02881 USA
| | - Kyoung Tae Kim
- Department of Consumer Sciences, University of Alabama, 316-C Adams Hall, Box 870158, Tuscaloosa, AL 35487 USA
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Koerts J, Bangma DF, Fuermaier ABM, Mette C, Tucha L, Tucha O. Financial judgment determination in adults with ADHD. J Neural Transm (Vienna) 2021; 128:969-979. [PMID: 33709182 PMCID: PMC8295146 DOI: 10.1007/s00702-021-02323-1] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [MESH Headings] [Track Full Text] [Download PDF] [Journal Information] [Subscribe] [Scholar Register] [Received: 12/18/2020] [Accepted: 03/01/2021] [Indexed: 11/27/2022]
Abstract
ADHD has a debilitating influence on everyday functioning, including the capability to make financial decisions. The capability to make financial decisions is a multidimensional construct that includes financial knowledge, financial judgment, financial performance and related contextual factors. So far, the majority of studies in adults with ADHD focused on financial performance, while the other aspects of financial capability were less explored. The current study aims to partly bridge this gap by examining the ability of financial judgment in adults with ADHD. Thirty-nine adults with ADHD and 83 adults without ADHD were included. All participants were assessed with the Financial Competence Assessment Inventory (FCAI) and Financial Decision-Making Interview (FDMI) which both assess the four abilities of financial judgment, i.e., understanding, appreciation, reasoning and communication. The results show that adults with ADHD, compared to adults without ADHD, obtained significantly lower scores on understanding (according to the FCAI and FDMI). Furthermore, adults with ADHD showed a significantly lower appreciation, reasoning and communication (according to the FCAI) than adults without ADHD. In conclusion, adults with ADHD have difficulties with financial judgment especially with the ability to understand information that is relevant for a financial situation or transaction. Furthermore, adults with ADHD were found to have problems with appreciating, reasoning and communicating about practical information that partly relates to their own financial situation (as assessed with the FCAI). A careful assessment of financial capability in adults with ADHD, therefore, appears warranted in clinical practice.
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Affiliation(s)
- Janneke Koerts
- Department of Clinical and Developmental Neuropsychology, University of Groningen, Grote Kruisstraat 2/1, 9712 TS, Groningen, The Netherlands.
| | - Dorien F Bangma
- Department of Psychology, University of Amsterdam, Amsterdam, The Netherlands
| | - Anselm B M Fuermaier
- Department of Clinical and Developmental Neuropsychology, University of Groningen, Grote Kruisstraat 2/1, 9712 TS, Groningen, The Netherlands
| | - Christian Mette
- Department of Social Work and Education, Protestant University of Applied Sciences Bochum, Bochum, Germany
- LVR Hospital Essen, Essen, Germany
- Department of Psychiatry and Psychotherapy, Faculty of Medicine, University of Duisburg-Essen, Duisburg-Essen, Germany
| | - Lara Tucha
- Department of Psychiatry and Psychotherapy, University Medical Center Rostock, Rostock, Germany
| | - Oliver Tucha
- Department of Clinical and Developmental Neuropsychology, University of Groningen, Grote Kruisstraat 2/1, 9712 TS, Groningen, The Netherlands
- Department of Psychiatry and Psychotherapy, University Medical Center Rostock, Rostock, Germany
- Department of Psychology, Maynooth University, National University of Ireland, Maynooth, Ireland
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Abstract
Background:Substance use disorders (SUDs) impact everything about an individual's life-health, family, employment, education, housing, transportation, and finances. By the time individuals with SUDs begin treatment-especially in publicly funded programs-most have few financial resources. Many have resorted to property crimes, resulting in fines, fees, and restitution costs that compound their financial difficulties. Reestablishing financial functioning is key to recovering from the consequences of addiction. Yet access to cash may also trigger relapses-especially in early recovery. Objective: This paper reports initial results from studies exploring how clients in treatment for SUDs manage their financial responsibilities, assessing their financial capability both in terms of access to financial services and personal financial literacy. Method: Using data collected between June 2017 and October 2019 from almost 5,000 SUD clients as they entered treatment as well as a financial needs assessment study of 70 clients during treatment, we conducted Chi-square testing and logistic regressions to analyze the relationships between client characteristics and financial capability. Results: Our results indicated that over 50% of individuals in addiction treatment did not have access to accounts at insured financial institutions, and that clients' ages and education levels were significantly related to their financial capability. We also found that 78% of clients feel that money management skills are important to their recovery. Conclusions: Many SUD clients in recovery have limited financial capability, and they are interested in developing financial skills. Increasing client financial capability may be an underemphasized, yet important part of recovery capital.
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Affiliation(s)
| | - Richard J Nance
- Utah County Department of Drug and Alcohol Prevention and Treatment, Provo, Utah, USA
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Abstract
Many U.S. households have insufficient savings to cope with income losses, expenditure shocks, and other financial emergencies, yet little research evidence explains why. Guided by Sherraden (2013) model of financial capability, we expand on prior research that examines the role of financial knowledge by incorporating additional factors and testing income interactions to explain a greater proportion of variance concerning whether or not households have money set aside for emergencies. We analyzed data from the 2009, 2012, 2015, and 2018 National Financial Capability Surveys and found that subjective financial knowledge, financial confidence, and savings account ownership, but not objective financial knowledge, were significant and consistent predictors of having an emergency fund. Savings account ownership was the strongest predictor, accounting for an increase in the probability of having an emergency fund of 25% to 29% across study years. Adding homeownership and ability to cover expenses to the models increased the proportion of variance explained by an average of 29%. Strategies to promote emergency savings should be multifaceted and include help from financial educators and counselors to create greater financial slack as well as programs and policies to increase access to short-term savings opportunities and incentives.
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Affiliation(s)
- Mathieu R. Despard
- Department of Social Work, University of North Carolina Greensboro, P.O. Box 26170, Greensboro, NC 27402-6170 USA
| | - Terri Friedline
- School of Social Work, University of Michigan, 1080 S University Avenue, Ann Arbor, MI 48109 USA
| | - Stacia Martin-West
- College of Social Work, University of Tennessee, 193 Polk Avenue, Suite E. Room 270, Nashville, TN 37210 USA
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Winstanley M, Durkin K, Webb RT, Conti-Ramsden G. Financial capability and functional financial literacy in young adults with developmental language disorder. Autism Dev Lang Impair 2018; 3:2396941518794500. [PMID: 30370337 PMCID: PMC6188087 DOI: 10.1177/2396941518794500] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [What about the content of this article? (0)] [Affiliation(s)] [Abstract] [Key Words] [Grants] [Track Full Text] [Figures] [Subscribe] [Scholar Register] [Indexed: 06/08/2023]
Abstract
BACKGROUND Financial capability is an essential feature of the organisation of one's personal life and engagement with society. Very little is known of how adequately individuals with developmental language disorder handle financial matters. It is known that language difficulties place them at a disadvantage in many aspects of their development and during their transition into adulthood, leading to the possibility that financial issues may prove burdensome for them. This study examines the financial capability and functional financial literacy of young adults with developmental language disorder and compares them to those of age matched peers. We tested the expectation that those with developmental language disorder would find financial management more challenging than would their peers, and that they would need to seek greater support from family members or other people. METHODS Participants completed a detailed individual interview, which included items drawn from the British Household Panel Survey and additional measures of financial capability, functional financial literacy and of perceived support. Nonverbal IQ, language, reading and numeracy measures were also collected. RESULTS Compared to typically developing age matched peers, young people with developmental language disorder report less extensive engagement with financial products and lower competence in functional financial literacy. A considerably higher proportion of those with developmental language disorder (48% vs. 16% of age matched peers) report that they draw on support, primarily from parents, in various financial tasks, including paying bills, choosing financial products, and taking loans from family or friends. CONCLUSIONS This is the first study to consider the financial capability skills and functional financial literacy of young adults with developmental language disorder. We provide novel evidence that some young adults with developmental language disorder lack functional financial skills and require support to successfully manage their finances. This has policy implications that relate not only to engaging affected individuals in discussions about financial management but also to wider familial support.
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Affiliation(s)
- Maxine Winstanley
- The University of Manchester and Manchester Academic Health Science Centre, UK
| | | | - Roger T Webb
- The University of Manchester and Manchester Academic Health Science Centre, UK
| | - Gina Conti-Ramsden
- The University of Manchester and Manchester Academic Health Science Centre, UK
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Black AC, McMahon TJ, Rosenheck RA, Ball SA, Ries RK, Ames D, Rosen MI. Development of the Clinician Assessment of Financial Incapability (CAFI). Psychiatry Res 2014; 215:784-9. [PMID: 24495575 DOI: 10.1016/j.psychres.2014.01.021] [Citation(s) in RCA: 5] [Impact Index Per Article: 0.5] [Reference Citation Analysis] [What about the content of this article? (0)] [Abstract] [Key Words] [Track Full Text] [Journal Information] [Submit a Manuscript] [Subscribe] [Scholar Register] [Received: 06/19/2013] [Revised: 01/04/2014] [Accepted: 01/13/2014] [Indexed: 11/20/2022]
Abstract
The Social Security Administration (SSA) provides financial support to adults disabled by psychiatric conditions to provide for their basic needs. For beneficiaries identified as incapable of managing their funds, representative payee assignment is mandated. However, studies indicate that the current SSA method of determining capability leads to idiosyncratic payee assignment, with a tendency to under-identify beneficiaries needing payees. Over two phases with data from 78 mental health clinicians treating 134 patient-beneficiaries, we describe the development of a new assessment, the Clinician Assessment of Financial Incapability (CAFI). Item generation, subscale construction, and preliminary assessments of validity are described. We also describe the simultaneous development of a criterion measure of capability, a comprehensive review of all data. Experts identified four subscales mapping to four criteria of incapability; factor analysis provided support for this item structure. Close to one-half of patients were determined to be incapable by review of all data. CAFI and SSA methods correctly classified 73% of cases, but errors with CAFI were more evenly distributed between false negatives and false positives. The implications of classification error are considered, and advantages of CAFI over the SSA method are enumerated. Plans for future instrument revision are briefly described.
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