Financial Education Program for Underserved Communities in Western New York

Age: 18+

Sex: Any

Trial Phase: Academic

Sponsor: Roswell Park Cancer Institute

Disqualifiers: Adults unable to consent

No Placebo Group All trial participants will receive the active study treatment (no placebo)

Compensation: Varies

Number of Visits: 1

What You Need to Know Before You Apply

What is the purpose of this trial?

This trial aims to improve financial health and well-being in underserved communities in Western New York. It tests a financial health educational program designed to boost financial literacy, helping people feel more secure about their money and make informed financial choices. Participants will attend a 60-minute session and receive educational materials. This trial may suit those living in Western New York who want to learn more about managing their finances. As an unphased trial, it offers a unique opportunity to enhance financial knowledge and security.

Do I have to stop taking my current medications for this trial?

The trial does not involve medical treatments, so you won't need to stop taking your current medications.

What prior data suggests that this financial health educational program is safe?

Research has shown that financial education programs, like the one being studied, are generally safe. These programs teach skills and knowledge about managing money. Unlike medical treatments, they don't involve drugs or surgeries, so there are no concerns about physical side effects. Studies have demonstrated that these programs can help reduce financial stress and improve overall well-being without causing harm.

Additionally, a review of 76 financial education studies from different countries found no reports of negative effects. This suggests that financial education is well-tolerated. While these programs aim to improve financial knowledge and might cause some stress from learning, evidence does not indicate harmful effects from participation. ^{1 2 3 4 5}

Why are researchers excited about this trial?

Researchers are excited about this trial because it introduces a financial health educational program specifically designed for underserved communities in Western New York. Unlike traditional financial assistance programs that may focus on direct aid, this program empowers participants by providing them with the knowledge and tools to improve their financial health independently. The program's unique approach combines a 60-minute educational session with supplementary materials, aiming to foster long-term financial literacy and self-sufficiency. This focus on education rather than direct financial support is what sets this trial apart, potentially leading to sustainable improvements in financial well-being.

What evidence suggests that this financial health educational program is effective for increasing financial literacy?

Research has shown that financial education programs can help people, especially in underserved communities, better understand money matters. These programs often boost confidence in managing finances by teaching about various financial options. By providing knowledge and resources, they aim to help participants make smarter financial choices. Although specific data from the Financial Health Educational Program in Western New York is not yet available, similar programs have successfully improved financial well-being. Participants who complete these programs usually feel more secure and capable of handling their finances. ^{2 6 7 8 9}

Who Is on the Research Team?

Elizabeth Bouchard, MD

Principal Investigator

Roswell Park Cancer Institute

Are You a Good Fit for This Trial?

This trial is for adults over 18 in Western New York who are part of underserved communities. It's designed to help those interested in improving their financial health and literacy. People unable to consent cannot participate.

Inclusion Criteria

I am over 18 years old.

Exclusion Criteria

I am unable to give consent for medical procedures.

Timeline for a Trial Participant

Screening

Participants are screened for eligibility to participate in the trial

2-4 weeks

Educational Program

Participants attend a financial health educational program over 60 minutes and receive educational materials

1 day

1 visit (in-person)

Follow-up

Participants are monitored for changes in financial literacy knowledge and satisfaction with the program

4 weeks

What Are the Treatments Tested in This Trial?

Interventions

• Financial Health Educational Program

Trial Overview The study tests a financial health educational program aimed at increasing knowledge and access to resources for better financial well-being among the participants, which may include questionnaires and behavioral interventions.

How Is the Trial Designed?

Group I: Health Services Research (educational program) Experimental Treatment 3 Interventions

Participants attend financial health educational program over 60 minutes. Patients also receive educational materials on study.

Who Is Running the Clinical Trial?

Roswell Park Cancer Institute

Lead Sponsor

Trials

427

Recruited

40,500+

Citations

1. clinicaltrials.gov clinicaltrials.gov/study/NCT05997589

Financial Health Educational Program for Increasing ... Financial Health Educational Program for Increasing Financial Literacy Among Underserved Communities in Western New York. ClinicalTrials.gov ID NCT05997589.

2. pmc.ncbi.nlm.nih.gov pmc.ncbi.nlm.nih.gov/articles/PMC2702285/

Financial incentives for return of service in underserved areas In many developed countries, there are areas (commonly rural or poor communities) that are considered to be underserved with health workers (for instance, ...

3. content.sph.harvard.edu content.sph.harvard.edu/wwwhsph/sites/1288/2013/10/PGDA_WP_43.pdf

Financial incentives for return of service in underserved areas ... financial-incentive programs can cause increases in health worker supply to underserved areas. In order to improve the scope of evidence on financial-incentive.

4. countyhealthrankings.org countyhealthrankings.org/strategies-and-solutions/what-works-for-health/strategies/financial-incentives-for-health-professionals-serving-underserved-areas

Financial incentives for health professionals serving ... Participants in financial incentive programs are more likely to care for patients in underserved areas than non-participating peers. On average, ...

5. urban.org urban.org/sites/default/files/2023-11/Critical%20Role%20of%20New%20Yorks%20Community%20Health%20Centers%20in%20Advancing%20Equity%20in%20Medicaid.pdf

Critical Role of New York's Community Health Centers in ... high-quality and culturally effective care to most underserved New Yorkers and increasing capacity and sophistication to deliver value ...

6. pmc.ncbi.nlm.nih.gov pmc.ncbi.nlm.nih.gov/articles/PMC10248371/

Improving Health through Action on Economic Stability This study sought to assess the effectiveness of the FSP intervention in reducing financial strain and improving health outcomes in single mothers of low-income ...

7. nefe.org nefe.org/news/2022/04/Insights-Financial-Capability-FINRA-NEFE.pdf

Testing the Effectiveness of Financial Education Across 76 ... When examining data from 76 financial education randomized experiments across. 33 countries covering over 160,000 individuals, we find that financial education.

8. pmc.ncbi.nlm.nih.gov pmc.ncbi.nlm.nih.gov/articles/PMC11562617/

Examining the Financial Literacy of Healthcare Professionals Younger healthcare professionals and males showed higher financial literacy. Younger professionals showed higher knowledge in investment areas.

9. mdpi.com mdpi.com/2227-9032/12/2/127

Effect of a Financial Education and Coaching Program for ... The purpose of this study was to evaluate the effect of a year-long financial education and coaching program on school absenteeism and health care utilization ...