Financial Capability Support for Mental Health Issues

Overseen By Luz S Ocasio

Age: 18+

Sex: Any

Trial Phase: Academic

Sponsor: Yale University

Disqualifiers: Under 18, others

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

Compensation: Varies

Number of Visits: Unknown

238 Participants Needed

What You Need to Know Before You Apply

What is the purpose of this trial?

This trial explores how financial coaching can assist individuals with mental health challenges who have recently been released from jail or prison. It provides support through one-on-one financial coaching and access to financial tools and services. Some participants will also receive peer support from trained specialists. The trial is suitable for those living in the greater New Haven area who have experienced trauma, mental health issues, or substance use and seek financial guidance. As an unphased trial, it offers a unique opportunity to receive personalized financial support and contribute to research that could benefit others in similar situations.

Will I have to stop taking my current medications?

The trial information does not specify whether you need to stop taking your current medications.

What prior data suggests that this financial capability support is safe for participants?

Research has shown that combining financial support with peer support services is generally well-received. Peer support programs involve individuals with similar experiences helping each other, offering valuable information and emotional support. These programs reduce feelings of isolation and connect participants with others who understand their challenges. Importantly, studies have found that serving as a peer support specialist does not harm mental health. In fact, it may enhance mental strength and understanding of one's own situation. While specific safety data may be lacking, existing research suggests these services are safe and beneficial for participants. ^{1 2 3 4 5}

Why are researchers excited about this trial?

Researchers are excited about these treatments for mental health issues because they integrate financial capability support with personalized coaching, which is not commonly addressed in traditional mental health care. Unlike standard treatments that might focus solely on therapy and medication, this approach offers one-on-one financial coaching, helping participants manage their finances and access affordable financial services. Additionally, the option of peer support through trained Recovery Support Specialists provides emotional and experiential guidance, making the treatment holistic by addressing both financial and emotional well-being. By combining financial literacy with mental health support, these treatments aim to empower individuals, potentially leading to improved mental health outcomes and greater financial stability.

What evidence suggests that Financial Capability Support with Peer Support Services is effective for improving financial wellbeing in individuals with mental health challenges?

Research shows that support from others can improve mental health by encouraging better self-care, empowerment, and hope. Studies have found that it can also reduce mental health care costs by decreasing the need for hospital visits. Financial health closely ties to mental well-being because effective money management can lower stress and increase overall happiness. In this trial, participants in the Financial Capability Support arm will receive one-on-one financial coaching. Those in the Financial Capability Support with Peer Support arm will receive the same financial coaching, along with additional peer support from a trained Recovery Support Specialist. This combined approach aims to meet both financial and mental health needs. Previous evidence suggests that this method may help people feel more in control and supported in their everyday lives. ^{1 6 7 8 9}

Who Is on the Research Team?

Annie Harper, Ph.D.

Principal Investigator

Yale University

Chyrell Bellamy, Ph.D.

Principal Investigator

Yale University

Are You a Good Fit for This Trial?

This trial is for justice-involved individuals facing reentry challenges, particularly those with mental health issues and substance addiction. It focuses on Black and Latine communities dealing with financial hardship. Participants must be interested in receiving financial coaching and willing to engage with peer support services.

Inclusion Criteria

Have been released from jail or prison 36 months ago or less

Self-identify as having experiences with trauma, mental illness/mental distress, or substance use

Living or using services in the greater New Haven area

Exclusion Criteria

I am under 18 years old.

Not have been released from jail or prison 36 months ago or less

Not self-identify as having experiences with trauma, mental illness/mental distress, or substance use

Timeline for a Trial Participant

Screening

Participants are screened for eligibility to participate in the trial

2-4 weeks

Financial Capability Support

Participants receive one-on-one financial coaching, including monthly or more frequent meetings with a financial coach, and access to safe and affordable financial services.

12 months

Monthly or more frequent meetings

Financial Capability Support with Peer Support

Participants receive financial coaching along with additional one-on-one peer support provided by a trained Recovery Support Specialist.

12 months

Weekly meetings with peer support

Follow-up

Participants are monitored for changes in financial well-being, mental health, and other health determinants.

6 months

What Are the Treatments Tested in This Trial?

Interventions

• Financial Capability Support with Peer Support Services

Trial Overview The study tests the integration of financial capability support into existing services for recently incarcerated individuals. This includes one-on-one coaching, access to financial tools, training bank staff to reduce discrimination, and efforts towards policy reforms.

How Is the Trial Designed?

Group I: Financial Capability Support with Peer Support Experimental Treatment 1 Intervention

The participants randomized into this arm will receive services offered in the Financial Capability Support arm with the additional services of one-on-one peer support provided by a trained Recovery Support Specialist. Recovery Support Specialist, also referred to as Wellness coaches, will provide weekly meetings (30-60 minutes in duration) to the participants.

Group II: Financial Capability Support Active Control 1 Intervention

The participants in this arm will receive one-on-one financial coaching, which entails monthly or more frequent meetings with a financial coach. The initial meetings will be held in person and subsequent meetings may be held via zoom, phone, or in person depending on the comfort and convenience of the participant. Participants will also receive access to safe and affordable financial services, which includes support with managing any existing bank accounts, or supporting a person to open a new overdraft-free account. Coaches can also help people to access other financial products such as free tax preparation (VITA), credit builder loans, online bank accounts, or other products recommended by our Justice Tech partner.

Who Is Running the Clinical Trial?

Yale University

Lead Sponsor

Trials

1,963

Recruited

3,046,000+

National Institute on Minority Health and Health Disparities (NIMHD)

Collaborator

Trials

473

Recruited

1,374,000+

Published Research Related to This Trial

Peer support in mental health, which has historical roots dating back to the 18th century, is gaining traction and research support for its effectiveness in engaging individuals in care and reducing emergency room visits and substance use.

Peer support programs that include positive self-disclosure and role modeling have been shown to enhance participants' hope, control, and self-care, while also decreasing depression and psychosis levels.

NCBI (Pubmed)

pubmed.ncbi.nlm.nih.gov

Peer support among persons with severe mental illnesses: a review of evidence and experience. Davidson, L., Bellamy, C., Guy, K., et al.[2022]

Peer support in mental health care, where individuals with lived experiences of mental illness provide support to others, has gained traction since the 1990s, despite facing stigma and stereotypes.

Data from four randomized controlled trials indicate that peer support can yield similar outcomes to conventional care, suggesting that individuals with a history of mental illness can effectively contribute to mental health services, though further evaluation is needed.

NCBI (Pubmed)

pubmed.ncbi.nlm.nih.gov

Peer support among adults with serious mental illness: a report from the field. Davidson, L., Chinman, M., Sells, D., et al.[2022]

Citations

1. mhanational.org mhanational.org/wp-content/uploads/2025/02/Evidence-Peer-Support-May-2019.pdf

Evidence for Peer Support May 2019 The Case for ... Both quantitative and qualitative evidence indicate that peer support lowers the overall cost of mental health services by reducing re-hospitalization rates and ...

2. pmc.ncbi.nlm.nih.gov pmc.ncbi.nlm.nih.gov/articles/PMC9508871/

The benefits and challenges of established peer support ... Studies of peer support for chronic disease self-management have shown positive effects on patient activation, self-efficacy, and self-care ...

3. bmcmedicine.biomedcentral.com bmcmedicine.biomedcentral.com/articles/10.1186/s12916-024-03260-y

The effectiveness, implementation, and experiences of peer ... Our systematic umbrella review summarises evidence on the effectiveness, implementation, and experiences of paid peer support approaches for mental health.

4. tandfonline.com tandfonline.com/doi/full/10.1080/26408066.2025.2542448

Full article: Financial Health is Behavioral Health Purpose. This article shows how financial health serves as an integral component of behavioral health beyond only a social determinant.

5. cambridge.org cambridge.org/core/journals/the-british-journal-of-psychiatry/article/effectiveness-of-peer-support-for-people-with-severe-mental-health-conditions-in-high-middle-and-lowincome-countries-multicentre-randomised-controlled-trial/12B11F541341A894771EE76B7695F4B9

Effectiveness of peer support for people with severe mental ... Peer support has beneficial impacts on social inclusion, empowerment and hope among people with severe mental health conditions across diverse settings.

6. pmc.ncbi.nlm.nih.gov pmc.ncbi.nlm.nih.gov/articles/PMC8806009/

The Relationship Between Financial Worries and ... This study examines the association between financial worries and psychological distress among US adults and tests its moderating effects by gender, marital ...

7. library.samhsa.gov library.samhsa.gov/sites/default/files/financing-peer-recovery-report-pep23-06-07-003.pdf

Financing Peer Recovery Support: Opportunities to ... Peer recovery support services (PRSS) are social support services delivered by people who have lived experience with substance use disorders (SUDs) and mental ...

8. psycnet.apa.org psycnet.apa.org/record/2016-43088-004

Peer-supported economic empowerment: A financial wellness ... Objective: People with psychiatric disabilities experience substantial economic exclusion, which hinders their ability to achieve recovery and wellness.

9. ijmhs.biomedcentral.com ijmhs.biomedcentral.com/articles/10.1186/s13033-022-00561-8

The impact of peer support work on the mental health of peer ... Entering the role of a peer support specialist does not appear to negatively impact mental health, but might enhance insight and resilience.