A Randomized Controlled Trial to Evaluate Interventions Designed to Improve University Students' Subjective Financial Wellness in the United Kingdom
Document Type
Article
Publication Title
Journal of Financial Counseling and Planning
Abstract
This article describes a randomized controlled trial to evaluate the effectiveness of intervention tools designed to help people save more or spend less money by enhancing their capabilities, motivations, and opportunities. The participants included 177 students from an English University who were randomly allocated to either the Control, Savings-Tool, or Savings+Habit-Tools group. Participants provided with the intervention tool(s) for 4 weeks were more likely to experience improvements in both their financial satisfaction and subjective perceptions than those in the Control group not asked to use either tool. The tools did not significantly affect financial behaviors or objective financial wellness. The discussion examines limitations of the study and discusses avenues for future research such as including a longer follow-up period.
First Page
296
Last Page
312
DOI
10.1891/JFCP-19-00014
Publication Date
1-1-2020
Recommended Citation
Schmidtke, Kelly Ann; Elliott, Antony; Patel, Krishane; King, Derek; and Vlaev, Ivo, "A Randomized Controlled Trial to Evaluate Interventions Designed to Improve University Students' Subjective Financial Wellness in the United Kingdom" (2020). Liberal Arts Faculty Publications. 57.
https://doi.org/10.1891/JFCP-19-00014
https://collections.uhsp.edu/liberal-arts_pubs/57