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A randomized controlled trial to evaluate interventions designed to improve university students’ subjective financial wellness in England
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Schmidtke, Kelly, Elliott, A., Patel, K., King, D. and Vlaev, Ivo (2020) A randomized controlled trial to evaluate interventions designed to improve university students’ subjective financial wellness in England. Journal of Financial Counselling and Planning, 31 (2). pp. 296-312. doi:10.1891/JFCP-19-00014
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Official URL: http://dx.doi.org/10.1891/JFCP-19-00014
Abstract
The current 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.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HG Finance | ||||||||
| Divisions: | Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Science, Engineering and Medicine > Medicine > Warwick Medical School > Health Sciences Faculty of Social Sciences > Warwick Business School Faculty of Science, Engineering and Medicine > Medicine > Warwick Medical School |
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| Library of Congress Subject Headings (LCSH): | Financial planners, Student activities -- Finance, Human behavior, Student loans, Education, Higher -- Finance -- Great Britain, Well-being | ||||||||
| Journal or Publication Title: | Journal of Financial Counselling and Planning | ||||||||
| Publisher: | Springer | ||||||||
| ISSN: | 1052-3073 | ||||||||
| Official Date: | November 2020 | ||||||||
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| Volume: | 31 | ||||||||
| Number: | 2 | ||||||||
| Page Range: | pp. 296-312 | ||||||||
| DOI: | 10.1891/JFCP-19-00014 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Reuse Statement (publisher, data, author rights): | This is a post-peer-review, pre-copyedit version of an article published in Journal of Financial Counselling and Planning. The final authenticated version is available online at: http://dx.doi.org/10.1891/JFCP-19-00014 | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| RIOXX Funder/Project Grant: |
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