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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

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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
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
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
Dates:
DateEvent
November 2020Published
1 April 2020Available
2 December 2019Accepted
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:
Project/Grant IDRIOXX Funder NameFunder ID
A289, 2017Money Advice Servicehttp://viaf.org/viaf/186941036
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