A systematic literature review to identify successful elements for financial education and counseling in groups.

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Abstract

This study reviews the literature available on contents, form, and effectiveness of group-based programs for combined financial education and counseling aimed specifically at populations at risk for financial difficulties. Despite the widespread application of these programs, relatively little is known about their effectiveness. In general, evidence points to positive effects of several programs on knowledge, confidence, and (intended) behavior, but the exact mechanisms through which this is achieved remain unclear. The topics covered differ among studies, but common themes can be identified. It appears of importance to combine education with practical exercises allowing participants to apply the skills they learn. Motivating clients is another important recurring theme. Working in groups provides an added benefit through recognition and peer support. It is important that future research focuses on the mechanisms of change and on long-term effects, since these remain largely unknown in the current body of literature.

Citation

Relevant Evidence Summaries

The evidence was reviewed and included in the following summaries: 

How do family interventions impact functioning of newcomer household dynamics?

One strong source of evidence and several smaller moderate and suggestive studies show that interventions on intergenerational relationships can help decrease negative mental health symptoms and increase positive parenting practices. Multiple studies reported significant improvements in the overall mental health of both child and caregiver participants. Caregivers reported high levels of satisfaction with several different […]

About this study

AGE: Adults

DIRECTION OF EVIDENCE: Positive impact

FULL TEXT AVAILABILITY: Paid

GENDER: Other

HOST COUNTRY: United States

HOST COUNTRY INCOME: High

INTERVENTION DURATION: Various

INTERVENTION: Financial education

OUTCOME AREA: Economic empowerment (Financial Capabilities)

POPULATION: Other

REGION OF ORIGIN OF PARTICIPANT(S): North America

STRENGTH OF EVIDENCE: Strong

TYPE OF STUDY: Systematic review

YEAR PUBLISHED: 2018

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