Deprecated: Hook jetpack_pre_connection_prompt_helpers is deprecated since version jetpack-13.2.0 with no alternative available. in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php on line 6078 Deprecated: Function jetpack_form_register_pattern is deprecated since version jetpack-13.4! Use Automattic\Jetpack\Forms\ContactForm\Util::register_pattern instead. in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php on line 6078 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 Warning: Cannot modify header information - headers already sent by (output started at /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/functions.php:6078) in /hermes/bosnacweb04/bosnacweb04ay/b1602/nf.whysel/public_html/decisionfish.com/wp-includes/rest-api/class-wp-rest-server.php on line 1831 {"id":3925,"date":"2018-08-31T12:07:17","date_gmt":"2018-08-31T16:07:17","guid":{"rendered":"http:\/\/www.decisionfish.com\/?p=3925"},"modified":"2022-07-31T19:54:04","modified_gmt":"2022-07-31T23:54:04","slug":"can-financial-education-coaching-improve-your-health","status":"publish","type":"post","link":"https:\/\/www.decisionfish.com\/can-financial-education-coaching-improve-your-health\/","title":{"rendered":"Can Financial Education & Coaching Improve Your Health?"},"content":{"rendered":"
Can financial education\/coaching break the financial stress, declining health cycle?<\/b><\/p>\n
In <\/span>a previous article<\/span><\/a>, I outlined three vicious cycles affecting financial stress, physical and mental health. They are vicious because, once financial stress occurs, the health impacts can lead to yet more stress, which can further impair health, causing additional financial stress as the cycle begins and worsens.<\/span><\/p>\n After publishing that story, I learned of the efforts of Creighton University’s <\/span>Financial Success Program<\/span><\/a> to investigate whether financial coaching could break these cycles. The Program provides financial education that seeks to improve the lives of low and moderate income families in Omaha, Nebraska. I interviewed two of the researchers, Julie Kalkowski and Nicole White on July 27.<\/span><\/p>\n The Study<\/b><\/p>\n In <\/span>a recent exploratory study<\/span><\/a>, researchers evaluated<\/span> the link between financial education and health among low-income, single mothers in Omaha<\/span><\/a>. The intervention consisted of nine weekly classes and one year of one-on-one financial coaching. Participants learned about managing monthly cash flow, insurance, predatory lending, the psychology of money, saving for emergencies and setting goals. They also collected receipts and tracked spending.<\/span><\/p>\n The investigators measured changes in health and wellbeing one and two years after participating in the program with a pre- and post-surveys.<\/span><\/p>\n The study was limited by a small sample size (n=20) and lack of a control group. This means we can\u2019t be sure whether the observed changes in health and welfare were <\/span>caused <\/span><\/i>by the intervention or might have happened for different reasons. However, the results were tantalizing enough that a larger and more rigorous study is underway. Below, I share some of the key results of the original study and some additional, anecdotal findings, which I learned in the interview.<\/span><\/p>\n Financial Impact<\/b><\/p>\n The program did appear to improve participants\u2019 finances. Mean annual income increased $8,026 (+29%) and credit scores increased as well. Participants reported fewer utility shut-off notices and overdrafts (see chart below). It\u2019s notable that participants required less assistance from community agencies, suggesting broader societal benefits to financial education and coaching.<\/span><\/p>\n