A randomized clinical trial of a money management intervention for veterans with psychiatric disabilities

Abstract

Objective: The study evaluated an intervention to help veterans with psychiatric disabilities, who face a unique set of challenges concerning money management. Methods: A randomized clinical trial was conducted of a brief (one to three hours) psychoeducational, recoveryoriented money management intervention called $teps for Achieving Financial Empowerment ($AFE). Results: Analyses revealed no main effects on outcomes of random assignment to $AFE (N=67) or a control condition consisting of usual care (N=77). Veterans who reported using $AFE skills showed significantly lower impulsive buying, more responsible spending, higher rates of engaging in vocational activities, and greater number of work hours compared with veterans in the control condition. Conclusions: Findings have clinical implications for case management services involving informal money management assistance. Offering veterans with psychiatric disabilities a one-time money management intervention is unlikely to lead to substantial changes. Results imply that efforts to improve psychosocial outcomes among veterans must not only teach but also increase use of money management skills.