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Summary PDF: What works to improve people’s financial capability?

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   Financial Literacy
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What works to improve people’s financial capability?

Limited but strong evidence supports financial capability interventions.

Studies with low-income populations find that financial capability interventions lead to numerous positive outcomes such as increased income and savings, better job placement and retention, higher credit scores, and progress toward financial self-sufficiency.

 

Certain characteristics of financial capability interventions can enhance their effectiveness.

  • Bundled or integrated interventions may be more effective than a single intervention.
  • Pairing interventions with trauma-informed peer support enhances effectiveness.
  • Interventions are most effective when tied to specific financial decisions so that participants immediately implement and retain their gained knowledge.
  • Interventions show the most promising results when they have a high intensity and are targeted toward a specific population group.
  • The use of smartphone applications for financial education may lead to positive financial behaviors.

 

However, there are some key limitations.

  • The positive effects of financial capability interventions decay over time.
  • Among immigrants, financial pressure from family members in their countries of origin as well as previously established spending habits may lead to difficulty implementing the knowledge gained from financial education

Post TitleStrength of EvidenceType of StudyDirection of Evidence
Family Empowerment (FAME): A feasibility trial of preventive multifamily groups for asylum seeker families in the NetherlandsPositive impactSuggestive evidencePositive impact
Family interventions in traumatized immigrants and refugees: A systematic reviewPositive impactSystematic reviewPositive impact
Feasibility of implementation of a parenting intervention with Karen refugees resettled from Burma.Positive impactSuggestive evidencePositive impact
The utility of the Positive Parenting Program (Triple P) for refugee background parentsPositive impactSuggestive evidencePositive impact
Family-based mental health promotion for Somali Bantu and Bhutanese refugees: Feasibility and acceptability trialPositive impactImpact evaluationPositive impact
We left one war and came to another: Resource loss, acculturative stress, and caregiver-child relationships in Somali refugee familiesNo evidence about impactSuggestive evidenceNo evidence about impact
Understanding the role of acculturative stress on refugee youth mental health: A systematic review and ecological approach to assessment and interventionNo evidence about impactSystematic reviewNo evidence about impact
Family efficacy as a protective factor against immigrant adolescent risky behavior: A literature reviewNo evidence about impactSuggestive evidenceNo evidence about impact
A review of the use of trauma systems therapy to treat refugee children, adolescents, and familiesNo evidence about impactSuggestive evidenceNo evidence about impact
Refugees, asylum-seekers and undocumented migrants and the experience of parenthood: A synthesis of the qualitative literatureNo evidence about impactSystematic reviewNo evidence about impact
Brief Family Therapy for Refugee ChildrenSuggestiveSuggestive evidencePositive impact

Websites and Databases Population Terms Methodology Terms Target Outcome Terms
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SAGE Journals

Google Scholar

 

 refugee

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immigrant

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“unaccompanied minor”

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asylee

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“temporary protected status”

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“victims of traffick*”

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“traffick* victims”

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T-Visa

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U-Visa

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Cuban

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Haitian

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Amerasian

 

 evaluation

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impact

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program

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intervention

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policy

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project

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train*

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therapy

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treatment

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counseling

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workshop

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review

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meta-analysis

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synthesis

 “family therapy”

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“family counseling”

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“family dynamics”

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“family relationship”

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“family roles”

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“marriage counseling”

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“couples therapy”

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“relationship counseling”

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“child parent relationship”