An interventional study of FinSoc in Financial Difficulties, sponsored by University of Turku. Recruiting at 1 site in Finland. Per ClinicalTrials.gov, last updated 2026-08-19.
Sponsored by University of Turku · Not applicable, Interventional, and Supportive care
As of 2022, about 12% of children in Finland lived in poverty. Many of these families face not only a lack of money but also stress, low confidence in managing finances, and limited access to financial guidance. This study aims to support these families by improving their financial skills and well-being through a practical and research-based program.
The intervention includes five sessions with a trained social service professional, focusing on budgeting, financial decision-making, emotions around money, and the role of money in relationships. The goal is to reduce financial anxiety, improve knowledge, and build confidence in managing finances. The sessions also aim to help families talk more openly about money and set realistic financial goals.
To test effectiveness, a randomized controlled trial (RCT) will be conducted. Families are randomly assigned to either the intervention group (receiving the FinSoc program) or a control group (receiving regular social work services and, after final measurements, a material package to promote financial capability).
At least 136 participants-families with at least one child under 18 and facing financial difficulties-will take part. Information will be collected at three time points: before the intervention, after it ends, and three months later. Outcomes include financial literacy, financial anxiety, economic self-efficacy, and health-related quality of life, measured with self-rating scales in questionnaires.
In addition to questionnaires, interviews will be conducted with a sample of families and social workers to explore their experiences-what worked, what could be improved, and how the sessions were received. This qualitative feedback will guide future development.
Formative evaluation involves feedback from families before and after each session, covering topic clarity, session usefulness, and experiences with the techniques. For fidelity assessment, social workers will report after each session on adherence to the planned approach and tool use.
The FinSoc program is offered through public and private social service providers. It was developed and is being implemented by an interdisciplinary team with expertise in financial social work, social policy, and mental health.
The study aims to improve families' everyday lives, inform social work practices, and contribute to knowledge on social and economic well-being.
University of Turku is the lead sponsor of 122 studies on the registry; 16 are open to participants now.
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Exclusion Criteria:
FinSoc intervention FinSoc intervention is delivered to the Experimental group by their social worker or social work professional.
Behavioral: FinSoc
No Intervention: Control The control group will receive the usual social work services. After the third measurement point, they will receive a materials package.
Financial Social Work intervention (FinSoc) The FinSoc intervention is a structured financial social work program designed for families experiencing complex financial difficulties. It consists of five modules, each delivered in a one-on-one session with a trained social worker. The modules focus on key areas such as budgeting, emotional and relational aspects of money, financial decision making, building long-term financial capability. The intervention aims to reduce financial anxiety, improve financial literacy, strengthen economic self-efficacy, and support overall wellbeing. Motivational interviewing techniques and client-centred approaches are used throughout to encourage active participation and goal-setting.
Financial Literacy Scale
Financial literacy is operationalised as an adapted OECD/INFE financial behaviour score. The score consists of six selected behaviour indicators: four Likert-based financial behaviour statements, one saving behaviour item, and one budgeting item. The four Likert-based items are dichotomised so that responses indicating "mostly true" or "completely true" are scored as 1 and other responses as 0. The saving item is scored as 1 if the respondent reports active saving behaviour according to OECD/INFE scoring principles. The budgeting item is scored as 1 if the respondent reports preparing a household or personal budget. The total score ranges from 0 to 6, with higher scores indicating more financially responsible behaviours.
Time frame: Measured at three timepoints: 1) baseline pre-randomization, 2) within 2 week post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement
Economic Self-Efficacy
Economic self-efficacy is measured using the 10-item Scale of Economic Self-Efficacy. Items are rated from 1 to 5. The outcome is calculated as the item mean, ranging from 1 to 5, with higher scores indicating greater economic self-efficacy.
Time frame: Measured at three timepoints: 1) baseline pre-randomization, 2) within 2 weeks post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement.
Financial Anxiety
Financial anxiety is assessed using a modified eight-item version of the Financial Anxiety Scale (FAS). Two items referring to university education and academic performance were omitted because they were not applicable to the study population. The outcome is calculated as the item mean, ranging from 1 to 4. The score is calculated when at least 7 of the 8 items have been completed.
Time frame: Measured at three timepoints: 1) baseline pre randomization, 2) within 2 week post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement.
Health related quality of life
Health-related quality of life is measured using PROMIS Global Health v1.2. The instrument produces two profile scores: Global Physical Health and Global Mental Health. Both scores are converted to PROMIS T-scores according to PROMIS scoring instructions and will be analysed separately. Higher T-scores indicate better health-related quality of life.
Time frame: Measured at three timepoints: 1) baseline pre-randomization, 2) within 2 week post-intervention for intervention group and at 3 months post-baseline for control group, 3) 3 months after previous measurement
Plan to share: No — The data is sensitive and must not be shared outside of the research group.
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