Embedding Financial Services in Frequented, Trusted Settings: Building on Families' Pre-existing Economic Mobility Efforts

Abstract

The aim of this study was to understand parents'/guardians' experiences and aspirations around economic mobility and their impact on the acceptability and use of financial services embedded in frequented, trusted settings such as schools and pediatric clinics. Method: We recruited 18 English-speaking guardians with at least 1 child enrolled in a school for low-income families and eligible for Internal Revenue Service-sponsored free tax preparation. Each participant completed a semistructured interview before tax filing; a subset completed follow-up interviews. We used grounded theory analysis. Results: We developed the following theoretical model based on our key thematic findings to describe the acceptability and use of financial services within the context of guardians' lived experiences and pre-existing efforts to build economic mobility: Families experience multilevel barriers to economic mobility. Despite these barriers, guardians are proactively working to build economic mobility by empowering the next generation with knowledge, skills, and assets and resiliently pursuing economic goals. As a result, guardians will accept empowering, nonjudgmental, expert, and trustworthy financial services that contribute to their existing efforts. To move from acceptance to use, financial services must be effectively publicized, accessible, and supportive. Conclusion: Financial services may be more acceptable and used if they are embedded in trusted organizations and have expert, supportive staff with lived experience who empower guardians to work toward their economic goals, accessible platforms, and effective publicity. These characteristics may facilitate uptake and economic mobility. Trusted organizations serving young families can partner with financial services to test these findings and help families build economic mobility.

PROTOCOL: Medical‐financial partnerships for improving financial and health outcomes for lower‐income Americans: A systematic review

“…Receiving financial services in conjunction with a trusted clinical setting may deepen patients’ relationships and trust with the setting (Marcil et al, 2018 ; Markowitz et al, 2022 ). Providing empowering, nonjudgmental, expert, and trustworthy financial services in a convenient location may help them to set and achieve financial goals while also fulfilling their healthcare visit needs (Alexander et al, 2022 ).…”

“…Health policy, especially related to primary healthcare settings, could be influenced by study outcomes. Second, there is currently little evidence supporting the idea that financial services, such as financial coaching and free‐tax preparation clinics, could magnify their effectiveness by becoming embedded in frequented and trusted settings, such as health clinics (Alexander et al, 2022 ). Evidence related to the effectiveness of embedding financial services could shape policy related to these services.…”