Financial Acumen Improves After Financial Literacy Training in Individuals With Substance Use Disorder

Abstract

Financial literacy is a skill that may be affected by decreased cognitive processes that arise from substance use disorder. The aim of this mixed-methods study was to determine change in financial acumen after participating in a financial literacy program. Study participants were recruited from a drug and alcohol treatment center in the Southeastern United States. A total of 31 males participated. A t-test was conducted to compare the scores on the financial tests. There was a significant difference between the financial literacy pretest ( M = 74, SD = 13.58) and posttest ( M = 84, SD = 10.50) scores; t(30) = −3.14, p = .003. Categories that emerged when participants were asked how the information would help manage their finances included: goal setting, saving, and understanding financial institutions. This study “provides preliminary evidence” that supports financial literacy program for this population and indicates that occupational therapy is a profession suited to do so.

How Financial Beliefs and Behaviors Influence the Financial Health of Individuals Struggling with Opioid Use Disorder

“…Although, in this study, we found that the average debt was potentially lower than state averages compared to the general population (~USD 13,000), we attribute this largely to the fact that most individuals in OUD treatment are less likely to own a home or have large sums of debt from larger purchases such as cars [41]. Municipal recovery centers and addiction treatment centers could also offer additional resources to patients, such as financial literacy campaigns for recovery with upskilling resources for those trying to find work [20]. How to deploy financial literacy campaigns effectively for people in recovery should be further explored.…”

“…Prior research has suggested that financial well-being has two primary dimensions: financial beliefs (i.e., perceptions and attitudes) and financial behaviors or actions [17][18][19]. Other researchers have theorized that financial literacy is critical in changing behaviors and beliefs [20]. There have been attempts to classify beliefs about personal finances and money into various typologies, primarily composed of factors related to how individuals feel about debt, spending versus saving, parental upbringing, emotions, and anxiety that money creates, as well as other dimensions [21].…”

“…Cognitive decline and decreased impulse control may lead to impulsive spending and using money to purchase drugs [26]. Therefore, OUD may decrease sensitivity to financial losses since individuals have a high-risk tolerance to known and ambiguous (prospective) risks [20,[27][28][29][30][31]. Drawing upon previous research indicating impaired decision-making abilities and high-risk tolerance, alongside financial studies highlighting the influence of financial beliefs and behaviors, this research seeks to establish a foundational understanding of financial health and its determinants among individuals with OUD.…”