Intersectoral interagency partnerships to promote financial capability in older people

Hean, Sarah; Fenge, Lee Ann; Worswick, Louise; Wilkinson, Charlie; Fearnley, Stella

doi:10.3109/13561820.2012.684413

Cited by 3 publications

(5 citation statements)

References 2 publications

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“…This exploratory study found that providers recognized a need to support patients’ financial well‐being, but do not feel positioned to address patients’ financial needs due to both practical reasons, such as a lack of time and knowledge about relevant community resources, and personal reasons, not having knowledge about personal finance topics nor the confidence to discuss it. This finding is consistent with previous research (DiMatteo, 1995; Hean, Fenge, Worswick, Wilkinson, & Fearnley, 2012) and points to the important role healthcare professionals could play if they were better prepared and positioned. This is particularly true given the evidence that patients have identified healthcare professionals as a more trusted source of financial information than even financial advisors (Hean et al., 2012; Piette, Heisler, Krein, & Kerr, 2005).…”

Section: Discussionsupporting

confidence: 92%

“…This finding is consistent with previous research (DiMatteo, 1995; Hean, Fenge, Worswick, Wilkinson, & Fearnley, 2012) and points to the important role healthcare professionals could play if they were better prepared and positioned. This is particularly true given the evidence that patients have identified healthcare professionals as a more trusted source of financial information than even financial advisors (Hean et al., 2012; Piette, Heisler, Krein, & Kerr, 2005).…”

Section: Discussionsupporting

confidence: 92%

“…An area of concern among healthcare providers was their lack of comfort and confidence in providing referrals and support around financial capability, consistent with previous work (Hean et al., 2012). One provider said nurses pick up extra shifts as a strategy to address strained household finances.…”

Section: Discussionsupporting

confidence: 82%

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Rural Healthcare Providers’ Perceptions of Patient Financial Well‐Being and Integrating Financial Capability Services

Bartholomae

Kiss

Collins

et al. 2021

Family & Consum Sci Res J

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This exploratory study documents rural healthcare providers’ perspectives on patients’ financial well‐being, and the feasibility of integrating financial capability supports into healthcare services. Surveys (n = 132) and online focus groups (n = 17) in 2019 were used to collect data. Three key findings were that rural healthcare providers: (i) recognize the influence of financial capability on patients’ health outcomes and healthcare access, (ii) saw a need for resources to support patients’ financial capability, and (iii) do not feel well‐positioned to address patients’ financial needs. Implications include the need for tools, resources, partnership strategies, and programs that support rural patients’ financial capability.

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Section: Discussionsupporting

confidence: 92%

Section: Discussionsupporting

confidence: 92%

See 1 more Smart Citation

Rural Healthcare Providers’ Perceptions of Patient Financial Well‐Being and Integrating Financial Capability Services

Bartholomae

Kiss

Collins

et al. 2021

Family & Consum Sci Res J

View full text Add to dashboard Cite

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“…For example, we found that mistrust of the financial sector acts as a barrier to people accessing it in the context of planning for care costs. This reflects findings that more general mistrust is a deterrent to seeking financial advice in other contexts (Moss, 2015), and findings that older people are more likely to seek financial advice from public and voluntary organisations with which they have long-standing relationships (Hean et al, 2012).…”

Section: Discussionmentioning

confidence: 64%

Financial advice for funding later life care: A scoping review of evidence from England

Heavey¹,

Baxter²,

Birks

2019

JLTC

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Context: Ageing populations across the world make the provision of long-term care a global challenge. A growing number of people in England are faced with paying for later life social care costs, but do little to plan for these costs in advance. Recent legislation in the form of the Care Act 2014 gave local authorities new responsibilities to provide information on how people can access independent financial advice on matters relating to care needs. Objectives: This scoping review aimed to identify existing evidence about people's engagement with financial advice in relation to paying for later life care in England. Methods: Electronic and manual searching identified seventeen papers reporting empirical evidence on the topic, published between 2002 and 2017. Findings: We found evidence of low numbers accessing regulated financial advice. Barriers included limited consumer awareness, preferences for other sources of advice such as friends and family, and poor signposting and referrals by local authorities. Most papers indicated that financial advice would be useful in helping people to plan for care costs. Robust research evidence on this topic is limited, with particular gaps in evidence about stakeholders' experiences of the barriers to, and usefulness of, financial advice about paying for long-term care in later life. Limitations: The paper does not include a formal quality assessment of the included research papers. Our interpretation of study findings was hindered by lack of methodological transparency in some papers and lack of studies focusing specifically on the topic of financial planning for long-term care. Implications: An improved evidence base could assist financial advisers specialising in this area and local authorities that are now obliged to signpost people to such advice. With better evidence they would be better placed to explain to members of the public the financial and non-financial implications of obtaining financial advice about care costs. It might also enable those organisations to overcome barriers and facilitate access to appropriate advice.

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“…Demertzis et al (2020) noted that one in every three EU households was financially fragile due to low savings even before the pandemic struck. Older adults having access to retirement savings have greater well-being (Yeo and Lee, 2019;Suh, 2021), while others who are "asset rich" but "cash poor" tend to have lower FWB (Hean et al, 2013), since the assets they hold have low liquidity.…”

Section: Financial Resiliencementioning

confidence: 99%

Income shock and financial well-being in the COVID-19 pandemic: financial resilience and psychological resilience as mediators

Kulshreshtha,

Raju,

Muktineni

et al. 2023

IJBM

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Purpose The purpose of this study was to investigate the relationship between income shock suffered during the coronavirus pandemic and subsequent financial well-being (FWB) of Indian adults, mediated by financial resilience (FR) and psychological resilience (PR).Design/methodology/approach The authors propose a conceptual model for the relationship between income shock and FWB, with FR and PR as mediator variables. The authors consider four dimensions of financial resilience: economic resources, financial inclusion, financial knowledge and social capital. This study uses a unidimensional scale for PR. Data were collected from 370 respondents from 11 cities across India. Structural equation models were built to test the proposed hypotheses.Findings Income shock was negatively associated with FWB. Estimated path coefficients for FR and PR were statistically significant and confirmed a mediating role. Among the four dimensions of financial resilience, only economic resources were positively associated with FWB. The mediation relation between economic resources and FWB was larger than PR.Research limitations/implications Since convenience sampling was used to collect data, the results of this study are indicative but not generalizable.Social implications For individuals who suffered income shocks during the pandemic, adequate economic resources are crucial for FWB. Governmental disbursements, personal savings and medical or life insurance could provide an adequate safety net.Originality/value There are no extant studies that examine the association between income shocks and FWB in the pandemic, and this study contributes to the literature.

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Intersectoral interagency partnerships to promote financial capability in older people

Abstract: Bournemouth University, UKThis paper presents the case for increased integrated working between financial, health and social care services to support older people during times of economic down turn. It briefly summarises those findings of a study exploring the financial capability

Cited by 3 publications

References 2 publications

Rural Healthcare Providers’ Perceptions of Patient Financial Well‐Being and Integrating Financial Capability Services

Rural Healthcare Providers’ Perceptions of Patient Financial Well‐Being and Integrating Financial Capability Services

Financial advice for funding later life care: A scoping review of evidence from England

Income shock and financial well-being in the COVID-19 pandemic: financial resilience and psychological resilience as mediators

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