Rethinking the Causes and Consequences of Financial Wellness for People With Serious Mental Illnesses

Abstract

Many people with serious mental illnesses live in poverty, which can worsen mental and overall health. The authors suggest strategies to improve health outcomes through behavioral health services and supports that directly target financial wellness while reducing dependence on public benefits. Although some services focus on financial education, this effort is likely insufficient for addressing poverty and its accompanying financial hopelessness. A socialecological approach with the core goal of financial wellness may improve outcomes. Financial wellness is a social justice issue that must be elevated to a high-priority area of intervention in behavioral health services.

Review and Consultations of Canadian Financial Education Programs for Individuals with Disabilities

“…Both the mapping of online content and the qualitative consultation results demonstrated financial programs need to be more tailored, individualized, accessible, and comprehensive to address the breadth of financial issues of different individuals, including PWD. These findings align with other health and disability literature (see Brandow et al, 2020;Gewurtz et al, 2019;Kaiser & Menkhoff, 2017) and current financial/economic sector recommendations (see: FCAC, 2021). While the qualitative consultation results highlight that professional staff providing human interaction services in this area are striving for a flexible, tailored, and individualized approach, the online content findings indicate that this can still be improved in the areas of what information is being provided and the readability and accessibility of online program information.…”

“…This is surprising as around the world the call for improving peoples' financial capability and well-being has been in effect for years, including the Canadian national strategy for financial literacy that began in 2015 (see FCAC, 2015FCAC, , 2019aFCAC, , 2019cFCAC, , 2021Financial Literacy and Education Commission, 2016; The Organisation for Economic Co-operation and Development (OECD), 2017). However, only recently has guidance highlighted the need to tailor financial education programs to improve accessibility and content uptake specifically for PWD (see: Brandow et al, 2020;FCAC, 2019bFCAC, , 2021.…”

“…Yet, for a large proportion of the population financial capability and financial well-being are often not addressed—namely for persons who live with a disability (PWD), a diverse group of people which comprises approximately 15% of the world's population and 22% of Canadians ( Morris et al, 2018 ; World Health Organization (WHO) & The World Bank, 2011 ). PWD, including many individuals who live with a chronic health condition or access occupational therapy services, on average experience worse financial well-being compared to individuals who do not live with a disability ( Brandow et al, 2020 ; Wall, 2017 ). They can experience financial capability limitations, information and support access restrictions, financial exclusion, and personal financial management challenges that influence their financial well-being ( Bangma et al, 2021 ; Brandow et al, 2020 ; Gewurtz et al, 2019 ).…”

“…PWD, including many individuals who live with a chronic health condition or access occupational therapy services, on average experience worse financial well-being compared to individuals who do not live with a disability ( Brandow et al, 2020 ; Wall, 2017 ). They can experience financial capability limitations, information and support access restrictions, financial exclusion, and personal financial management challenges that influence their financial well-being ( Bangma et al, 2021 ; Brandow et al, 2020 ; Gewurtz et al, 2019 ). Financial education programs, including informational products (i.e., programs that provide information but do not require human interaction to be consumed or used) or human-interaction services (i.e., programs that involve interaction or contact between humans), that are tailored to the needs of PWD can help address challenges and can be a resource for health practitioners to address financial issues with their clients.…”

“…inancial capability and financial well-being are vital social determinants of health (Brandow et al, 2020;Brzozowski & Spotton Visano, 2020) and growing areas of practice addressed by many health practitioners and researchers, including occupational therapists (e.g., Bell et al, 2020;Bottari et al, 2011; College of Occupational Therapists of British Columbia (COTBC), 2015; Goverover et al, 2019;Sherraden et al, 2017;Swarbrick & Stahl, 2009). Yet, for a large proportion of the population financial capability and financial well-being are often not addressed-namely for persons who live with a disability (PWD), a diverse group of people which comprises approximately 15% of the world's population and 22% of Canadians (Morris et al, 2018; World Health Organization (WHO) & The World Bank, 2011).…”