Financial education intervention to promote financial well-being in low income mothers

Financial well-being has only recently been acknowledged as a social determinant of health. This study explored a framework for delivering financial education to low-income, primarily Hispanic mothers. A financial education intervention was developed for low-income mothers of infants based on formative data gathered from focus groups, cognitive interviews, and a pilot survey. Participants attended five weekly 30 min classes taught in small groups using a virtual format. Self-reported surveys were administered at baseline and post-intervention to explore associations between financial well-being and baseline demographic and financial characteristics, examine factors associated with financial education class attendance, and evaluate associations between financial education, mothers’ financial outcomes, and financial well-being. Of the 56 participants enrolled in the study from March 2021 to February 2022, 18 attended at least one class and 15 completed the post-intervention survey. Financial confidence and behavior were positively associated with financial well-being (p = 0.00). Attitude toward saving predicted financial behavior (p = 0.00). Common barriers to attendance included lack of time and the need for childcare. Following financial education, participants reported feeling more comfortable going to a bank to inquire about a product or service (p = 0.0001) and greater ability to make financial decisions new to them (p =0 .03). While overall financial well-being did not change, the ability to handle a major expense improved (p =0.004). Given the limited time that new mothers can dedicate to financial education, the goals of such programs should focus on building confidence in making informed financial decisions and fostering a positive attitude toward saving.