As of 2022, about 12% of children in Finland lived in poverty. Many of these families face not only a lack of money but also stress, low confidence in managing finances, and limited access to financial guidance. This study aims to support these families by improving their financial skills and well-being through a practical and research-based program.
The intervention includes five sessions with a trained social service professional, focusing on budgeting, financial decision-making, emotions around money, and the role of money in relationships. The goal is to reduce financial anxiety, improve knowledge, and build confidence in managing finances. The sessions also aim to help families talk more openly about money and set realistic financial goals.
To test effectiveness, a randomized controlled trial (RCT) will be conducted. Families are randomly assigned to either the intervention group (receiving the FinSoc program) or a control group (receiving regular social work services and, after final measurements, a material package to promote financial capability).
At least 88 participants-families with at least one child under 18 and facing financial difficulties-will take part. Information will be collected at three time points: before the intervention, after it ends, and three months later. Outcomes include financial literacy, financial anxiety, economic self-efficacy, and health-related quality of life, measured with self-rating scales in questionnaires.
In addition to questionnaires, interviews will be conducted with a sample of families and social workers to explore their experiences-what worked, what could be improved, and how the sessions were received. This qualitative feedback will guide future development.
Formative evaluation involves feedback from families before and after each session, covering topic clarity, session usefulness, and experiences with the techniques. For fidelity assessment, social workers will report after each session on adherence to the planned approach and tool use.
The FinSoc program is offered through public and private social service providers. It was developed and is being implemented by an interdisciplinary team with expertise in financial social work, social policy, and mental health.
The study aims to improve families' everyday lives, inform social work practices, and contribute to knowledge on social and economic well-being.
Client status in child welfare services, family social work, or adult social work
Within the past six months, the client has brought up one or more of the following challenges in managing their finances during their contact with social services: (1) Difficulties paying bills, housing-related expenses, or repaying debts on time, (2) Difficulties meeting the basic needs of family members (e.g. food, medication, clothing) (3) A perceived lack of sufficient knowledge, skills, or competence to manage financial matters (4) Feelings of anxiety or stress related to financial situation.
There is at least one underage child in the family. In cases of shared custody, the child must reside in the household for an average of at least half of the time in each calendar month.
There is an ongoing crisis or life situation in the family that, in the assessment of the social worker, prevents commitment to the intervention process.
There is an active criminal proceeding within the family.
The parents do not speak Finnish (all project materials are in Finnish, and there are no resources available to provide translations into other languages).
University of Turku
Lead sponsor
University of Helsinki
Collaborator
University of Eastern Finland
Collaborator