The Acceptability and Initial Effectiveness of Space From Money Worries: An Online Cognitive Behavioral Therapy Intervention to Tackle the Link Between Financial Difficulties and Poor Mental Health

BackgroundPrevious research has shown a strong relationship between financial difficulties and mental health problems. Psychological factors such as hope and worry about finances appear to be an important factor in this relationship. ObjectiveTo develop an online based psychological intervention (Space from Money Worries) to tackle the psychological mechanisms underlying the relationship between poor mental health and financial difficulties, and to conduct an initial evaluation of the acceptability and preliminary efficacy of the intervention. Materials and Methods30 participants accessing Increasing Access to Psychological Therapies (IAPT) services completed GAD-7 to measure anxiety and PHQ-9 to measure depression upon signing up to the online intervention and again 4 to 8 weeks after this. Participants also completed a measure of perceived financial distress/wellbeing and a Money and Mental Health Scale constructed for the evaluation. ResultsOverall, 77% (n = 23) completed the intervention and follow-up assessments. Intent to Treat Analysis showed that there were statistically significant improvements in symptoms of depression, anxiety, improved perceived financial wellbeing and reduced scores on the money and mental health scale. The vast majority of participants rated each module positively. ConclusionsSpace from Money Worries appears to be acceptable and may lead to improvements in mental health, perceived financial wellbeing and a reduced relationship between financial difficulties and poor mental health. However, future research with a larger sample and a control group are needed to confirm that these changes are due to the intervention.

Automated summary

Previous research has found a strong link between financial difficulties and mental health problems, with hope and worry about finances playing a crucial role. This study developed an online psychological intervention called "Space from Money Worries" to target the psychological mechanisms underlying the relationship between poor mental health and financial difficulties. The initial evaluation showed that the intervention was well-received and led to improvements in mental health, perceived financial wellbeing, and the relationship between financial difficulties and poor mental health. However, further research with a larger sample size and control group is needed to confirm these findings.