https://aub.ie/MilitaryREACH-Dew2020

Dew, J., Dean, L., Duncan, S. F., & Britt-Lutter, S. (2020). A review of effectiveness evidence in the financial-helping fields. Family Relations, 69(3), 614-627. https://doi.org/10.1111/fare.12445

Many families, including some military families, face financial challenges, such as keeping up with bills, planning for retirement, and handling unexpected expenses. These families may benefit from assistance managing finances. Research from four financial-helping fields was examined to identify effective, evidence-based practices for individuals and families seeking financial services. More specifically, experts from the fields of family resource management education, financial education, personal financial planning, and financial counseling explored the literature on evidencebased practices in their respective fields. All of these fields focus on increasing families’ financial capability, which includes increasing financial knowledge, skills, attitudes, behaviors, and access to institutions to create a more secure financial situation. Although there was a lack of empirical evidence regarding the effectiveness of financial practices to bolster financial capability, several common practices were found across each field. The lack of evidence-based practices across the financial-helping fields hinders efforts to help individuals and families who are seeking financial services. However, findings do suggest that tailored practices designed to meet each family’s unique circumstances would likely be most effective.

https://doi.org/10.1111/fare.12445

Other

Other

Review of Literature

Dew, Jeffrey, Dean, Luke, Duncan, Stephen F., Sonya, Britt-Lutter

Objective We reviewed the literature on four financial‐helping fields—the family resource management content area of family life education, financial education, personal financial planning, and financial counseling—in search of best evidence‐based practices when working with individuals and families concerning issues related to money. Method Experts in each field of the financial helping professions reviewed common practices in their own field and identified best practices when possible. Results Although we found that reviews of financial education outcome research exist, researchers and practitioners have made few attempts to examine best practices in these fields; most of the practices that professionals use in these four fields have not been empirically tested for effectiveness. Consequently, we provide a general overview of common practices within the four fields. Implications We implore practitioners and researchers to undertake evaluation research as a means to decipher what works, for whom it works, and to what extent it works.

John Wiley & Sons

Article
REACH Publication

Brigham Young University, JD
Utah Valley University, LD
Brigham Young University, SFD
Kansas State University, SBL