Financial Coaching and Medication Adherence: Introducing the “FINMed” Coaching Model

The report introduces a new intervention called “FINMed.” FINMed is brief, solution-focused financial coaching session designed for people facing new ongoing out-of-pocket medical expenses or a pattern of problems paying for ongoing health care needs. The coaching involves:

  • Determining the patient’s health goals and motivation
  • Planning for the costs of health care
  • Setting up a process to make sure the patient will have the funds needed when the next set of care (e.g., refill or therapy session) is due

This reports present research into the relationship between household financial behaviors and the ability to pay for out-of-pocket medical expenses, particularly prescription drugs. Overall, households struggling to manage their finances appear more likely to skip medical treatments due to cost. In turn, failing to follow through on a medical treatment can lead to higher costs and worsening health status.

Download Report

Continue reading

Webinar: “Financial Coaching and Medication Adherence: The Potential for a New Model”

On June 28, 2017, the Center for Financial Security held a webinar presenting new research into the relationship between financial management behaviors and households’ ability to pay for out-of-pocket medical expenses. The webinar introduced the “FINMed” financial coaching intervention designed to help families pay for ongoing health care needs.

View the recording

Continue reading

J. Michael Collins

CollinsFaculty Director, Center for Financial Security
Fetzer Family Chair in Consumer and Personal Finance
Associate Professor, Consumer Science
Associate Professor, La Follette School of Public Affairs
University of Wisconsin-Madison

In addition to serving as Faculty Director of Center for Financial Security, I hold appointments at the La Follette School of Public Affairs, UW-Extension, Cooperative Extension and the Institute for Research on Poverty.

I study consumer decision-making in the financial marketplace, including the role of public policy in influencing credit, savings and investment choices. My current focus is on financial capability and well-being with a focus on low-income families.

I came to academia after consulting and working in the nonprofit/foundation sector, as well as the public sector. My masters is from the John F. Kennedy School of Government and Harvard University and my PhD is from Cornell University.

jmcollins@wisc.edu

(608) 262-0369

Areas of Research Interest:  Consumer Decision-Making in the Financial Marketplace, Role of Public Policy in Influencing Credit, Savings and Investment Choices, Financial Capability with Focus on Low-Income Families, and Household Finance

More information

Finances and Health: A Survey of Clarifi Financial Counseling Clients

This brief examines the characteristics of credit counseling clients who experienced problems paying for their medications and analyzes which factors affect clients’ ability to pay for prescriptions. The data used in this brief were collected by Clarifi, a leading nonprofit financial counseling provider that serves about 15,000 Philadelphia-area residents each year. In the summer of 2016, Clarifi surveyed a sample of its non-housing counseling clients to document their credit status and medication use.

Download Research Brief

Continue reading

Webinar: CFS presents “Moving the Needle on Retirement Planning & Saving: The Role of Education”

UrbanRetirement planning and saving is often a difficult task for individuals and families. Studies show that more than one in four workers have less than $1000 in retirement savings. The question of how to stimulate employees to save for retirement has led to a variety of different tactics. Our March 1st webinar, discussed a field study completed by researchers from the Center for Financial Security, which tracks the effect of financial education on retirement savings in an online format. Results of the study show that this information-based intervention increases the reported participation in retirement planning, saving and using a budget. Presenters included Carly Urban, Assistant Professor, Department of Economics, Montana State University; Billy Hensley, Senior Director of Education, National Endowment for Financial Education; Tarna Hunter, Director of Strategic Engagement and Government Relations, Wisconsin Department of Employee Trust Funds; and Shelly Schueller, Deferred Compensation Director, Wisconsin Department of Employee Trust Funds.

View Webinar

Download Presentation Slides

Research Brief