Center for Financial Security Faculty Director, J. Michael Collins, was awarded the inaugural Ketchum Prize from the FINRA Foundation. The announcement took place at the Foundation’s Board of Directors triannual board meeting in Washington, D.C. The Foundation’s prize is named for Richard “Rick” Ketchum, who retired as Chairman and Chief Executive Officer of the Financial Industry Regulatory Authority (FINRA) and Chairman of the FINRA Foundation in 2016. Ketchum is admired for his distinguished leadership in the field of securities regulation over a career spanning three decades. Dr. Collins is being honored for his extensive work in improving family financial security through innovative and thoughtful approaches.
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.
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.
Faculty 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.
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
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.