Assessing the Effects of Financial Literacy on Patient Engagement

Meyer, Melanie; Hudak, Ronald P.

doi:10.5993/ajhb.40.4.14

Cited by 10 publications

(4 citation statements)

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“…In terms of the direct costs, certain treatment and healthcare options may require a good understanding of financial impacts (Meyer and Hudak, 2016). Indeed, more financially literate consumers make better decisions about their healthcare insurance plans that would result in better health outcomes (James et al, 2012).…”

Section: Discussionmentioning

confidence: 99%

Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

Sharif

Naghavi

Nia

et al. 2020

IJBM

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PurposeThe purpose of this paper is to investigate whether financial distress explains the relationship between financial literacy and quality of life (QoL) among consumers who have faced life-threatening cancer. To extend this line of research, the moderating role of social supports in the relationship between financial distress and QoL is examined.Design/methodology/approachA cross-sectional survey was utilized to collect quantitative data through a self-administered questionnaire. A total of 223 consumers diagnosed with cancer in Iran participated in the study by means of a convenience sampling technique. Using a forward–backward method the questionnaire was translated from English into Persian.FindingsThe findings highlight the importance of financial literacy in managing direct and indirect costs of chronic diseases that in turn can improve consumers' QoL. Moreover, while perceived social support improves QoL of consumers diagnosed with cancer, it strengthens the negative association between financial distress and QoL. Consequently, solely receiving of emotional support from acquaintances with no financial support might be bothersome.Practical implicationsThe findings highlight the need for interventions that target financial literacy and perceived financial distress for consumers with chronic diseases. These consumers can benefit from interventions that offer support based on accurate assessments of their needs and priorities.Originality/valueThe present study is the first of its kind to highlight the importance of financial literacy in improving the QoL of consumers with chronic diseases.

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Section: Discussionmentioning

confidence: 99%

Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

Sharif

Naghavi

Nia

et al. 2020

IJBM

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“…SDM and patient engagement have been shown to be positively related to one another, within the medical setting. The presence of shared decision-making significantly increases patient engagement [ 15 ]. In order to optimize patient engagement, the patient’s decision-making process must be understood.…”

Section: Shared Decision Making and Patient Engagementmentioning

confidence: 99%

Financial Health Literacy and the Shared Decision-Making Process in Healthcare

O'Mara

Young

Winkelmann

2022

IJERPH

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“…Para los grupos vulnerables, la correcta utilización de productos de ahorro no solo mejora la productividad y empoderamiento, sino que también brinda mayor control y privacidad en la gestión de recursos. A nivel macroeconómico, estudios empíricos respaldan la correlación positiva entre inclusión financiera y diversos factores como: La procrastinación que se asocia con comportamientos financieros adversos, y el aumento de la responsabilidad financiera tiene implicaciones en la salud, entre otros (Meyer & Hudak, 2016;Gamst et al, 2019;Khan et al, 2021).…”

Section: Introductionunclassified

Capacitación Financiera Inclusiva con Perspectiva de Género para Grupos Vulnerables en Altas Montañas, Veracruz, México

Mejía-Ochoa,

Sánchez-Anastacio,

Rosas-Leyva

et al. 2024

ESJ

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La Agenda 2030 de las Naciones Unidas destaca la importancia de la inclusión financiera en cinco de sus 17 Objetivos para el Desarrollo Sostenible. En el contexto mexicano, una responsabilidad fundamental del gobierno es impulsar acciones para asegurar la educación financiera de grupos catalogados como vulnerables, abarcando a niños, jóvenes en situación de calle, migrantes, personas con discapacidad, adultos mayores y población indígena. Este proyecto tuvo como objetivo desarrollar inclusión financiera con perspectiva de género dirigida a grupos vulnerables en la región de las Altas Montañas, Veracruz, México. La estrategia consistió en la implementación de capacitaciones focalizadas en temas de ahorro, crédito e inversión, con el propósito de fortalecer habilidades financieras de la población en situación de vulnerabilidad. La metodología comprende la identificación de grupos vulnerables en la región, seguida de un diagnóstico de conocimientos financieros y el desarrollo de un programa de capacitación en educación financiera. Finalmente, el proyecto introdujo estrategias innovadoras para mejorar la toma de decisiones financieras de los participantes. Los resultados revelan avances sustanciales en la comprensión financiera de grupos vulnerables, con un aumento del 75 % en adopción de prácticas financieras saludables, evidenciando un cambio positivo en la toma de decisiones financieras. Se observó una respuesta adaptativa a las opciones financieras ofrecidas, con el 60 % de participantes optando por cuentas de ahorro y 40 % participando en programas de microfinanzas, respaldando así la diversificación en estrategias de ahorro. The United Nations 2030 Agenda underscores the significance of financial inclusion in five out of its 17 Sustainable Development Goals. In the Mexican context, a fundamental governmental responsibility is to propel actions that ensure financial education for groups classified as vulnerable, encompassing children, youth living on the streets, migrants, individuals with disabilities, the elderly, and indigenous populations. This project aimed to develop financial inclusion with a gender perspective targeted towards vulnerable groups in the Altas Montañas region, Veracruz, Mexico. The strategy involved targeted training on savings, credit, and investment to enhance the financial skills of the vulnerable population. The methodology includes the identification of vulnerable groups in the region, followed by a diagnosis of financial knowledge and the development of a financial education training program. Finally, the project introduced innovative strategies to enhance participants' financial decision-making. Results indicate substantial progress in the financial understanding of vulnerable groups, with a 75% increase in adopting healthy financial practices, demonstrating a positive shift in financial decision-making. There was an adaptive response to offered financial options, with 60% of participants opting for savings accounts and 40% participating in microfinance programs, supporting diversification in savings strategies.

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Assessing the Effects of Financial Literacy on Patient Engagement

Cited by 10 publications

References 0 publications

Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

Financial literacy and quality of life of consumers faced with cancer: a moderated mediation approach

Financial Health Literacy and the Shared Decision-Making Process in Healthcare

Capacitación Financiera Inclusiva con Perspectiva de Género para Grupos Vulnerables en Altas Montañas, Veracruz, México

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