Peer Support + Financial Education for Psychological Distress

(CARES Trial)

This trial explores whether small financial grants and peer mentoring can improve mental health for transgender individuals facing financial difficulties. Participants will be divided into three groups to determine if microgrants, with or without peer support, can reduce stress and enhance community connections. Additionally, some participants will receive financial education videos to assess their impact on psychological distress. The trial seeks transgender individuals experiencing financial hardship who have access to a mobile phone or email. As an unphased trial, this study offers a unique opportunity to contribute to innovative research aimed at enhancing mental well-being in the transgender community.

The trial information does not specify whether you need to stop taking your current medications.

Research has shown that learning about money can improve mental health. Understanding finances may reduce stress and increase control over money. Thus, the financial education videos in this study are likely safe and might enhance mental well-being.

Previous studies have found that microgrants, small amounts of money given to individuals, can alleviate financial problems. This can also increase financial security, thereby improving mental health. No known safety concerns exist with receiving microgrants.

Peer mentoring, where individuals receive support from someone with similar experiences, is generally well-received. Studies have shown that peer mentoring can help reduce anxiety and depression. Participants usually report positive experiences without major side effects.

Researchers are excited about this trial because it explores a novel approach to addressing psychological distress by combining financial education and support with peer mentoring and microgrants. Unlike traditional treatments that often focus solely on therapy or medication, this trial offers a holistic method that addresses the financial stressors contributing to mental health issues. The unique elements include monthly microgrants to alleviate immediate financial burdens, continuous financial education to improve long-term financial literacy, and peer mentoring to provide emotional and experiential support. This integrated approach might not only improve psychological well-being but also empower participants to manage their financial challenges more effectively.

This trial will evaluate different approaches to improving mental health by addressing financial issues and providing community support. Participants in one arm will receive monthly financial education videos and a one-time microgrant. Another arm will provide monthly financial education videos along with monthly microgrants. A third arm will combine monthly financial education videos, monthly microgrants, and peer mentoring support. Research has shown that learning about money can boost financial knowledge and lead to better money habits, potentially lowering financial stress, which can negatively affect mental health. Studies on small financial grants, called microgrants, have shown they can ease money troubles and possibly improve mental health by reducing stress related to finances. Peer mentoring has been found to boost mental health by increasing happiness, self-esteem, and coping skills. Combining these methods might improve mental health by tackling financial issues and offering community support.¹⁴⁶⁷⁸