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Financial technologies (FinTech) for mental health: the potential of objective financial data to better understand the relationships between financial behavior and mental health

Financial technologies (FinTech) for mental health: the potential of objective financial data to better understand the relationships between financial behavior and mental health
Financial technologies (FinTech) for mental health: the potential of objective financial data to better understand the relationships between financial behavior and mental health
Financial stability is a key challenge for individuals with mental illnesses. Symptomatic periods often manifest in poor financial decision-making including compulsive spending and risky behaviors. This article explores research opportunities and challenges in developing financial technologies (FinTech) to support individuals with mental health. Specifically, we focus on how objective financial data might lead to novel mental health assessment and intervention methods. We have used data from one individual with bipolar disorder (BD) (i.e., an N = 1 case study) to illustrate feasibility of collecting and analyzing objective financial data alongside mental health factors. While we have not found statistically significant trends nor our findings are generalizable beyond this case, our approach provides an insight into the potential of using objective financial data to identify early warning signs and thereby, enable preemptive care for individuals with serious mental illnesses. We have also identified challenges of accessing objective financial data. The paper outlines what data is currently available, what can be done with it, and what factors to consider when working with financial data. We have also explored future directions for developing interventions to support financial well-being and stability. Furthermore, we have described the technical, ethical, and equity challenges for financial data-driven assessments and intervention methods, as well as provided a broad research agenda to address these challenges.
FinTech, financial technologies, impulsive spending, intervention, mental health, open banking, privacy-preserving
1664-0640
Blair, Johnna
55ee4171-d282-4fef-8844-17fd8e22c974
Brozena, Jeff
a4397aa1-17a5-4308-916c-f406ad8e345a
Matthews, Mark
52d16917-bc56-40dc-8ca7-d33240182289
Richardson, Thomas
f8d84122-b061-4322-a594-5ef2eb5cad0d
Abdullah, Saeed
8f4417dd-d2b6-4ce3-9e4e-a1911dedbd49
Blair, Johnna
55ee4171-d282-4fef-8844-17fd8e22c974
Brozena, Jeff
a4397aa1-17a5-4308-916c-f406ad8e345a
Matthews, Mark
52d16917-bc56-40dc-8ca7-d33240182289
Richardson, Thomas
f8d84122-b061-4322-a594-5ef2eb5cad0d
Abdullah, Saeed
8f4417dd-d2b6-4ce3-9e4e-a1911dedbd49

Blair, Johnna, Brozena, Jeff, Matthews, Mark, Richardson, Thomas and Abdullah, Saeed (2022) Financial technologies (FinTech) for mental health: the potential of objective financial data to better understand the relationships between financial behavior and mental health. Frontiers in Psychiatry, 13, [810057]. (doi:10.3389/fpsyt.2022.810057).

Record type: Article

Abstract

Financial stability is a key challenge for individuals with mental illnesses. Symptomatic periods often manifest in poor financial decision-making including compulsive spending and risky behaviors. This article explores research opportunities and challenges in developing financial technologies (FinTech) to support individuals with mental health. Specifically, we focus on how objective financial data might lead to novel mental health assessment and intervention methods. We have used data from one individual with bipolar disorder (BD) (i.e., an N = 1 case study) to illustrate feasibility of collecting and analyzing objective financial data alongside mental health factors. While we have not found statistically significant trends nor our findings are generalizable beyond this case, our approach provides an insight into the potential of using objective financial data to identify early warning signs and thereby, enable preemptive care for individuals with serious mental illnesses. We have also identified challenges of accessing objective financial data. The paper outlines what data is currently available, what can be done with it, and what factors to consider when working with financial data. We have also explored future directions for developing interventions to support financial well-being and stability. Furthermore, we have described the technical, ethical, and equity challenges for financial data-driven assessments and intervention methods, as well as provided a broad research agenda to address these challenges.

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More information

Accepted/In Press date: 13 October 2022
Published date: 3 November 2022
Additional Information: Copyright © 2022 Blair, Brozena, Matthews, Richardson and Abdullah.
Keywords: FinTech, financial technologies, impulsive spending, intervention, mental health, open banking, privacy-preserving

Identifiers

Local EPrints ID: 471570
URI: http://eprints.soton.ac.uk/id/eprint/471570
ISSN: 1664-0640
PURE UUID: 4d3168e4-14f0-447b-8357-231e01278374
ORCID for Thomas Richardson: ORCID iD orcid.org/0000-0002-5357-4281

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Date deposited: 11 Nov 2022 17:42
Last modified: 06 Jan 2023 03:01

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Contributors

Author: Johnna Blair
Author: Jeff Brozena
Author: Mark Matthews
Author: Saeed Abdullah

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