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 (FinT...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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Frontiers Media S.A.
2022-11-01
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| Series: | Frontiers in Psychiatry |
| Subjects: | |
| Online Access: | https://www.frontiersin.org/articles/10.3389/fpsyt.2022.810057/full |
| _version_ | 1818470603325177856 |
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| author | Johnna Blair Jeff Brozena Mark Matthews Thomas Richardson Saeed Abdullah |
| author_facet | Johnna Blair Jeff Brozena Mark Matthews Thomas Richardson Saeed Abdullah |
| author_sort | Johnna Blair |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-04-13T21:39:12Z |
| format | Article |
| id | doaj.art-ba97b7fc9cf147888ebec7ee03dc3bb4 |
| institution | Directory Open Access Journal |
| issn | 1664-0640 |
| language | English |
| last_indexed | 2024-04-13T21:39:12Z |
| publishDate | 2022-11-01 |
| publisher | Frontiers Media S.A. |
| record_format | Article |
| series | Frontiers in Psychiatry |
| spelling | doaj.art-ba97b7fc9cf147888ebec7ee03dc3bb42022-12-22T02:28:50ZengFrontiers Media S.A.Frontiers in Psychiatry1664-06402022-11-011310.3389/fpsyt.2022.810057810057Financial technologies (FinTech) for mental health: The potential of objective financial data to better understand the relationships between financial behavior and mental healthJohnna Blair0Jeff Brozena1Mark Matthews2Thomas Richardson3Saeed Abdullah4College of Information Sciences and Technology, Penn State University, State College, PA, United StatesCollege of Information Sciences and Technology, Penn State University, State College, PA, United StatesSchool of Computer Science, University College Dublin, Dublin, IrelandSchool of Psychology, University of Southampton, Southampton, United KingdomCollege of Information Sciences and Technology, Penn State University, State College, PA, United StatesFinancial 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.https://www.frontiersin.org/articles/10.3389/fpsyt.2022.810057/fullmental healthfinancial technologiesopen bankingFinTechimpulsive spendingprivacy-preserving |
| spellingShingle | Johnna Blair Jeff Brozena Mark Matthews Thomas Richardson Saeed Abdullah 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 mental health financial technologies open banking FinTech impulsive spending privacy-preserving |
| title | Financial technologies (FinTech) for mental health: The potential of objective financial data to better understand the relationships between financial behavior and mental health |
| title_full | Financial technologies (FinTech) for mental health: The potential of objective financial data to better understand the relationships between financial behavior and mental health |
| title_fullStr | Financial technologies (FinTech) for mental health: The potential of objective financial data to better understand the relationships between financial behavior and mental health |
| title_full_unstemmed | Financial technologies (FinTech) for mental health: The potential of objective financial data to better understand the relationships between financial behavior and mental health |
| title_short | Financial technologies (FinTech) for mental health: The potential of objective financial data to better understand the relationships between financial behavior and mental health |
| title_sort | financial technologies fintech for mental health the potential of objective financial data to better understand the relationships between financial behavior and mental health |
| topic | mental health financial technologies open banking FinTech impulsive spending privacy-preserving |
| url | https://www.frontiersin.org/articles/10.3389/fpsyt.2022.810057/full |
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