Creighton University Study Suggests Money Management Linked to Health Benefits

Fad diets and weight loss programs may work for some people who are trying to lead healthier lifestyles, but shedding debt may be an alternative to expensive diet tricks. According to a Creighton University (www.creighton.edu) research study, taking control of your finances could result in several health benefits, including weight loss and a decreased risk for developing chronic diseases.

Stress is the number-one cause of health problems in America, and money is the number-one cause of stress, according to Julie Kalkowski, executive director of the Financial Hope Collaborative in the Heider College of Business. Since 2009, the Financial Hope Collaborative has been offering a Financial Success program, a year-long program aimed at helping low-income single mothers manage their monthly cash so they significantly reduce shut-off notices, evictions, overdrafts and payday loans.

Creighton researchers are currently utilizing a $399,000 grant from the Robert Wood Johnson Foundation, along with other local foundations, to conduct a three-year study on the effectiveness of the Financial Success program to see if there is a link between financial education and improved physical health. Researchers will measure health outcomes, including blood pressure, cholesterol, weight, perceived quality of life, hopefulness and lifestyle behaviors, such as exercising and fast food consumption.

The program consists of nine weekly classes, a year of coaching and monthly meetings as a way for single mothers to build support and accountability. Women learn how to track their expenses, save for emergencies and repair their credit. Information on taxes, bankruptcy, insurance, predatory lending, building healthy relationships and the psychology of money also are provided. Each woman receives access to utility level payment plans and information about debt consolidation loans.

Approximately 450 women ages 19 to 55 will participate in a three-year study titled Finances First. Thanks to the grant and donations, the Financial Hope Collaborative has raised half of the operating costs to conduct the research. If you would like to enroll in the program, call (402) 280-3736 or email FinancialConfidence@creighton.edu.