Financial Coaching Effects on Financial and Health Outcomes: A Systematic Review

Abstract

Purpose: Financial coaching is a popular intervention to help individuals achieve financial goals. This systematic review examined the effectiveness of financial coaching on financial and health outcomes. Method: Following Campbell Collaboration standards, we searched electronic databases, gray literature, websites, trial registries, and reference lists through September 2024, and contacted experts. Results: Eleven studies (8 RCTs, 3 quasi-experimental designs) met inclusion criteria, with a total of 3,524 participants. Studies were conducted primarily in community settings with adults and measured diverse financial outcomes. Four studies also measured health outcomes. Effect sizes were generally small and inconsistent across studies. While some studies found statistically significant improvements in financial stress, smoking cessation, and savings for children's education, methodological weaknesses and heterogeneity in outcomes limited conclusions. Risk of bias assessment revealed concerns across most studies. Discussion: The evidence base for financial coaching remains limited, and further rigorous research with standardized outcomes is needed.

Keywords

Financial coaching systematic review financial stress financial outcomes health outcomes

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