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PSYC4200 Pre-Professional Psychological Interviewing and Assessment > Week 2 - Psychological assessment in financial settings > Flashcards

Week 2 - Psychological assessment in financial settings Flashcards

1
Q

Statistic for people experiencing financial and mental health challenges

A

People experiencing financial challenges are twice as likely as those who are not to also be experiencing mental health challenges - reverse is also true - those experiencing mental health challenges are twice as likely as those who are not to be experiencing financial challenges

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2
Q

Relationship between financial wellbeing and mental health

A

Bidirectional relationship - financial challenges can cause a decline in mental health, and mental health challenges can cause a decline in financial wellbeing (same is true for improvements)

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3
Q

4 groups that are particularly impacted

A

Young adults
Women
Aboriginal and Torres Strait Islander peoples
People experiencing intersectional adversity

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4
Q

Group that is particularly impacted by financial wellbeing/mental health challenges - have lower wage and wealth growth, larger barriers to home ownership, more likely to have less secure work/housing, lack emergency funds (more vulnerable to economic downturns) and are more susceptible to easy finance options

A

Young people

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5
Q

Group that is vulnerable to poor financial well-being/mental health - pay gaps, unpaid caring roles, more likely to raise child in single household, flee home due to DV, be financially dependent on partner and experience homelessness

A

Women

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6
Q

Group vulnerable to poor financial well-being/mental - more likely to experience poverty, financial hardship, material deprivation, lack of emergency funds, long-term unemployment, physical illness, psychological distress, mental health conditions and suicide

A

ATSI

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7
Q

Group vulnerable to poor financial wellbeing/mental health - e.g., black, young woman

A

People experiencing intersectional adversity

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8
Q

5 things that influence our financial behaviour (saving, spending etc.)

A
  1. Values and experiences
  2. Thoughts
  3. Attitudes
  4. Beliefs
  5. Feelings
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9
Q

Settings that psychological interviewing and assessment is relevant to (re. financial wellbeing/mental health) (6 points - Best Friends Forever Endure Rat Races)

A
  1. Employee wellness programs (including financial wellbeing in there)
  2. Financial institutions
  3. Financial counselling services (clinical psycs working as financial counsellors)
  4. Rehab and recovery centres, community outreach programs
  5. Behavioural finance (interplay between psychology and financial behaviour)
  6. Research
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10
Q

Review slide - What psyc interviewing and assessment can be used for (we have skills relevant in terms of motivation, behaviour, goal setting etc.

A
  • Tailoring financial counselling strategies based on psychological assessments
  • Matching budgeting styles to personality traits
  • Individualised financial plans
  • Aligning financial goals with intrinsic motivations
  • Behavioural change techniques: using psychology to facilitate positive financial habits
    Addressing emotional barriers to financial success
  • Identifying cognitive biases in decision-making
  • Integrating psychological factors into debt management plans
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11
Q

Concepts for psyc assessment in area of finance (review)

A

Areas of research spans over a wide variety of areas, including:
- Financial scarcity
- Financial wellbeing
- Financial anxiety
- Emotional intelligence
- Risk taking
- Money attitudes
- Cognitive bias
- Spending styles
- Self-worth
- Personality

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12
Q

Children from more economically disadvantaged families is significantly related to

A

Hypertension in young adulthood

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13
Q

Two episodes of financial hardship had a greater impact on whose Goldberg Anxiety and Depression score?

A

Greater impact on women’s score compared to men

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14
Q

How does financial hardship in childhood affect men?

A

Men that experienced financial hardship in childhood, that persisted into adulthood, even with upward social mobility (even when financial impacts improves, there were negative impacts on their mental health due to financial strain experienced in childhood).

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15
Q

Common measure to measure attitudes surrounding money

A

Money attitude scale

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16
Q

Factors measured in the Money Attitude Scale

A
  1. Power/prestige
  2. Retention/time
  3. Distrust
  4. Anxiety
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17
Q

What does power/prestiege refer to in the Money attitude scale

A

Use of money as a symbol of success, to impress/influence other people

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18
Q

In the Money Attitude Scale, what does the construct “retention/time” refer to?

A

Careful spending behaviour, planning of resources to have a sense of security

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19
Q

In the Money Attitude Scale, what does the construct “distrust” refer to?

A

Suspicion and doubt in situations involving money

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20
Q

In the Money Attitude Scale, what does the construct “anxiety” refer to?

A

distress and anxiety about money

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21
Q

In the Money Attitude Scale, what factors are centred around the emotional aspects of money

A

Distrust & anxiety

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22
Q

Tool that looks at idea of a “money script” and is described as being more of a clinical measure

A

Klontz Money Script Inventory - Revised (KMSI-R)

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23
Q

How is it thought that “money scripts” develop?

A

Hypothesised that these money scripts develop in childhood and develop overtime based on experiences and messages passed down from generations etc.

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24
Q

Money script

A

Any attitudes, values that we have about money

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25
Q

4 components of the Klontz Money Script Inventory - Revised (KMSI-R)

A
  1. Money avoidance
  2. Money Focus
  3. Money status
  4. Money vigiliance
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26
Q

Script of the KMSI-R that tended to be related to more healthy saving and investing behaviours

A

Money vigilance

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27
Q

Script of KMSI-R that is concerned with too much money being a negative thing and the accumulation/desire for wealth is a bad thing

A

Money avoidance

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28
Q

Script of KMSI-R that is concerned with thinking that money can solve all our problems

A

Money focus (or money worship)

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29
Q

Script of KMSI-R concerned with people believing that their self-worth is tied to their net worth

A

Money Status

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30
Q

Script of KMSI-R concerned with people being more anxious about spending money

A

Money vigilance

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31
Q

Tool that focusses on components of security, love, freedom and love

A

Money types questionnaire

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32
Q

Genders and their associations with money

A

Males were identified as having significantly stronger affective associations between money and power than females (women seem to think of money in terms of things it can be converted into, whilst men think of it in terms of power)

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33
Q

Financial risk taking associated with which personality trait

A

Creativity (component of openness to experience)

34
Q

Optimisim/life satisfaction related to

A

Growth in income

35
Q

Higher levels of self-control related to

A

Having less debt
studies replicated in children (9-11) being primed to activate self-control and them having greater propensity to save money rather than spending straight away

36
Q

Psychological bias associated with probability or likelihood of overestimating (the accuracy) that a certain outcome will happen (can impact our spending or investment behaviour)

A

Overconfidence bias

37
Q

Psychological bias used to describe our bias to categorise money into different boxes (e.g., money will be used for this and this for this)

A

Mental accounting

38
Q

Example of mental accounting

A

Willingness to pay more for things using a card than cash

39
Q

Psychological bias referring to seeking to retain information that fits with the way we already think about the world and ignore information that denies that (might play a role in our spending)

A

Confirmation bias

40
Q

Psychological bias referring to the ability for emotions to influence our decisions

A

Affect heuristic

41
Q

Review slide

A

Screening tools like:
- Brief symptom inventory (NSI)
- General health questionnaire
- DASS-21
- Kessler 10 Measure of psychological distress (K10)

are common subjective measures that can use to see impact that financial challenges might be having on someone’s mental health.

Informs intervention because helps to identify the people that might be at risk of developing these kinds of mental health issues and give insights that financial stress might be having on their overall health and wellbeing, so can guide our interventions

42
Q

Cognitive distortion involving exaggerating the severity of the financial situation

A

Catastrophising

43
Q

Cognitive distortion involving predicting negative financial outcome

A

Fortune telling

44
Q

Cognitive distortion involving black and white thinking about situation they’re in financially

A

All-or-nothing thinking

45
Q

2 methods of assessing cognitions about money (using CBT framework)

A
  • Self-report scales
  • Thought monitoring records
46
Q

Review slide

A
47
Q

What statistics suggests that gambling will be common in people whether they meet criteria for gambling disorder or not (so should be asking about it)

A

70% of Australians participated in some form of gambling in the last year

+
2 out of every 3 adult Australians gamble in some form each year
+
80% of those seeking treatment have problems with EGMs

48
Q

Review

A
  • 39% of people who experience problem gambling have diagnosed mental health condition e.g., depression, anxiety, alcohol use disorder or post-traumatic stress disorder
  • 39% of people who experience problem gambling are in a state of high distress, compared with 5% of the general population
  • self-reported satisfaction with life drops as risky gambling behaviour increases
  • There is a correlation between risky gambling behaviour, and heavy alcohol and tobacco use
49
Q

Short screening tool that can be used to identify if more comprehensive interview or screening tool is needed

A

Brief Biosocial Gambling Screen (BBGS)

50
Q

Problem gambling severity index has revealed what about the degree of harms in people with varying severities of gambling behaviour

A

Most severe harms are experienced by people in the problem category HOWEVER majority of harms are experienced by people in the lower risk categories
important to not just think about those meeting disorder criteria but potential for harms to be existing outside of that and why it is important to be asking everyone

51
Q

(review slide for motivation and money)

A

Benefits of using psychological assessment:
- Tailoring financial advice to individual motivations
- Enhancing client engagement
- Improving the alignment of financial plans with personal goals
- Inform strategic financial decisions

52
Q

Which model can be used to look at willingness for financial change - financial counselling has used this model with good success (motivating people to make financial change)

A

Transtheoretical model of change (or stages of change model

53
Q

Semi-structured interview process
Brief (5-15 mins)
Based on motivational interviewing (looks at key principles of MI - how they might use these to use peoples motivation to facilitate change)

A

Brief Negotiated Interview

54
Q

5 steps to the brief negotiated interview

A
  1. Build rapport - raise the subject
  2. Explore the pros and cons of use
  3. Provide information and feedback
  4. Assess readiness to change with the ‘readiness ruler’
  5. Negotiate an action plan
55
Q

Revision of principle 1 - empathic responding

A

Takes an approach (in the brief negotiated interview) that is non-judgmental. Takes a curious approach, uses empathy and asks permission

56
Q

What is the goal of developing rapport (1st step) in the brief negotiated interview?

A

To relax people’s guard/resistance to talk about behaviours/behaviour change that they’re usually ambivalent about making

57
Q

When the first step in the Brief Negotiated Interview is developing rapport - what does this entail

A

Typically involves general conversation, making people comfortable etc. In this, it specifically refers to asking permission to talk about something e.g., “Would you mind taking a few minutes to talk with me about your financial situation?”

58
Q

Tool that is used to accompany clinical skills in the brief negotiated interview’s second step - discussing pro’s and cons
(helps gather information and elicit motivation for change)

A

Decisional balance
elicits a persons own motivation for change - evidence that just using decisional balance tool can be helpful for change: even though just assessment tool for gathering information and seeing what stage of change they’re in

59
Q

True/false - information alone is enough to change behaviour

A

False - need to also elicit a person’s motivation

60
Q

Review slide - decisional balance tool

A

Top two is where usually see peoples ambivalence to change appearing. Bottom left is where people give their own reasons of change that you might not have thought of and eliciting why they would want to change. Bottom right showcases a persons fear of the change

61
Q

How might you specifically discuss pros and cons in the Brief Negotiated Interview

A

“Help me understand through your eyes”
- “What are some good things about [key issue]?”
- “What are some of the not-so-good things about it?”

Gives us a better understanding of why people engage in certain behaviours

62
Q

What techniques are embedded within the second stage of the Brief Negotiated Interview

A
  • Effective questioning: Use open-ended questions
  • Summarising and paraphrasing (allows to reflect back peoples ambivalence about change)
63
Q

Benefit of using effective questioning - open ended questions (4 points)

A
  • Gathers broad, descriptive information
  • Encourages engagement
  • Opens the door for exploration
  • Learn more about the person’s view about their behaviour, which helps in making plans for change
64
Q

Benefit of using summarising and paraphrasing (2 points)

A
  • Reinforces what has been said
    (double checks understanding and puts information in a balance e.g., “on the one hand, you enjoy… But on the other hand, spending is causing some problems. You are finding it difficult to…”)
  • Shows careful listening
65
Q

Providing information and feedback (3rd step) in the Brief Negotiated Interview involves 4 parts

A
  1. Ask permission to give information
  2. Discuss assessment findings
  3. Link current behaviours to any known consequences
  4. Check perceptions/view

e.g., “I have some information on [issue]. Would you mind if i shared it with you? What are your thoughts?”

66
Q

Review - readiness ruler

A

Part of assessment, but can be used as springboard into intervention too - “Why are you a 2? How can we turn that into an 8?

67
Q

4 Steps involved in 5th step of Brief Negotiated interview - Negotiating an action plan

A
  1. Introduce change
    - What are some steps/options that will work for you to stay aligned with financial goals?
    - What will help you reduce the things you don’t like about spending?
  2. Emphasize strengths
    - From our conversation I believe you [list strengths]. What do you think will most help you make this change?
  3. (this is where summarising and paraphrasing continues as well) Identify supports
    - What supports do you have for making this change?
    - Tell me about a challenge you overcame in the past. What helped most in that situation?
  4. Write down steps
    - Those are great ideas. Is it okay for me to write down your plan, to keep with you as a reminder?
68
Q

What skill is being demonstrated here:
“You are not comfortable talking about this”
“You are surprised that your score shows you may believe money equals self esteem and status”
“Sounds like you’re having a difficult time saving”
“You really enjoy your substance use and would hate to give it up and you can also see that it is causing some financial problems”

A

Reflective listening

69
Q

What is involved in financial therapy in ACT

A

People are encouraged to explore their financial values and how they align with other life domains and how they are behaving according to that.

70
Q

Values

A

Desired qualities of behaviour - who we want to be in the world e.g., what kind of psychologist or student do you want to be?”

71
Q

True/false - values are moment to moment choices and not something that can be achieved

A

True - goals can be achieved

72
Q

True/false - Values are not qualities that we choose freely

A

False - they are something we choose freely. They are not rules.

73
Q

True/false - Values are about your own behaviour, not what you get from other people

A

True

74
Q

How does ACT think psychological distress arises? What is it’s goal?

A

Psychological distress comes from misalignment or discrepancy between things we really care about and the way that we’re acting.

Key component of ACT is to identify these values and then work to put a plan in place so that we can behave in alignment with our values

75
Q

Review slide - money values

A
76
Q

What does these questions achieve?
- What does money mean to you personally?
- How did this attitude come to form?
- What were your family’s values about money?
- What is your biggest concern about money?
- What are your financial habits? When you spend? Why?
- What are your hopes and dreams about money?
- Having enough money means…

A

Identifying a person’s money values

77
Q

Exercise that reflects on the discrepancy between your values and behaviour (how much are they living in alignment with their values)

A

Bulls eye
Closer to centre means they’re living fully by their values. Further to the edge means living inconsistent with their values

78
Q

Money Mindfulness Exercise can do after identified values

A

Put money where your values are - Does how you spend your money match your values activity

  • Helps identify if money is going toward priorities and getting clear of their priorities and then being conscious of spending.

The role of interviewing and assessing people of their values in the way ACT does can lead to priority and goal setting exercises when it comes to intervention

79
Q

Review slide - cultural considerations

A
  • Perceptions of financial wellbeing
  • Communication styles in community about money (are they comfortable speaking about?)
  • Beliefs and values about money
  • Family and community dynamics (are financial decisions something that they have been able to have conversations about?)
  • Taboos and stigma
  • Socioeconomic context
80
Q

Review slide - monitoring as a behavioural assessment

A
  • Monitoring and tracking our own patterns as a form of assessment and data gathering can be a form of intervention too (there is evidence that it does change behaviour)
81
Q

Review slide - Future trends and Innovations in Psychological Approaches to Financial Counselling

A

Developing area -> advances in financial health in psychology, becoming more relevant to psychological assessment and interviewing

PSYC4200 Pre-Professional Psychological Interviewing and Assessment (3 decks)

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