My Mind & My Money is a pilot project under collaboration of FIU Center of Imaging Sciences (CIS), the FIU Business School and Catalyst, Miami. The objective of this project is to begin characterizing the cognitive and neurobiological processes associated with real-world financial decisions, specifically financial asset building (i.e., savings), among individuals of low socioeconomic status. We will use magnetic resonance imaging (MRI) to interrogate brain function and structure to determine if such neurobiological measures relate to future financial savings. Through our collaboration with Catalyst, Miami (a non-profit NGO), which has developed a savings program (Ways to Wealth Program), we will also examine the ability of a text message reminder (i.e., “nudging”) intervention to facilitate savings behavior over 6-month period.
Data collection for this study is complete.