Preparation for Practice: Financial Capability and Asset Building in the Curriculum
Social workers regularly work with financially vulnerable people who are struggling with finances and seek their assistance (Barczyk & Lincove, 2010; Barnett & Pearce, 2010; Dew & Xiao, 2013; Marson, Savage, & Phillips, 2006). Social workers also advocate for the development of appropriate, accessible products and services, develop programs related to client finances and building wealth through assets, and engage in related policy advocacy. Therefore, social workers need basic knowledge and skills about personal finances related to financially vulnerable households. However, most experience barriers when delivering these types of professional direct and indirect services, such as insufficient knowledge, skills and expertise in personal finance (Despard & Chowa, 2010; Gillen & Loeffler, 2012). While required social work competencies at the bachelors’ and master’s level include a discussion of economic justice (Council on Social Work Education, 2008), social work curricula do not place an emphasis on client finances. In addition, little is known about the degree to which students are prepared for practice with knowledge and skills about financial capability and asset building through engagement in their current curricula. The results of this study inform efforts to prepare social workers to engage in practice infused with or focused on financial capability and asset building.
Methods
This study used data from a cross-sectional survey of BSW and MSW graduating and nongraduating students from eleven social work programs in the U.S. Non-probability-convenience sampling was used, and students were invited to complete an online survey through in-class or email announcements. Of these, 331 completed and partial responses were recorded. After deleting partial responses, data from 248 subjects were analyzed using univariate and bivariate analysis.
Results
Results suggest three main findings: (1) There was a high level of agreement among students about the importance of finances to social work practice. In addition, there was a statistically significantly higher level of agreement from graduating students that the financial circumstances of people in need are a primary focus of social work compared to non-graduating students; (2) While non-graduating students reported the importance of incorporating FCAP in the social work program, a sizable minority (24 – 53%, depending on the course) of graduating students reported that there was little to no content about assessing client financial situation in their coursework. A sizable minority (20-46%, depending on the course) also reported that their program included little to no content to educate them on financial inequality, how to work with clients to improve their situations and/or change policy to help clients with their financial situation; and (3) There’s no significant difference between graduating and non-graduating students with respect to practice skills related to financial capability and asset building, or in financial knowledge, which suggests the curriculum did not prepare students in this regard.
Implications
Graduating students agree that client finances are very important to social work practice. However, students are not experiencing needed preparation for practice infused with or focused on financial capability and asset building. Further work is needed to prepare practitioners to work with and advocate about client finances.