Financial Capability and Asset Building: Evidence-Based Innovation in Social Work Practice
There is mounting scientific evidence about the importance of financial capability and assets in household financial stability and security. However, social work practitioners often lack knowledge and preparation about how to integrate household financial issues into social work practice (Despard & Chowa, 2013; Gillen & Loeffler 2012; Kindle, 2013; Vernon, Watts, & Kakoti, 2013).
This study is part of an initiative that seeks to renew focus on household financial wellbeing in the social work profession. The study objective is to assess the initiative’s effectiveness in increasing social worker capacity for professional practice with low- and moderate-income families aimed at increasing household financial wellbeing. The study examines qualitative and quantitative evidence about student, instructor and administrator reactions to household financial content in courses across the curriculum. The four research questions are: (1) Do instructors and administrators perceive that social workers possess needed knowledge and skills for financial social work? (2) How do students and instructors respond to content on financial issues? (3) What are student, instructor, and administrator attitudes and perceptions about the role and importance of financial issues in social work education and practice? (4) Do students, instructors, and administrators perceive a fit between financial content and social work?
Methods
Participants are social work students, instructors, and administrators in bachelor’s level social work programs in six (6) Minority Serving Institutions (MSIs) who agreed to teach financial social work material in their classes. Two data collection methods were used: (1) pre-post surveys administered by instructors to 261 students, and (2) in-depth interviews with 14 instructors who taught financial content and with 4 administrators in each of the schools. Human Subjects Approval was obtained from the institution that coordinated the research, as well as from each of the six data collection sites. A pre-post survey and an indepth interview guide were designed to explore four research questions. Due to inconsistent membership in the pre- and post-test student groups, univariate statistics only were calculated on the student data. Using computer-assisted qualitative analysis techniques, transcribed interviews were analyzed for key themes.
Results
First, instructors and administrators believe that social workers lack knowledge and skills for financial social work practice, and also suggest a lack of personal financial management knowledge and skills among students. Second, materials on financial social work at all levels of practice “resonated” and were received with enthusiasm by participants. Third, interviews suggest that students and the communities where they work are financially vulnerable and suffer from historical barriers to financial capability and asset building. Finally, instructors and administrators believe that financial social work practice corresponds to the profession’s person-in-environment perspective and can be integrated successfully into courses on practice, theory, research, policy, and in practicum. Finally, this material can be applied successfully to practice with target populations, such as immigrants and foster youth.
Implications
This study suggests that financial issues in social work can be successfully integrated into social work at all levels of practice. However, future research with individual level analysis is needed to better assess learning.