Financial Capability and Asset Building for All: A Grand and Achievable Challenge for Social Work

In order to achieve lifetime financial security, people must be financially capable and able to accumulate assets. This panel will provide background and rationale for building financial capability and assets in all households in America, including the most financially vulnerable. This is a necessary and achievable goal. Social work scholars have played a significant role in building a theoretical and empirical base for proposals that can improve financial security. Specifically, this team proposes a three-part strategy: The first is to create a universal, progressive, and lifelong system of asset building that begins with a Child Development Account opened automatically for each newborn, to be used to reach social development goals throughout the life span. The second is to create a web-based Financial Capability Gateway that enrolls people automatically in key financial services and provides financial information and guidance. The third part is preparation for all social workers to engage in culturally- and historically-informed practice to improve household financial management and create policies and interventions for household financial capability. This grand challenge requires the profession to commit to making financial well-being a central goal of practice and research.