Building Financial Capability in the Social Work Profession: Faculty Perspectives

Background and Purpose:Research suggests that financial capability is an important aspect of financial well-being (Collins & Birkenmaier, 2013). Unfortunately, studies suggest social workers lack adequate preparation to engage in interventions to improve financial capability in vulnerable and low income populations (Loke & Hageman, 2013; Kindle, 2013). Despite its importance for clients, little is known about the extent of coverage of financial capability in social work education, nor faculty attitudes about its inclusion (Sherraden, Birkenmaier, Rochelle, & McClendon, 2015).

This paper reports on a qualitative study that examines the perspectives of social work faculty on: (a) attitudes toward expansion of financial capability content in the social work education; (b) current coverage and range of money and financial topics in the social work education; and (c) the current state of student financial knowledge and skills.

Methods: Thirty semi-structured interviews were completed with social work faculty from accredited social work programs stratified by degree level (MSW, BSW or MSW/BSW), geographic region, and geographic location (urban/rural). The majority of the sample is female (67%), and most respondents hold administrator positions (77% program directors; 23% chairs/deans). Participants were recruited via phone and a follow up email. Interviews, averaging 30 minutes, explored perceptions and attitudes about integration of financial capability in social work courses. All interviews were recorded, transcribed, and thematically coded using NVivo, conventional content analyses (Hsieh & Shannon, 2005) and multiple author agreement of themes.

Findings:Findings show wide variation in faculty interest in, and knowledge and understanding of financial capability topics. Respondents report money and financial topics are not usually covered in classes. However, financial topics come up in class discussions, student examples, and in field practicum. Financial topics that emerge include financial products and services, poverty, income, household budgeting, paying for higher education, retirement, identity protection, and health and mental health coverage. These topics assist students in grasping client needs and barriers. However, students lack financial knowledge and skills, and sometimes struggle with challenging financial situations of their own.

Overall, respondents are cautious but positive about preparing social workers to understand more about, and intervene, on the many financial issues facing clients. They identify possible barriers to preparing social workers for financial practice, including accreditation standards, space in the curriculum, and faculty expertise. They suggest several ways to promote financial knowledge and skills among students, such as alternative teaching modalities and expert guest speakers.

Conclusions and Implications: Faculty respondents perceive that students are not adequately prepared to understand the financial challenges of clients and communities, nor are they prepared to intervene in practice. Although respondents believe knowledge of household finances and financial interventions are important for social workers, financial capability remains a novel idea. Respondents report participation in the interview increased their awareness of the need for social workers to improve financial capability. Implications for research and practice will be discussed and presented.