Student Perceptions of Financial Capability Interventions: How Important?

Background and Purpose:  The “Financial Capability for All” Grand Challenge for Social Work lays out an important agenda for the social work profession to effectively address household financial issues in social work practice. Previous studies have focused on students’ preparedness for financial capability practice (Birkenmaier, Loke, & Hageman, 2016; Gillen & Loeffler, 2012), how well students feel that their program is preparing them for Financial Capability and Asset Building (FCAB) practice (Loke, Birkenmaier, & Hageman, 2017), how relevant students feel financial literacy is to practice (Kindle, 2010), and student financial literacy (Kindle, 2013; Loke & Hageman, 2013). However, little is known about students’ perceptions about the importance of financial capability interventions in practice. To move the profession toward addressing the relevant Grand Challenges and to create and deliver effective curricula, a deeper understanding of student perceptions about FCAB is needed. This study fills that gap by examining student perceptions of the importance of financial capability interventions in practice from a multivariate perspective. 

Methods: This study uses non-randomized survey data drawn from the responses of 516 students enrolled in 16 public and private BSW and MSW social work programs in the U.S. to examine social work students’ perceptions of financial capability interventions in social work practice. The sample was obtained through professional social work networks and a Financial Social Work Scholar collaborative. BSW and MSW students were invited in person, by e-mail, and/or through bulletin board postings to respond to the questionnaire online or using paper and pencil. Descriptive variables include demographic information (age, gender, race, type of social work program), program status, preferred field of practice, and previous financial education. Logistic regression was used to examine respondents’ perceptions about the importance of including an economic focus within intervention efforts.

Results: Results of the logistic regression model indicate that students’ preferred fields of practice are significantly associated with the importance they ascribe to including financial capability as a focus of social work intervention. Students preferring to practice in the fields of children and families (p = .01) and mental health (p =.005) attached significantly lower levels of importance compared to those preferring macro practice. In addition, students’ perceptions of the importance of including financial capability content in the social work curriculum is significantly associated with the outcome of interest (p = .000). However, no significant associations were observed with respect to students’ level of comfort with implementing financial capability inventions, their financial literacy and financial self-efficacy.

Conclusions and Implications: Findings suggest that student perception of financial capability interventions can be influenced by the importance placed on the topic within courses taught relevant to their field of practice and within the broader curriculum. Curricular policy and research implications will be shared.