Session: Evidence and Perceptions of Factors That Influence Financial Well-Being (Society for Social Work and Research 23rd Annual Conference - Ending Gender Based, Family and Community Violence)

The Financial Capability and Asset Building for All Grand Challenge calls attention to the idea that household financial well-being is an important dimension to overall well-being, and an important policy and practice direction for the social work profession (Sherraden, et al., 2015). Previous research points to the need for specific elements for household financial well-being, including income, assets, financial management skills, financial knowledge, strong consumer credit, and others. However, financial well-being is a complex and dynamic concept, and further evidence about these factors is needed to deliver targeted, evidence-based interventions aimed at improving financial well-being. Additionally, while the social work profession has a long history of interventions that include finances (Stuart, 2016), social work is now revising its financial focus. For curriculum development, contextual knowledge is needed about the social work faculty perspective on important factors for household financial well-being.

This symposium will provide empirical evidence about the factors and perceived factors that influence financial well-being. The first paper, Parents' Economic Resources, Parental Financial Assistance, and Racial Wealth Disparity: Evidence from the Panel Study of Income Dynamics examines important research questions regarding factors that perpetuate racial wealth disparity related to higher education. The researchers examine the role of parental socioeconomic resources and financial assistance for higher education in this disparity. Findings suggest that reducing the effects of parents' resources on parental assistance to college may decrease racial wealth gaps. Next, U.S. Household Financial Access and Financial Behaviors: A Latent Class Analysis, focuses on the understudied relationship between financial access and household financial management. This relationship can inform consumer financial literacy initiatives and financial access advocacy. Results suggest that the majority of U.S. consumers have fair to strong financial access, with the exception of self-sponsored retirement and other investments. However, results also point to the importance of financial management behaviors for all consumers, but especially for those with the least financial access. The third paper, Faculty Perspectives on Financial Capability and Asset Building Content in Social Work Education, focuses on the potential for faculty endorsement of FCAB content integration for successful curricular change. Social work faculty at accredited schools were surveyed about their perceptions of the importance of FCAB content for social work students. Research results indicate that faculty generally find it useful for students to learn about various FCAB topics, with racial and faculty rank differences. The fourth paper, What about Money? Coverage and Gaps in Financial Capability and Asset Building (FCAB) Topics in Social Work Education, reports on research that explored the extent to which FCAB topics are currently included in social work education, and the gaps in content. Results suggest that only about half of faculty report coverage of any type of FCAB content in their courses. Coverage is associated with faculty financial education, perception of usefulness, and other factors. Taken together, these papers build knowledge for social work interventions about important factors related to financial wellbeing, and provide evidence about faculty perceptions and curricular choices regarding FCAB content important for client well-being.