Session: Financial Capability and Asset Building in International Perspective: Research, Policy, and Practice (Society for Social Work and Research 24th Annual Conference - Reducing Racial and Economic Inequality)

Background and Purpose: Financial capability and asset building (FCAB) is an emerging policy, practice, and research area that promotes individual and family financial well-being. The emergence of FCAB in the last two decades reflects growing concern about rising economic inequality and vulnerability among disadvantaged populations (Sherraden, Birkenmaier, & Collins, 2018). These trends are not only evident in the United States; they are a global phenomenon (Piketty, 2014) that reflects difficult labor market changes, growing importance of assets in family well-being, and the rise of financialization.

Although FCAB in social work has historical roots (Stuart, 2016), recent efforts focus on using scientific and systematic approaches to promote financial and asset building research, education, and practice (cites). These aim to make FCAB a coherent element of the social work discipline. There have been important developments in this direction. In 2015, for example, the American Academy of Social Work and Social Welfare recognized “FCAB for All” – along with “Reducing Extreme Economic Inequality” – as one of 12 Social Work Grand Challenges for the 21 century (AASWSW, 2016), reflecting growing recognition of the central role of finances and asset building in family well-being. It has also inspired developments in other countries, and several countries have been among the first nations to adopt the asset-building social policies (e.g., Child Development Accounts [CDAs]) and the idea of FCAB in social work education and practice. This symposium focuses on the growth of FCAB in social work in Israel, Azerbaijan, Singapore, and China.

Methods and Findings: Authors used quantitative and qualitative methods to study a diverse set of research questions related to FCAB in social work. The paper from Israel used a multiple logistic regression to show that household ethnicity and parental education were the strongest of household engagement with the universal Israeli CDA program. The study from Azerbaijan conducted a needs assessment and developmental evaluation to show the needs and resources for developing a CDA policy in Azerbaijan. The “field scan” from China identified innovations in providing financial social work (FSW) in China, documenting three important FSW innovations: CDA implementation for vulnerable children, introduction of FSW concentration in the MSW program, and development of FSW practice guidelines. Finally, research from Singapore relied on focus groups to understand social workers' perception of their clients' financial well-being, demonstrating that Singaporean social workers view clients' financial problems as multifaceted and complex, and they are often unprepared to adequately address their clients' financial issues.

Implications: Overall, findings from this symposium provide understanding of how FCAB can be integrated into social policies and social work practice in diverse national contexts. It also offers insights into the ways that socio-economic and political realities shape approaches to addressing financial well-being in vulnerable populations.