Session: Financial Capability and Asset Building Practice for Financially Vulnerable Populations (Society for Social Work and Research 29th Annual Conference)

The Grand Challenge theme of Financial Capability and Assets for All(FCAB) has emerged as a critical Grand Challenge that cuts across other Grand Challenges (e.g., Reduce Extreme Economic Inequality). Itâ„¢s importance is underscored by the stark wealth disparities in the U.S. and the struggle of many families to meet their basic needs. The FCAB Grand Challenge is pivotal in understanding and addressing the financial vulnerabilities that diverse populations face, including immigrants, refugees, individuals involved with the justice system, and those mistreated by the financial services industry. The urgency of enhancing FCAB for everyone is accentuated by these groupsâ„¢ experiences, and underscores the need for innovative research and evidence-based interventions that can assist everyone in achieving financial well-being.

The four papers to be presented in this symposium significantly contribute to the body of knowledge surrounding the FCAB Grand Challenge. This collective body of work delves into the nuanced realities of four populations, and explores the intersection of socioeconomic factors and systemic barriers that influence individualsâ„¢ ability to access and benefit from financial services. Each study offers a unique lens on a group or issue through which to view the multifaceted nature of financial vulnerability and the paths to their financial well-being. The papers collectively underscore the importance of understanding financial capability as a complex interplay between personal capabilities, systemic opportunities, and the socio-economic environment. They highlight the critical role of tailored, culturally sensitive interventions and policies that can lower barriers to financial access, improve financial literacy, and foster asset building.

The first paper, "Wealth Trajectories of Children from Immigrant and Native-Born Families", illustrates the complex interplay between parental asset ownership and the wealth accumulation of children in immigrant families. Study findings suggest a "wealth growth gap" between children of immigrants and children of native-born parents, which suggests an initial advantage for children of immigrant parents, but subsequent challenges that negatively impact their wealth. The second paper, "Financial Capability and Asset Building among Refugees in the United States" incorporates qualitative data to examine the specific challenges refugees face in accessing FCAB services. Findings suggest the need for tailored financial education and support systems to ensure their preparedness to fully engage in the U.S. financial system. The third paper, "Enhancing Diversion Success through Financial Capability and Asset Building" provides an intervention approach that fills gaps in services for participant success in criminal justice diversion programs. The authors built a model that incorporates FCAB services into diversion programs, which offers a novel approach to improving diversion completion rates and reducing recidivism through economic empowerment. The final paper, "Financial Services Mistreatment and Financial Well-Being" examines the detrimental effects of financial services mistreatment, in practice, policy, and products, on individuals' financial well-being. The authors find that financial services mistreatment may impact financial access to different products in different ways, and these products also have varying relationships with financial well-being. Taken together, these papers underscore the importance of comprehensive approaches to enhancing FCAB among vulnerable populations, and provide valuable insights for policymakers, practitioners, and researchers.