Session: Financial Well-Being and Quality of Life in China: The Role of Social Workers (Society for Social Work and Research 29th Annual Conference)

Financial well-being is paramount for both individuals and societies, as it serves as a cornerstone of overall quality of life and is a determinant of life satisfaction. Financial well-being goes beyond simply having a decent income; it encompasses the ability to accumulate wealth, manage resources effectively, withstand economic shocks, and pursue long-term goals. Individuals with greater financial well-being often experience lower stress levels, more autonomy in decision-making, and better access to essential services and experiences. It directly affects various aspects of life, such as physical and mental health, educational opportunities, and social relationships. Therefore, fostering financial literacy, promoting equitable economic opportunities, and ensuring access to financial services are essential for improving quality of life and achieving shared prosperity. Promoting financial capability and financial well-being, especially for disadvantaged and vulnerable populations, is an essential task of social work practice for economic justice.

This symposium includes four studies examining family financial well-being in China, and has important practice implications for Chinese social workers. The number of certified social workers in China has reached nearly one million, with nearly 300,000 people taking the social work licensing examination each year. It is an important workforce to promote family financial well-being, quality of life, and individual life satisfaction, especially for disadvantaged populations.

The first study uses a household survey collected in the early stage of the Covid-19 pandemic and examines the relationship between resilience and financial well-being by gender. Resilience is positively associated with financial well-being; however, gender is not a moderator of this association. The second study assesses the impacts of a school-based financial education program for fourth-grade students in less-developed regions in a quasi-experimental mixed-method design. The program has positive impacts on children’s financial literacy both at the midpoint and endpoint of the program. The third study focuses on older adults and shows that community engagement has an indirect effect on their life satisfaction through social capital. The financial study examines an asset-based policy, Housing Provident Fund, and its associations with individual risk preference and financial investment. Social workers have to take into account the complexity of the social environment, such as public health crises, institutional context, and policy provisions, to develop effective practices for different populations.