Financial Social Work

Sherraden, Margaret S.; Frey, Jodi Jacobson; Birkenmaier, Julie

doi:10.1007/978-3-319-28887-1_10

Cited by 24 publications

(17 citation statements)

References 49 publications

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“…As society has grown increasingly financialized, the social service sector has deepened its interest in using financial capability services to address economic insecurity in vulnerable families (ACF and CFED ). The aims of financial capability services include increasing access to financial products (e.g., banking and credit), asset‐building opportunities, and financial education, training, and guidance (Sherraden, Frey, and Birkenmaier ). For example, to promote financial well‐being, community organizations and social service agencies may provide financial education and counseling to improve low‐income families' financial knowledge and skills, use financial coaching to address clients' household finance problems, facilitate their receipt of public (e.g., cash assistance and tax credits) and employment‐based benefits, and create subsidized savings programs for asset accumulation.…”

mentioning

confidence: 99%

Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

Huang¹,

Beverly²,

Kim³

et al. 2019

Journal of Consumer Affairs

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In the financial capability intervention known as Child Development Accounts (CDAs), incentives with savings or investment accounts enable families (especially vulnerable ones) to accumulate assets for children's developmental and life‐cycle needs. With data from SEED for Oklahoma Kids (OK), a randomized statewide policy experiment, we examined a CDA intervention's effects on a subsample of low‐income families in Temporary Assistance for Needy Families and Head Start. Results from simultaneous equation modeling suggest that the intervention has positive, statistically significant impacts on financial and social‐development outcomes. Findings provide empirical support for a new model for integrating the accounts with other social services for economically vulnerable populations. The centralized account platform used in SEED OK seems essential to providing CDAs on a large scale, which would enable opportunities for integration with federal‐ and state‐funded social service programs.

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mentioning

confidence: 99%

Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

Huang¹,

Beverly²,

Kim³

et al. 2019

Journal of Consumer Affairs

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“…FCAB, as a concept, rests on the assumption that individuals have varying levels of financial capability due to both their internal capabilities and the external conditions present (or absent) in their communities, including the presence or dearth of financial products and services and resources available within their communities. Theory suggests that social interventions to improve FCAB focus on building internal capabilities through financial education efforts and changing external conditions through financial access and policy (Beverly, Clancy, & Sherraden, 2014;Huang, Nam, & Sherraden, 2013;Huang, Nam, Sherraden, & Clancy, 2015;Sherraden, Frey, & Birkenmaier, 2016).…”

mentioning

confidence: 99%

Financial Capability and Asset Building: Building Evidence for Community Practice

Birkenmaier

Sherraden

Frey

et al. 2016

Journal of Community Practice

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Community practitioners have long been involved in helping clients manage their household finances and gain financial capability and build assets (Cruce, 2001; Stuart, 2013). Toward these ends, practitioners work in diverse community-based organizations to assist clients to acquire, maintain, and manage income; obtain education and training to enter the workforce; acquire and maintain employment; manage their finances; and many other direct services. Informed by their first-hand experience with clients, they also develop and direct workforce development, financial management, and asset development programs; evaluate their work; and disseminate their findings to other practitioners. Many household financial problems are rooted in systemic forces, such as poverty, discrimination, and poorly designed and unsafe financial products (Karger, 2015). Practitioners, therefore, also advocate in local communities for affordable and appropriate financial products, as well as empower and mobilize financially vulnerable people and communities to engage in policy practice to advance favorable social conditions, such as a higher minimum wage and affordable, accessible healthcare so that families can become more financially stable and secure. The diverse work just described occurs within the context of communities comprised of working families challenged by today's financial realities. America's working households are struggling with low financial security (Wiedrich, Sims, Weisman, Rice, & Brooks, 2016). Despite an economy in the United States and globally that has largely recovered from the Great Recession, the majority of US households are facing their own increasingly difficult economic and financial realities. At the national level, the United States is experiencing extraordinary income and wealth inequality (Pew Research Center, 2015; Piketty, 2014; Saez & Zucman, 2014). This means that most of the income and wealth produced is going to the most affluent households (Pew Research Center, 2015), and the majority of US households hold a decreasing share of all income and wealth produced in the economy. Almost half of all income produced in 2014 went to upper-income households (i.e., those earning over $144,251 for a family of 4), an increase from 29% in 1970 (Pew Research Center, 2015). The share of income that went to middle-income households (i.e., those earning between $48,083 to 144, 251) was 43%, down from 62% in 1970 (Pew Research Center, 2015). In fact, family incomes adjusted for inflation have changed little over the past 3 to 4 decades (DeNavas-Walt &

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“…Their contact may consist of helping with filing for the earned income tax credit or helping the client manage within her limited income. In the early years of the field of social work, "financial social work" and "financial well-being" were deemed important and were integrated into the training curriculum (Sherraden, Jacobson, & Birkenmaier, 2016). Over time, however, the field of social work education and the supporting educational curriculum turned away from economics and focused on mental health and psychological interventions.…”

Section: On-the-job Training or Continuing Education For Financialmentioning

confidence: 99%

“…In the past several years, important additions have been made to the undergraduate and graduate social work curriculum at a number of universities. Several social work schools have developed or are developing stand-alone financial capability courses or financial social work as a field of concentration to integrate the content into social work theory and practice (Sherraden et al, 2016).…”

Section: On-the-job Training or Continuing Education For Financialmentioning

confidence: 99%

The Financial Counseling Industry: Past, Present, and Policy Recommendations

Lander¹

2018

Journal of Financial Counseling and Planning

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Financial counseling plays an important role for low- and moderate-income Americans and deserves more attention from leaders in the field. As financial counseling has evolved, the providers have been challenged to find a model that is both borrower centered and sustainable. This article provides a diagnosis of the failures and challenges in the financial counseling field, as well as a discussion of steps through which the providers could optimally serve families in need. These steps include (a) enhanced funding of the industry as a result of a recognition by financial stakeholders that it would be beneficial for them if the counseling industry was markedly improved; (b) stronger training for counselors; (c) implementation of enhanced measurement tools so that both funders and consumer borrowers could choose their providers from an informed position; and (d) assertion of leadership by consumer advocates and the Consumer Financial Products Bureau in improving this industry.

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Financial Social Work

Cited by 24 publications

References 49 publications

Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

Exploring a Model for Integrating Child Development Accounts with Social Services for Vulnerable Families

Financial Capability and Asset Building: Building Evidence for Community Practice

The Financial Counseling Industry: Past, Present, and Policy Recommendations

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