Jeffrey Clark, MA, MSW, LMSW, Family Prosperity Program Coordinator, Promise Heights, University of Maryland School of Social Work & Lissa Johnson, MSW, LCSW Director of Administration, Center for Social Development Director of Policy Initiatives, Grand Challenges for Social Work Center for Social Development Brown School of Social Work Washington University in St. Louis
School social workers often work with financially precarious students and their families. Rising income and wealth inequality, a difficult labor market and volatile incomes, and lack of financial capability affect most clients in some way such as homeless students, students that move frequently, students involved in the child welfare system, and students at risk for dropping out. It is not only important for practitioners to understand the range of financial challenges that affect their clients, but they also should know how to solve basic financial problems and to enable them to plan for a financially secure future. For example, school social workers can help students and their families locate financial resources; find appropriate financial products and services; avoid costly, unsafe and sometimes predatory financial services; and make sound financial decisions, including those associated with students’ future education. This is the work of social workers. The grand challenge “Financial Capability and Asset Building for All” aims to achieve a central social work mission, which according to the National Association of Social Workers, is “…to help meet basic human needs…with particular attention to the needs and empowerment of people who are vulnerable, oppressed, and living in poverty.” Being financially capable today requires knowledge and skills, and also access to appropriate financial products and services. Nearly everyone has to learn how to use new products and services, such as online banking and mobile money. Even the most well-informed families find it difficult to keep up with the fast pace of change in the financial sector. This workshop will cover several key topics.
(1) It will provide a conceptual and historical understanding of financial capability and the role of social workers in helping families build a foundation for financial well-being.
(2) It will discuss the role of schools and the family as early and key socialization agents that prepare young people to understand and manage their finances.
(3) It will offer school social workers an understanding of rising income and wealth inequality, especially among minority and other vulnerable individuals and families.
(4) It will offer an overview of knowledge, skills, and tools that social workers can use to improve their clients’ financial well-being.
(5) It will discuss how social workers can collaborate with educators, other human service and financial professionals to assess and address family financial problems.
(6) Finally, it will discuss ways to get involved in community, organizational and policy change (such as recent innovations in inclusive state 529 college savings plans) to improve the financial conditions and outlook of individuals and families.