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Full-Text Articles in Social Work
Policy Recommendations For Financial Capability And Asset Building By Increasing Access To Safe, Affordable Credit, Julie Birkenmaier, Mathieu R. Despard, Terri Friedline
Policy Recommendations For Financial Capability And Asset Building By Increasing Access To Safe, Affordable Credit, Julie Birkenmaier, Mathieu R. Despard, Terri Friedline
Center for Social Development Research
Strong credit is a prerequisite for financial well-being, but many U.S. consumers lack access to safe and affordable credit options. This brief, released through the Grand Challenges for Social Work initiative’s network toBuild Financial Capability for All, identifies policies that would enable households to build and maintain credit and that would ensure access to credit products with adequate consumer protections.
Policy Recommendations For Helping U.S. Households Build Emergency Savings, Mathieu R. Despard, Terri Friedline, Julie Birkenmaier
Policy Recommendations For Helping U.S. Households Build Emergency Savings, Mathieu R. Despard, Terri Friedline, Julie Birkenmaier
Center for Social Development Research
In households without emergency savings, an unexpected expense or financial shock can heighten stress and threaten the ability to meet basic needs. This brief, released through the Grand Challenges for Social Work initiative’s network toBuild Financial Capability for All, identifies three types of policies to enable U.S. households to save for emergencies.
Next Steps: Whither Social Work Education And Financial Capability And Asset Building?, Darla Spence Coffey
Next Steps: Whither Social Work Education And Financial Capability And Asset Building?, Darla Spence Coffey
Center for Social Development Research
This CSD Perspective has been adapted from an address given by Dr. Coffey on April 17, 2018, as part of Coin a Better Future: Reaching Out to Financially Vulnerable Families, an event sponsored by the Center for Social Development at Washington University and the Center for Household Financial Stability at the Federal Reserve Bank of St. Louis.
A Toolkit For Expanding Financial Capability At Tax Time, Genevieve Davison, Merideth Covington, Olga Kondratjeva, Stephen P. Roll, Michal Grinstein-Weiss
A Toolkit For Expanding Financial Capability At Tax Time, Genevieve Davison, Merideth Covington, Olga Kondratjeva, Stephen P. Roll, Michal Grinstein-Weiss
Center for Social Development Research
This work expands upon The Volunteer Income Tax Preparer’s Toolkit: Showing Clients Why Tax Time is the Right Time to Save, a 2015 Toolkit by the Center for Social Development. This new offering presents the current evidence underpinning various tax-time efforts to expand financial capability among low- and moderate-income households. It includes sections on creating a VITA program and on several financial-capability products and services that organizations can offer alongside free tax-preparation services. The evidence comes from a variety of sources, but we highlight findings from research conducted by CSD, particularly that conducted as part of the Refund to Savings …
Faculty Perspectives On Financial Capability And Asset Building In Social Work Education: A Research Report, Margaret S. Sherraden, Jin Huang, Lissa Johnson, Peter Dore, Julie Birkenmaier, Vernon Loke, Sally Hageman
Faculty Perspectives On Financial Capability And Asset Building In Social Work Education: A Research Report, Margaret S. Sherraden, Jin Huang, Lissa Johnson, Peter Dore, Julie Birkenmaier, Vernon Loke, Sally Hageman
Center for Social Development Research
This report is based on a study conducted in collaboration with the Council on Social Work Education. The report presents findings from a national online survey of social work faculty. Results identify financial and economic (F&E) content taught in the current curriculum, gaps in coverage, and strategies for improving the academic preparation of social workers in these areas. Findings will inform financial capability and asset-building curriculum and improve the academic preparation of social workers.
Financial Literacy In China: Priorities And A Direction, Yiqing Yuan, Minchao Jin
Financial Literacy In China: Priorities And A Direction, Yiqing Yuan, Minchao Jin
Center for Social Development Research
Growing income disparity, a shrinking social welfare system, expanding financial markets, and diversifying financial products have pushed economically vulnerable groups in China into greater disadvantage in recent decades. The government has acknowledged the urgency of this situation, which underscores the micro- and macro-level importance of financial literacy and of its study. In general, there are two priorities in efforts to study financial literacy in China. One is theoretical, and the other is empirical. The theoretical priority, which comes from Western research, is to develop conceptual precision; the financial-literacy framework is not well defined, fails to differentiate among related concepts, and …
Annual Report On The Head Start Family Financial Capability Program: 2015–2016, Jami Curley, Anne S. Robertson
Annual Report On The Head Start Family Financial Capability Program: 2015–2016, Jami Curley, Anne S. Robertson
Center for Social Development Research
This report presents results from a mixed-methods evaluation of the third year of implementation of a financial-capability program with Head Start families in the St. Louis, Missouri, metropolitan area: The Head Start Family Financial Capability (HSFFC) Program. The program combined savings incentives, budget and credit counseling, and one-on-one coaching with 10 hours of financial education on debt management, banking, budgeting, saving, and credit. The results reported here come from analyses of data on 339 adult program participants from Head Start families, 107 Head Start staff who participated in the program, and administrators and staff implementing the program at Head Start …
Start Lifelong Asset Building With Universal And Progressive Child Development Accounts, Jin Huang, Margaret S. Sherraden, Margaret M. Clancy, Michael Sherraden, Trina R. Shanks
Start Lifelong Asset Building With Universal And Progressive Child Development Accounts, Jin Huang, Margaret S. Sherraden, Margaret M. Clancy, Michael Sherraden, Trina R. Shanks
Center for Social Development Research
This policy action statement was developed by members of the networks engaged in the Grand Challenges to Build Financial Capability and Assets for All and to Reduce Extreme Economic Inequality. The Grand Challenges initiative’s policy action statements present proposals emerging from Social Innovation for America’s Renewal, a policy conference organized by the Center for Social Development at Washington University in collaboration with theAmerican Academy of Social Work & Social Welfare, which is leading the Grand Challenges for Social Work initiative to champion social progress through a national agenda powered by science.
Leveraging Tax Time To Build Financial Capability: Research Evidence And Policy Directions, Meredith Covington, Jane E. Oliphant, Michal Grinstein-Weiss
Leveraging Tax Time To Build Financial Capability: Research Evidence And Policy Directions, Meredith Covington, Jane E. Oliphant, Michal Grinstein-Weiss
Center for Social Development Research
Over the past decade, a variety of initiatives have been implemented in the United States to facilitate saving and build financial security at tax time, including national experiments, pilot programs, and federal and state policies. Much progress has been made in encouraging tax filers, especially low- to moderate-income (LMI) tax filers, to save a portion of their refund. To expand upon the “golden moment” of saving at tax time, policymakers, practitioners, and researchers must now seek ways in which the lump sum of saving at tax time can serve to render tax filers capable of confidently managing their financial lives. …
Financial Inclusion In China: Use Of Credit, Zibei Chen, Minchao Jin
Financial Inclusion In China: Use Of Credit, Zibei Chen, Minchao Jin
Center for Social Development Research
Limited access to credit can cause financial vulnerability for a household and economic loss for a country. Previous studies have shown that only small portions of populations in developing countries use formal credit, but few studies have focused on Chinese populations. Analyzing data from the 2011 China Household Financial Survey, this study explored Chinese households’ credit use. Over half of the sample (53.21%) reported using credit, and only 19.77% of the sample used formal credit. Use of formal credit was associated with the socioeconomic characteristics of household heads (e.g., employment and education) and of households (e.g., income and net worth). …
A Savings Account For Every Child Born In Israel: Recommendations For Program Implementation, Michal Grinstein-Weiss, Meredith Covington, Margaret M. Clancy, Michael Sherraden
A Savings Account For Every Child Born In Israel: Recommendations For Program Implementation, Michal Grinstein-Weiss, Meredith Covington, Margaret M. Clancy, Michael Sherraden
Center for Social Development Research
In November 2015, Israel enacted legislation to create and fund a Child Development Account program. Beginning in 2017, every baby born to an insured Israeli resident will receive a Child Development Account in his or her name. This brief details the policy, which was developed in collaboration with researchers at the Center for Social Development, and offers recommendations to guide its implementation.
Annual Report On The Asset Project's Head Start Family Financial Capability Pilot: 2014–2015, Anne S. Robertson, Jami Curley
Annual Report On The Asset Project's Head Start Family Financial Capability Pilot: 2014–2015, Anne S. Robertson, Jami Curley
Center for Social Development Research
Since the Great Recession (December 2007–2009 in the United States), poverty has compromised many families and increased the prevalence of young children living in neighborhoods of concentrated, deep poverty. However, financial literacy interventions have reported promising outcomes for influencing financial choices and financial knowledge, highlighting the potential of such programs for improving the economic positions of families and children. This report presents results from a mixed-methods evaluation of a financial literacy intervention with Head Start families in the St. Louis metropolitan area. The intervention combines savings incentives and one-on-one coaching with 10 hours of financial education on debt management, banking, …
Impacts Of Financial Inclusion On Youth Development: Findings From The Ghana Youthsave Experiment, Gina Chowa, Rainier Masa, David Ansong, Mat Despard, Shiyou Wu, Deborah Hughes, Isaac Osei-Akoto, Stephanie Afranie, Naa Adjorkor Mark-Sowah, Charles Ofori-Acquah, Yungsoo Lee, Lissa Johnson, Michael Sherraden
Impacts Of Financial Inclusion On Youth Development: Findings From The Ghana Youthsave Experiment, Gina Chowa, Rainier Masa, David Ansong, Mat Despard, Shiyou Wu, Deborah Hughes, Isaac Osei-Akoto, Stephanie Afranie, Naa Adjorkor Mark-Sowah, Charles Ofori-Acquah, Yungsoo Lee, Lissa Johnson, Michael Sherraden
Center for Social Development Research
The Ghana YouthSave Experiment investigated whether and how youth savings accounts affect financial capability; psychosocial, education, and health outcomes; and economic well-being of Ghanaian youth and their households. The research rigor in the Ghana experiment is unprecedented in resource-limited countries; therefore, it offers an opportunity to posit causal relationships between savings and youth development. This endline report, which comes three years after the baseline report, describes the Ghana experiment and presents experimental findings of YouthSave. The key research questions this report aims to answer is whether the Ghana experiment improved (1) savings patterns and performance for low-income youth; (2) low-income …
Financial Capability And Asset Building In Social Work Education: “The Big Piece Missing?”, Margaret S. Sherraden, Julie Birkenmaier, Michael Rochelle, Gena G. Mcclendon
Financial Capability And Asset Building In Social Work Education: “The Big Piece Missing?”, Margaret S. Sherraden, Julie Birkenmaier, Michael Rochelle, Gena G. Mcclendon
Center for Social Development Research
Since the 1990s, social workers have renewed the profession’s early focus on improving the financial well-being of vulnerable families. Nonetheless, most social workers receive little training and education about how to help clients build stable and secure financial lives. This study uses in-depth interviews and pre- and post-surveys to examine the effects of a Financial Capability and Asset Building (FCAB) curriculum in six Minority Serving Institutions. In-depth interviews with 24 school administrators, FCAB instructors, and faculty colleagues suggest that faculty chose FCAB content based on course goals, content utility, and alignment with social work education standards. Furthermore, faculty reported gaining …
Adopting A Financial Capability And Asset Building Curriculum At Historically Black Colleges And Universities, Michael Rochelle, Gena Mcclendon, Melody Brackett, Michael Wright, Margaret Sherraden
Adopting A Financial Capability And Asset Building Curriculum At Historically Black Colleges And Universities, Michael Rochelle, Gena Mcclendon, Melody Brackett, Michael Wright, Margaret Sherraden
Center for Social Development Research
Social workers currently engage in financial capability practice with low-income and financially vulnerable individuals and families in diverse practice settings but typically lack professional preparation for this work. In response, several schools of social work have begun developing curriculum. Using an in-depth interview methodology, this study explores the experiences of faculty and administrators (N=19) at four Historically Black Colleges and Universities (HBCUs) that adopted a curriculum in financial capability and asset building. Findings show that key reasons for adopting are the relevance of the content to student and community needs, faculty interest, and alignment with program, institutional, and professional goals. …
Head Start Family Financial Capability: 2013–2014 Annual Report Of The Asset Project, Jami Curley, Anne S. Robertson
Head Start Family Financial Capability: 2013–2014 Annual Report Of The Asset Project, Jami Curley, Anne S. Robertson
Center for Social Development Research
Head Start Family Financial Capability: 2013–2014 Annual Report of the Asset Project
Refund To Savings 2013: Comprehensive Report On A Large-Scale Tax-Time Saving Program, Michal Grinstein-Weiss, Dana C. Perantie, Blair D. Russell, Krista Comer, Samuel H. Taylor, Lingzi Luo, Clinton Key, Dan Ariely
Refund To Savings 2013: Comprehensive Report On A Large-Scale Tax-Time Saving Program, Michal Grinstein-Weiss, Dana C. Perantie, Blair D. Russell, Krista Comer, Samuel H. Taylor, Lingzi Luo, Clinton Key, Dan Ariely
Center for Social Development Research
Refund to Savings 2013: Comprehensive Report on a Large-Scale Tax-Time Saving Program
Conceptual Development Of The Cyfi Model Of Children And Youth As Economic Citizens, Margaret S. Sherraden, David Ansong
Conceptual Development Of The Cyfi Model Of Children And Youth As Economic Citizens, Margaret S. Sherraden, David Ansong
Center for Social Development Research
Conceptual Development of the CYFI Model of Children and Youth as Economic Citizens
Research Evidence On The Cyfi Model Of Children And Youth As Economic Citizens, Margaret S. Sherraden, David Ansong
Research Evidence On The Cyfi Model Of Children And Youth As Economic Citizens, Margaret S. Sherraden, David Ansong
Center for Social Development Research
Research Evidence on the CYFI Model of Children and Youth as Economic Citizens
My Path: An Innovative Initiative To Increase Financial Capability Among Economically Vulnerable Youth, Vernon Loke, Margaret Libby, Laura Choi
My Path: An Innovative Initiative To Increase Financial Capability Among Economically Vulnerable Youth, Vernon Loke, Margaret Libby, Laura Choi
Center for Social Development Research
My Path: An Innovative Initiative to Increase Financial Capability Among Economically Vulnerable Youth
Financial Knowledge And Attitudes Of Youth In Ghana, Gina A. N. Chowa, Mathieu R. Despard, Isaac Osei-Akoto
Financial Knowledge And Attitudes Of Youth In Ghana, Gina A. N. Chowa, Mathieu R. Despard, Isaac Osei-Akoto
Center for Social Development Research
Financial Knowledge and Attitudes of Youth in Ghana
Financial Knowledge And Child Development Account Policy: A Test Of Financial Capability, Jin Huang, Yunju Nam, Margaret Sherrard Sherraden
Financial Knowledge And Child Development Account Policy: A Test Of Financial Capability, Jin Huang, Yunju Nam, Margaret Sherrard Sherraden
Center for Social Development Research
This study examines how study participants’ financial knowledge and participation in a Child Development Account (CDA) intervention affect 529 College Savings Plan account holding among caregivers of infants. The study uses data from the SEED for Oklahoma Kids experiment (SEED OK, N=2,51), a statewide randomized experiment using a probability sample of infants selected from birth records. SEED OK is a policy test of universal and progressive CDAs that encourage families to accumulate assets for their children’s future. Results of logit regression show that participants’ financial knowledge is positively related to the account holding in the treatment group, but not in …
Financial Capability In Children: Effects Of Participation In A School-Based Financial Education And Savings Program, Margaret S. Sherraden, Lissa Johnson, Baorong Guo, William Elliott
Financial Capability In Children: Effects Of Participation In A School-Based Financial Education And Savings Program, Margaret S. Sherraden, Lissa Johnson, Baorong Guo, William Elliott
Center for Social Development Research
A groundswell of interest in young people’s ability to understand and handle financial decisions has generated keen interest in financial knowledge and effectiveness of financial education. This study examines an innovative four-year school-based financial education and savings program, called “I Can Save” (ICS). Using a quasi-experimental design, the study examines quantitative and qualitative data to analyze program effects on financial knowledge. Children who participated in ICS scored significantly higher on a financial literacy test than comparison group students in the same school, regardless of parent education and income. Results suggest that children increase financial capability when they have access to …
From Financial Literacy To Financial Capability Among Youth, Elizabeth Johnson, Margaret S. Sherraden
From Financial Literacy To Financial Capability Among Youth, Elizabeth Johnson, Margaret S. Sherraden
Center for Social Development Research
Youth in the United States are facing an increasingly complex and perilous financial world. Economically disadvantaged youth, in particular, lack financial knowledge and access to mainstream financial institutions. Despite growing interest in youth financial literacy, we have not seen comparable efforts to improve institutional access to financial institutions and services. Instead of aiming for financial literacy, we suggest aiming for financial capability, a concept that builds on the writing of Amartya Sen and Martha Nussbaum. The paper proposes that financial capability results when individuals develop financial knowledge and skills, but also gain access to financial instruments and institutions. The paper …