Social Work Commons^™

Transforming Impossible Into Possible (Tip) For Financial Capability: Application Of Practice-Based Program Theory And Measures In Intervention Design, Philip Young P. Hong, Alanna Shin, Maria V. Wathen, Theresa Gibbons

Social Work: School of Social Work Faculty Publications and Other Works

Purpose

Financial knowledge often does not translate into financial well-being. This study looks at how knowledge might be converted to well-being for people living in low-income environments, based on a theory called Financial PSS.

Methods

The study tests the validity of the two scales that make up Financial PSS: Perceived Financial Barriers and Financial Hope. Then it examines how these measures along with an intervention measure called TIP are associated with financial capability.

Results

Results validated the Perceived Financial Barrier Scale and Financial Hope Scale. Next, the study found that the Perceived Financial Barriers Scale and the Financial Hope Scale …

Psychological Self-Sufficiency And Financial Literacy Among Low-Income Participants: An Empowerment-Based Approach To Financial Capability, Philip Young P. Hong, Maria V. Wathen, Alanna Shin, Intae Yoon, Jang Ho Park

Social Work: School of Social Work Faculty Publications and Other Works

Building on theory and research in financial capability, this study enhances a financial capability model by integrating psychological self-sufficiency (PSS) theory as part of the financial literacy component. Using PSS, a concept from workforce development literature, this study investigates the extent to which an empowerment-based PSS process in targeting financial goals is associated with financial literacy. Path analyses were conducted using a sample of 187 low-income individuals from a large social service agency in Chicago. Findings suggest that perceived financial barriers and financial hope—the two targets of PSS interventions—are associated with financial attitude and behavior, controlling for other demographic variables. …