The language of money

ABSTRACT

This article examines the relationship of personal finance in a narrative-based treatment strategy as applied to couples. It builds on behavioral economics as the undergirding of an approach to financial literacy. By matching the treatment strategy with the stages of readiness for change, couples are able to gradually adopt a financially prudent lifestyle. The authors argue that the couples’ conflicts about personal financial behaviors are a proxy of underlying problems in intimacy. The use of a narrative-based theory addresses how personal finances are used to control relationships.     

Letters to the Editor

ABSTRACT

To prepare students to work competently with financially at-risk individuals, families, and communities, social work schools need to bring economic literacy skills into the curriculum. This article describes an ambitious financial capability education initiative in New York City. It reports on a unique collaborative effort to develop, use, and evaluate online financial capability education among seven schools. Additionally, readiness and capacity for scaling up with upstate schools are explored, as their innovations in economic capacity building with special populations are cited.     

Toward Culturally Sensitive Financial Education Interventions with Latinos

ABSTACT

To expand the financial capability of Latinos, culturally sensitive interventions are needed. A literature search was conducted to examine how financial education interventions have been used to improve financial outcomes for Latinos. Just 7 peer-reviewed intervention studies were identified, suggesting a substantial gap in knowledge in this area. Although conclusions about the effectiveness of financial education interventions with Latinos are limited, each study finds positive changes in financial attitudes or behaviors. Using Resnicow’s (1999) cultural sensitivity framework, surface and deep structure methods of tailoring financial education were identified. Implications for designing and testing culturally sensitive financial education interventions are discussed.     

The Benefits of Dispositional Mindfulness in Physical Health: A Longitudinal Study of Female College Students

Abstract

Objective: This article examines the relationship between dispositional mindfulness, health behaviors (eg, sleep, eating, and exercise), and physical health. Participants: Participants included 441 college women. Methods: Women completed self-report surveys at the beginning and end of a 10-week academic quarter. The study was conducted over 5 academic quarters from fall 2008 to fall 2010. Results: Findings indicated that higher levels of dispositional mindfulness were related to healthier eating practices, better quality of sleep, and better physical health. Dispositional mindfulness contributed to better physical health even after controlling for traditional health habits. Finally, bidirectional mediational relationships were found between healthy eating and dispositional mindfulness as well as between sleep quality and dispositional mindfulness when physical health was the outcome variable. Conclusions: Findings suggest that incorporating mindfulness training into programming on college campuses may be beneficial, as results indicate that dispositional mindfulness is related to positive physical health among college students.     

Financial Planning Strategies of High School Seniors: Removing Barriers to Career Success

This study explored the postsecondary financial planning of graduating 12th graders as a barrier to educational and career decision making and success. Seniors planning on pursuing postsecondary education (N = 744) from 16 high schools completed an online survey measuring their plans for financing their postsecondary education. They also provided information regarding their academic achievement, motivation, certainty, and postsecondary goals and plans. Students clustered into 4 distinct financial planning strategy groups. These financial planning clusters were evident across a diverse sample of high schools. Almost half of all graduating 12th graders had limited financial planning strategies. Groupings and strategies employed by students were significantly related to career development theory and research. The critical role for career development services in promoting student success is discussed.     

Financial Knowledge and Behaviors of Chinese Migrant Workers: An International Perspective on a Financially Vulnerable Population

ABSTRACT

Making informed financial decisions is crucial to the wellbeing of Chinese migrant workers. Using interview survey data (N = 329), this study examined financial knowledge and behaviors of migrant workers in China. Results showed that participants demonstrated low levels of financial knowledge (51.4%) and beneficial financial behaviors (51.0%). Multivariate results indicated that a modest proportion of the variance in financial behaviors was explained by financial knowledge, attitudes, and socio-demographic characteristics (e.g., marital status and income). Findings underscore the importance of disseminating culturally-relevant educational interventions to financially at-risk, low-paid migrant workers in China.     

Affordable Financial Services and Credit for the Poor

Abstract

The financial services and sources of credit available to poor families affect the rate at which families can be financially empowered through building assets. This paper provides background information on financial services, including credit sources, which are available for low-income people and communities. Also discussed are policies affecting financial markets and promising innovations in delivering affordable financial services to low-income families. Implications for social work education, practice and advocacy are discussed.     

Mindfulness in Social Work Education

Social work is beginning to explore the role of mindfulness in the education of future practitioners. This article reviews literature from social work education and other disciplines to suggest that there is much that is yet to be explored about mindfulness, its contribution, and the experience and implementation of it into the educational experience. I conclude with some reflections on areas requiring further attention and investigation in the role and teaching of mindfulness in social work education.     

From Being Unbanked to Becoming Unbanked or Unbankable: Community Experts Describe Financial Practices of Latinos in East Los Angeles

ABSTACT

Appropriate use of formal financial institutions facilitates saving and asset building. Yet 20% of the US Latino population is unbanked. In this cross-sectional qualitative study, 34 community experts were interviewed regarding financial practices in the predominantly low-income Latino and immigrant community of East Los Angeles. Thematic analysis of these in-depth, semistructured interviews suggests that immigration status fuels fears regarding banking and ultimately the persistence of unbanked status; limited financial education prompts community members to move from being unbanked to being unbankable. Techniques employed to reverse this cycle appear helpful, but ultimately overwhelmed by the magnitude of community mistrust and misinformation.     

Financial decision-making abilities and financial exploitation in older African Americans: Preliminary validity evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS)

ABSTRACT

This study examines preliminary evidence for the Lichtenberg Financial Decision Rating Scale (LFDRS), a new person-centered approach to assessing capacity to make financial decisions, and its relationship to self-reported cases of financial exploitation in 69 older African Americans. More than one third of individuals reporting financial exploitation also had questionable decisional abilities. Overall, decisional ability score and current decision total were significantly associated with cognitive screening test and financial ability scores, demonstrating good criterion validity. Study findings suggest that impaired decisional abilities may render older adults more vulnerable to financial exploitation, and that the LFDRS is a valid tool.     

Employee financial wellness programs: Opportunities to promote financial inclusion?

ABSTRACT

Employee financial wellness programs (EFWPs) are a new practice that may promote financial inclusion by making it easier for workers with low- and moderate-incomes (LMI) to access financial services. We examine the strengths and limitations of workplace financial counseling, credit-building services, and small-dollar loans, and describe community collaboration to promote employee financial wellness. Findings suggest that these services are reaching a population that experiences financial exclusion, though evidence is mixed concerning how these services help workers with LMI resolve key financial challenges. Community collaboration focused on employee financial wellness presents opportunities to advocate for higher wages and better benefits.     

Effectiveness of mindfulness-based coloring for university students’ test anxiety

Abstract

Objective: This study compared the effectiveness of mindfulness coloring (mandala), free drawing/coloring, and a noncoloring control activity for university students’ test anxiety, and assessed the relationship of dispositional mindfulness and response to intervention on mindfulness and test anxiety states. Participants: University students (n?=?167; 81.4% female; M_age = 21.29?years, SD?=?4.46) were randomly assigned to a mandala (n?=?57), free draw/coloring (n?=?58), or noncoloring condition (n?=?52). Methods: Participants completed standardized measures assessing test anxiety and state mindfulness pre–postactivity before completing a test, and two dispositional mindfulness measures. Results: Participants in both coloring conditions reported significant decreases in test anxiety and significant increases in state mindfulness pre–postintervention, and participants in the control condition reported significant increases in test anxiety. Reports of preintervention state mindfulness and test anxiety fully mediated relations between dispositional mindfulness and postintervention state mindfulness and test anxiety. Conclusions: Implications for research and practice on mindfulness coloring and test anxiety are discussed.     

Interventions to Strengthen Noncustodial Father Involvement in the Lives of Their Children

Abstract

This paper describes quantitative evaluation of a program designed to increase noncustodial fathers' visitation frequency and financial assistance to their children. The initial program objectives were to enhance parental skills and work opportunities for fathers. Discussion group data revealed that additional obstacles to father involvement included conflicts between parents and substance misuse and abuse. Communication skills, anger management, alternative methods of coping with stress and increased activities for families were added to the program components in response to these needs. Future plans for strengthening community connections to expand educational, training and employment opportunities as well as increased outreach to families were based on additional assessment of interventions needed for successful co-parenthood.     

Developing Mindfulness in College Students Through Movement-Based Courses: Effects on Self-Regulatory Self-Efficacy,Mood, Stress,and Sleep Quality

Abstract

Objective: This study examined whether mindfulness increased through participation in movement-based courses and whether changes in self-regulatory self-efficacy, mood, and perceived stress mediated the relationship between increased mindfulness and better sleep. Participants: 166 college students enrolled in the 2007–2008 academic year in 15 week classes in Pilates, Taiji quan, or GYROKINESIS. Methods: At beginning, middle, and end of the semester, participants completed measures of mindfulness, self-regulatory self-efficacy, mood, perceived stress, and sleep quality. Results: Total mindfulness scores and mindfulness subscales increased overall. Greater changes in mindfulness were directly related to better sleep quality at the end of the semester after adjusting for sleep disturbance at the beginning. Tiredness, Negative Arousal, Relaxation, and Perceived Stress mediated the effect of increased mindfulness on improved sleep. Conclusions: Movement-based courses can increase mindfulness. Increased mindfulness accounts for changes in mood and perceived stress, which explain, in part, improved sleep quality.     

Building Financial Knowledge Is Not Enough: Financial Self-Efficacy as a Mediator in the Financial Capability of Low-Income Families

ABSTRACT

Policymakers in many countries have taken an interest in population-level financial capability. Limited empirical work has examined how constructs that makeup financial capability relate and how they function for individuals with low incomes. Using a national sample of low-income Canadians, we investigate relationships between financial knowledge, financial self-efficacy, and savings outcomes. Overall, we find that financial self-efficacy fully mediated the relationship between objective financial knowledge and postsecondary-education saving. The association between objective financial knowledge and retirement saving and emergency saving passed through financial self-efficacy. Efforts to promote financial capability need to focus on more than objective financial knowledge.     

Future Planning and Financial Education Needs for Asset Building Among Persons with Multiple Sclerosis in Rural Areas

Abstract

This paper presents findings from a study of individuals with multiple sclerosis examining their planning and preparation activities for their future independent living and long-term care needs. Data collected from a representative sample of National Multiple Sclerosis Society members in the greater metropolitan St. Louis and eastern Illinois area indicate significant differences in income, assets, education, health and functional limitation status between individuals living in rural versus urban areas. Additionally, findings show respondents with greater levels of education and assets, and those living in urban areas, are more likely to have saved for retirement, made legal preparations, or engaged in planning activities for future needs. Recommendations for asset building programs include incorporating education and training on planning for independent living and long-term care into financial planning curriculum, particularly for people with multiple sclerosis living in rural areas.     

Mindfulness moderates the relation between trauma and anxiety symptoms in college students

Objective: To explore the relations between trauma exposure and anxiety and depression among college students, and to determine whether trait mindfulness may moderate these relations. Participants: Self-report survey data from 2,336 college sophomores were drawn from a larger university-wide study (“Spit for Science”). Methods: We constructed multiple linear regression models using past-year trauma exposure, trait mindfulness, and their multiplicative interaction to predict current anxiety and depressive symptom severity, while controlling for covariates. Results: Mindfulness was associated with lower levels of depression and anxiety symptom severity. Trauma was a significant predictor of anxiety, but not depression, and high levels of mindfulness attenuated the association between trauma exposure and higher anxiety symptom severity. Conclusions: These results have implications for the treatment and prevention of anxiety among trauma-exposed college students and provide a basis for further research into the mechanisms through which mindfulness may facilitate positive mental health.     

Financial literacy education: An opportunity for colleges and sociology

Financial literacy represents the knowledge necessary to manage one's financial affairs in a way that contributes to overall wellbeing, yet financial literacy and financial education are understudied in sociology. While emerging adults have low rates of financial literacy overall, this article focuses on college students due to increasing college access and student loan debt. Based on the limited literature that assesses college financial literacy education, it appears that these types of programs may serve to advance college students' financial knowledge. Additional mechanisms that serve to develop college students' financial literacy include parent socialization, banking experience, and high school financial education programs. However, not everyone has the same access to these resources. Thus, given the magnitude of the US student debt crisis and persistent economic inequalities, college financial literacy education may prove beneficial for all students, particularly those from economically vulnerable backgrounds. This article serves as an invitation to sociologists to consider financial literacy education as both a worthwhile pursuit in application and as a research topic.     

The Lichtenberg Financial Decision Screening Scale (LFDSS): A new tool for assessing financial decision making and preventing financial exploitation

ABSTRACT

One of the challenges in preventing the financial exploitation of older adults is that neither criminal justice nor noncriminal justice professionals are equipped to detect capacity deficits. Because decision-making capacity is a cornerstone assessment in cases of financial exploitation, effective instruments for measuring this capacity are essential. We introduce a new screening scale for financial decision making that can be administered to older adults. To explore the scale’s implementation and assess construct validity, we conducted a pilot study of 29 older adults seen by APS (Adult Protective Services) workers and 79 seen by other professionals. Case examples are included.