Student Perceptions of Financial Literacy: Relevance to Practice

ABSTRACT

The relevance of financial literacy to social work has been framed almost exclusively in the context of poverty relief, but this study expands this framework to the evidence linking financial stress, not merely poverty, to adverse client outcomes. Using a new 15-item, quantitative instrument, student (N= 1,506) perceptions were collected. Respondents demonstrated a moderate awareness of the relevance of financial literacy in 11 of 15 problem issues commonly encountered in practice, indicating a moderate receptivity to financial education. Future research should clarify the contours of financial knowledge that is required to assist clients.     

Utilizing a Continuing Education Workshop to Increase Knowledge of Documentation Among Hospital Psychosocial Staff

ABSTRACT

Hospital-based psychosocial staff including social workers, mental health counselors, and marriage and family therapists utilize documentation skills to assess, treat, and manage patients admitted to inpatient settings. Little research exists that examines the impact of continuing education on documentation skills. This study examined changes in hospital-based psychosocial staff perceptions of their documentation skills after attending a two-part continuing education documentation workshop. The quantitative, pretest–posttest design utilized a convenience sample that included 32 staff members at pretest and 30 staff members completing the posttest. Results from the 51-item pretest and posttest survey indicate that the continuing education workshop statistically increased participants’ knowledge of progress notes and termination summaries. Findings did not indicate any differences when comparing knowledge, at the start of the workshop, for employees with prior documentation training, longer work experience, or different license groups. The authors discuss implications for practice, continuing education, and future research.     

Kin Financial Support: Receipt and Provision Among Unmarried Mothers

ABSTRACT

Using data from the Fragile Families and Child Wellbeing Study (N = 2,039), we investigate how social resources influence unmarried mothers' provision and receipt of financial support within their social networks and whether patterns of financial support vary by race and ethnicity. Multinomial regression results indicate that relative to neither giving nor receiving, more advantaged mothers have higher odds of providing others with financial help, yet less advantaged mothers do not have consistently higher odds of receiving help. Tests for interactions indicate that financial support may be less available for Blacks in need than for other groups. Our findings provide evidence that because of its unpredictable nature and unequal availability among disadvantaged groups, informal financial support cannot be expected to fill gaps in the public safety net.     

Understanding the Financial Knowledge Gap: A New Dimension of Inequality in Later Life

ABSTRACT

To understand individuals’ financial behaviors, it is important to understand the financial knowledge gap – the distance between one’s objective and subjective financial knowledge. Overestimating one’s financial knowledge can lead to risky financial behaviors. To date, limited empirical work has examined how financial knowledge gap varies across age groups. We analyze the size and nature of the financial knowledge gap and its variation across age groups. Using nationally representative data, we find robust evidence that older adults overestimate their financial knowledge. Social workers can assess the financial knowledge gap and educate their clients to protect from financial fraud, exploitation, and abuse.     

Who Uses Alternative Financial Services? A Latent Class Analysis of Consumer Financial Knowledge and Behavior

ABSTRACT

We examine the heterogeneity of alternative financial services (AFS) use by constructing an empirically rigorous typology of financial knowledge and behaviors. Using the 2012 National Financial Capability Study, we conducted latent class analysis of financial knowledge and behaviors to identify latent classes of AFS users (N = 25,509). The proportion of the distal outcome of AFS was investigated among latent classes. The latent classes in the best fitting model were regressed on demographic variables and selected covariates using multinomial logistic regression. Results indicate that five meaningful subgroups were found. Over half of the U.S. population struggles to establish and maintain savings and position themselves for future financial security and mobility (i.e., financially precarious (25.9%), financially striving (20.5%), and financially at-risk (18.4%) classes). The financially thriving class (27.7%) has the healthiest financial behaviors and the least probability of using AFS. The financially stable (7.4%) and financially at-risk (18.4%) classes have the highest probability of using AFS. Widespread use of AFS suggests a general consumer demand for the products and services. Future research is needed to inform policy and practice efforts to shape the formal financial system to meet the long-term financial needs of the majority of consumers.     

Determinants of Income Generation and Financial Performance Through Self-Help Groups

ABSTRACT

This study examines the efficacy of a microcredit-linked self-help group (SHG) program in identifying the problems faced by group members such as income generation and financial performance. To examine this, 120 members in each of three selected blocks in Birbhum District in West Bengal, India, were invited to participate. A multiple regression equation focused on identifying the contributing factors toward explaining SHG income. Results indicated that income generation for all the blocks together was significantly influenced by factors like loan amount, amount of saving, years of existence of SHG, education level of the group leader, and availability of the training facility. However, SHG-wise efficiency scores varied across the blocks that might be related to different sociocultural dimensions. Implications of the analytical findings for future research are discussed at the end of the article.     

Social Workers,Intimate Partner Violence (IPV), and Client Financial Concerns

ABSTRACT

The negative impact of financial abuse on intimate partner violence (IPV) survivors is well researched (Babcock, Waltz, Jacobson, & Gottman, 1993 Babcock, J. C., Waltz, J., Jacobson, N. S., & Gottman, J. M. (1993). Power and violence: The relation between communication patterns, power discrepancies, and domestic violence. Journal of Consulting and Clinical Psychology, 61(1), 40–50. doi:10.1037/0022-006X.61.1.40[Crossref], [PubMed], [Web of Science ®] , [Google Scholar]), however literature indicating how often social workers ask clients about financial concerns is currently limited. This study examined the frequency with which social workers asked clients about their financial concerns and how that relates to perceived knowledge of IPV and perceived preparedness to work with clients experiencing IPV. A total of 266 social workers who were alumni of a university located on the eastern shore of the United States responded to the questionnaire. Fewer than 30% of respondents reported that they always asked clients about their financial concerns. Logistic regression was used to model the association of always asking clients about financial concerns as a function of perceived knowledge (model 1) and perceived preparedness (model 2). In model 1, perceived knowledge, IPV education and/or training, and age were significant predictors of always asking about financial concerns (p < .05), while in model 2, perceived preparedness and age were significant predictors (p < .05). More research is needed to explore social workers' comfort with addressing client financial concerns and implications for practice.     

A Predictive Model for Financial Literacy among the Educated Youth in Kerala,India

ABSTRACT

The economic importance of financial literacy among individuals necessitates policy intervention. Estimation of financial literacy is a prerequisite for strategies to improve financial literacy. This paper, using data collected from the educated young adults in Kerala, the most literate state in India, builds a predictive model for financial literacy employing logistic regression. The study reveals the low level of financial literacy in the state. The model points to the significance of gender, age, religion, discipline of study, occupation, and personal income as determinants of financial literacy. The findings have implications for policies aimed at improving the financial literacy of young adults in India.     

Cash-Flow and Savings Practices of Low-Income Households: Evidence From a Follow-Up Study of IDA Participants

ABSTRACT

Understanding how low-income households manage their finances is critical to designing effective antipoverty interventions. This study used data from a 2008 follow-up survey of 326 low-income households in Hawaii who participated in an Individual Development Account (IDA) intervention from 1999 to 2005. Self-reported cash flow (five items) and savings (four items) practices were explored using latent class analysis. Three latent classes were produced: Class 3 managed cash flows and saved (n = 166; 51%); Class 2 managed cash flows but did not save (n = 73; 22%); and Class 1 struggled to manage cash flows and save (n = 89; 27%). Using ordinal regression, psychological sense of mastery was positively and significantly (p < .01) related to being in a higher class membership (b = .14; OR = 1.15). IDA participation had no association with latent classification. The key finding is the heterogeneity among low-income financial management practices and the importance of providing individualized services. Future longitudinal research is needed to understand how IDA participation affects financial practices in the short term and long term.     

Exploring how workplace and social policies relate to caregivers’ financial strain

Informal caregiving is a critical component of the US long-term care system, but can have significant negative impacts on caregiver employment, finances, and well-being. An online survey of Colorado caregivers was piloted in 2016–17 to explore whether workplace and social policies such as access to paid family leave and public health insurance can buffer the negative financial impacts of caregiving and help caregivers to remain in the workforce. Using standardized measures, the survey assessed caregivers’ employment and financial status, well-being (physical and mental health, caregiver strain, benefits of caregiving), access to workplace supports, and covariates (e.g., caregiver demographics, health, social support, and service utilization). Ninety-five caregivers, recruited through community agency partners, completed the survey. Respondents were predominately female (89%), middle-aged (M = 57), non-Hispanic White (64%) or Latino/a (22%), and caring for a parent (40%) or spouse (30%) for over one year. Half (51%) reported working full- or part-time jobs, while 16.4% had stopped working because of caregiving. In multivariate regression modeling, predictors of financial strain included the care recipients’ financial strain and the caregiver’s reduction or ceasing of work. Medicare may be protective to minimize caregivers’ need to reduce or cease work. Implications for caregivers’ ability to stay engaged in the workforce and prepare for their own retirement are explored.     

Gerontological Competencies among MSW Students: Evaluation of a Gerontology Specialization Program

ABSTRACT

The purpose of this study was to conduct a preliminary evaluation of a gerontology specialization program (GSP) within a Council on Social Work Education (CSWE)–accredited master of social work (MSW) program. This study utilized a pretest/posttest design with a three-group comparison: group 1—GSP students; group 2—students from the group 1 program but not in GSP; and group 3—students at two external MSW programs with no GSPs. The overall sample comprised 220 advanced year students. A CSWE Gero-Ed Center/Hartford Partnership empirical measure was used to assess overall, gero social work practice competency. Within-group analyses revealed a significant increase in gero competency scores from pretest to posttest among all groups, with GSP students showing the largest increase. Between-group analysis at pretest revealed that the GSP group showed lower gero competency scores than both non-GSP groups. At posttest, these results overturned: GSP students scored significantly higher gero competency scores than both non-GSP groups. These preliminary findings suggest that the GSP offers an impactful, positive role in development of practice skills for the next generation of gero social work practitioners and scholars. A follow-up study with additional years of data will increase longitudinal rigor and confidence in the long-range efficacy of this GSP.     

Assessing the Effects of an Asset-Building Program in Resource-Constrained Households: The Case of Sub-Saharan Africa

ABSTRACT

Using a survey that was administered individually to respondents at set locations, this study examines the effects of participation in an asset-building program in resource-constrained households in rural Ghana (n = 120 in the experimental group and n = 120 in the comparison group). Results suggest the program is effective in reaching the most economically vulnerable households. We also learned that program participation was related to ownership of social assets, as well as psychosocial and financial well-being. Program characteristics, including trust among members and time spent on program-related activities, were related to enhanced social and financial assets, respectively. A number of implications emerge from this study. Given that the program, although effective in reaching the most economically vulnerable households, did not produce significant outcomes in such households, attention may be devoted to understanding ways to enhance the welfare of vulnerable program participants. A targeted approach may be a viable option. With respect to policy, consideration could be given to incorporating microfinance models in poverty alleviation strategies. Continued research using more rigorous design is needed to explore the relationship between microfinance and the welfare of vulnerable participants.     

Structure and Psychometric Properties of the Father Involvement Scale Used in a Retrospective Pretest–Posttest Design

Abstract

Several programs that address responsible fatherhood exist; however, these programs need strategic evaluation and appropriate tools to measure success of the programs. The goal of this research was to understand the structure and psychometric properties of a father involvement measure used to assess the change in parenting and co-parenting behaviors of fathers in a child welfare program. Analyses used secondary data from a father parenting program, with a retrospective pretest–posttest design. Participants were fathers (N?=?361) who attended a parenting program in three large counties in the North Texas region. Missing data diagnosis and exploratory and confirmatory factor analyses were performed on 13 items to investigate scale structure and psychometric properties. The following three factors with adequate to good internal consistency emerged: self-efficacy, parenting (emotional and physical support), and co-parenting skills. Fit indices showed good model fit for pretest items and a moderate fit for posttest items. The survey instrument demonstrates potential to be adapted to diverse populations, other languages and cultures to further expand program components. Based on the findings, future research should utilize more items to enhance the alpha reliability of the scales. Furthermore, revised scales can be validated across diverse populations based on socioeconomic, ethnicity, and cultural backgrounds.     

Welfare Workers' Cultural Models of Domestic Violence

ABSTRACT

Despite progress in policies and services for domestic violence, service use remains lower than the need suggests. This study, an analysis from a larger project on social service providers, examines welfare workers' shared beliefs about domestic violence. Using a mixed method design utilizing pile sorts (n = 38; 11 child welfare and 29 financial assistance), a survey (n = 57; 24 child welfare and 33 financial assistance), and in-depth interviews (n = 3; two child welfare and one financial assistance)—workers organized their ideas about factors that contribute to domestic violence, rated the factors along key dimensions of meaning (importance, controllability, characteristics of victims or perpetrators, and cause or effect), and shared experiences of their work with domestic violence cases. Financial assistance and child welfare workers organized their beliefs similarly demonstrating consensus on the importance of the factors, and shared beliefs about the factors that were causes and effects of domestic violence. In interviews, child welfare workers emphasized their focus on systems and collaboration. Despite areas of agreement, child welfare and financial assistance workers did not demonstrate consensus on ideas about domestic violence overall. The findings have implications for practice, specifically for improving responses to domestic violence and increasing the use of domestic violence services.     

Challenges of Dealing with Financial Concerns during Life-Threatening Illness: Perspectives of Health Care Practitioners

ABSTRACT

The costs of serious medical illness and end of life care are often a heavy burden for patients and families (Collins, Stepanczuk, Williams, & Rich, 2016 Collins, A., Stepanczuk, C., Williams, N., & Rich, E. (2016). Supporting better patient decisions at the point of care: What payers and delivery systems can do (Mathematica Policy Research Issue Brief). Retrieved from http://econpapers.repec.org/paper/mprmprres/6c6a86e28d7149c993713352eeceaa18.htm [Google Scholar]; Kim, 2007 Kim, P. (2007). Cost of cancer care: The patient perspective. Journal of Clinical Oncology, 25(2), 228–232. doi:10.1200/JCO.2006.07.9111[Crossref], [PubMed], [Web of Science ®] , [Google Scholar]; May et al., 2014 May, C. R., Eton, D. T., Boehmer, K., Gallacher, K., Hunt, K., MacDonald, S.,?… &?Rogers, A. E. (2014). Rethinking the patient: Using burden of treatment theory to understand the changing dynamics of illness. BMC health services research, 14(1), 1–11. doi:10.1186/1472-6963-14-281[Crossref], [PubMed] , [Google Scholar]; Zarit, 2004 Zarit, S. H. (2004). Family care and burden at the end of life. Canadian Medical Association Journal, 170(12), 1811–1812. doi:10.1503/cmaj.1040196[Crossref], [PubMed], [Web of Science ®] , [Google Scholar]). Twenty-six practitioners, including social workers, managers/administrators, supervisors, and case managers from five health care settings, participated in qualitative semistructured interviews about financial challenges patients encountered. Seven practitioners took part in a focus group. Practitioners were recruited from hospice (n?=?5), long-term care (n?=?5), intensive care (n?=?5), dialysis (n?=?6), and oncology (n?=?5). Interview and focus group questions focused on financial challenges patients encountered when facing life-threatening illness. Interview data were transcribed and thematically coded and trustworthiness of data was established with peer debriefing, member checking, and agreement on themes among the authors. Practitioners described interacting micro, meso, and macroinfluences on the financial well-being and challenges patients encountered. Microlevel influences involved patient characteristics, such as their demographic profile and/or health status that set them up for financial aptitude or challenges. Macrolevel influences involved the larger health care/safety net system, which provided valuable resources for some patients but not others. Practitioners also discussed the mesolevel of influence, the local setting where they worked to match available resources with patients’ individual needs given the constraints emerging from the micro and macrolevels. Practitioners described how they navigated the interplay of these three areas to meet patients’ needs and cope with financial challenges. Implications for practice point to directly addressing the kind of financial concerns that patients and families facing financial burden from serious medical illness have, and identifying ways to bridge knowledge and resource access gaps at the individual, organizational, and societal levels.     

Minimum income programme and welfare dependency in China

In the mid‐1990s China introduced a means‐test cash benefit called the Minimum Living Standard Guarantee System (dibao). Alongside the increases in both the number of beneficiaries and the budget, there is growing public concern that dibao is creating welfare dependency. Using survey data collected in three cities in China, we investigated to what extent dibao beneficiaries look for work. Focus group discussions were held with programme administrators and beneficiaries. While headline figures suggest that a considerable proportion of beneficiaries are of working‐age and able to work, their personal and household circumstances are important factors in determining their long‐term unemployment. There are also dibao design issues that have created financial disincentives to work. The specific origins of the policy of addressing the problem created by layoffs of inefficient state‐owned enterprises are still affecting the implementation of the programme and preventing it from playing a significant role in poverty reduction.     

Promoting Self-Efficacy and Self-Esteem for Multiethnic Sexual Minority Youth: An Evidence-Informed Intervention

ABSTRACT

Sexual minority youth face multiple challenges, yet research regarding evidence-informed practice strategies for this population is limited. This study describes the pilot efforts of Strengths First, the first strengths-based intervention created specifically to promote self-esteem and self-efficacy among multiethnic sexual minority youth. A pretest–posttest design was used to gather preliminary data from program participants (n = 162) about the potential effectiveness of the program during a 2-year period that ranged from the inception of the program in June 2008 to September 2010. Significant increases in self-esteem and self-efficacy were found. Implications for social service research and practice are discussed.     

Clinical Home Visitation for Children With Externalizing Disorders: A Randomized Study

ABSTRACT

Clinical home visitation (CHV) was empirically tested in a randomized study to determine if it could reduce a child's externalizing behaviors while alleviating parental stress. Clinic-referred waitlisted young children (n = 33) with symptoms suggesting an externalizing disorder were randomly offered a CHV intervention composed of a developmentally guided dyadic-centered syllabus. Families were recruited to participate in an experimental (n = 21) or control group (n = 12). Mothers completed the Parenting Stress Index (PSI) and the Child Behavior Checklist. Results of paired-samples t-tests indicated that postintervention aggression scores were significantly different from the pretest scores for the entire sample. The Difficult Child domain was the only significant PSI subscale. The results did not support definitive conclusions about CHV as an effective intervention to reduce an externalizing disorder or to alleviate parenting stress. Future research should include larger numbers of children with externalizing disorders pooled from the clinic-referred and community samples. To address the complexities involved in treating externalizing disorders, CHV could be offered as part of a multimodal intervention (e.g., CHV combined with parent and family education).