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Financial Social Work: Integrating Financial Issues into Social Work Practice, Study notes of Social Work

University of East Anglia (UEA)Social Work

An overview of Financial Social Work, its importance in addressing the financial and psychosocial needs of clients, and how to integrate it into social work practice. It covers the basics of financial issues, the development of interventions, and the role of social workers in financial coaching and education.

Typology: Study notes

2021/2022

Uploaded on 09/27/2022

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Financial Social Work “101” And How
You Can Integrate It Into Your Practice
Devon Hyde, MSW, Director of Business Development,
Guidewell Financial Solutions, and
Christine Callahan, PhD, LCSW-C
Research Assistant Professor
UMSSW/Financial Social Work Initiative
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Financial Social Work “101” And How

You Can Integrate It Into Your Practice

Devon Hyde, MSW, Director of Business Development, Guidewell Financial Solutions, and Christine Callahan, PhD, LCSW-C Research Assistant Professor UMSSW/Financial Social Work Initiative

Learning Objectives for Workshop

    1. Get an overview of financial social work and how it is emerging today in social work practice
    1. Learn more about the basics of financial issues and how they impact clients’ lives
    1. Learn how to integrate financial social work concepts into practice and to have a practice that is especially sensitive to clients’ financial and psychosocial needs

Why Financial Social Work?

Need to:

  • Integrate financial and psychosocial aspects of counseling
  • Recognize that a host of problems contribute to financial & emotional distress/devastation (life-threatening illness, aging at times, interpersonal violence, foreclosure, job loss)
  • Address problems in a comprehensive, holistic way
  • Recognize that financial and emotional stress are closely intertwined
  • Identify social workers/counselors to be skilled in/comfortable with these areas with assessment and intervention

Why Financial Social Work?

  • Development of interventions that address financial and psychosocial realities
  • Development of new surveys measuring financial realities, capability, knowledge, self-efficacy
  • Addressing poverty and income inequalities through policy and legislation
  • Establishing partnerships among schools, agencies, practitioners, macro social workers, and others

Social workers = financial planners?

  • Social workers currently help clients create budgets, manage benefits, and sometimes manage their finances (Ex: representative payees through Social Security).
  • Social workers can help clients work through the psychosocial side of financial management.
  • Social workers help clients often within the larger context of a psychosocial stressor(s).
  • Social workers should not give financial advice, investment tips, or provide referrals to brokers (unless they are certified as well).

Financial capability is…

  • According to Margaret Sherraden…
    • Combines a person’s ability to act with their opportunity to act
    • More than financial education
    • Must have access to financial products and services that allow them to act in their best financial interest
    • Leads to improved financial well-being and life chances

Clients’ assessment

• What to consider:

  • Does monthly income cover ongoing expenses?
  • Is income stable every 2 weeks or month?
  • Are they receiving any public benefits?
  • Are they eligible for any public benefits that they

are not receiving?

  • Is there an impact on working ability?

Client interview

  • Create a supportive environment.
  • Understand what the client has gone through or is going through before he/she got to you.
  • Take time to fully understand the issues at hand before getting straight to the solution
  • Utilize “active listening” skills.
  • Keep questions open-ended and probe as needed to delve into specific statements.

Interventions

  • Supportive, strengths-based
  • Family systems
  • Crisis
  • MI
  • Grief/loss
  • Advocacy
  • Consultation
  • Resource and peer linkage

SOCIO-ECONOMIC EMPOWERMENT

ASSESSMENT (Hawkins & Kim, 2011)

  • What happens to money when you get it?
  • Do you think you are managing your money well?
  • In the past, what have you done with money you received?
  • How does having money make you feel?
  • How do you reward yourself?
  • What are some of your memories about having money when you were growing up?
  • Growing up, who in your household was in charge of money?
  • What friends or family members have helped you with money?

Bean Game

  • Groups of 2-3 people
  • Think of your group as a family
  • Together as a family, decide how you want to spend your beans
  • Each item has a set number of squares which indicates how many beans are needed to ‘pay’ for that item
  • Move beans around until family is in agreement

Bean Game Discussion

  • Easiest decision? Most difficult?
  • If you had played on your own, would you have spent the beans differently?
  • How did values, goals, and past experiences of each group member affect your choices?
  • How did the negotiation process change after your budget got slashed?

Big questions

  • What Is Really Important to You?
  • What Do You Want Out of Life?
  • What Do You Want From Your Money?

Exploring your client’s financial values

  • I can’t save because……
  • Every time I have money……
  • My family is broke and I’ll always be broke.
  • My money is my family’s money.
  • I don’t know how to manage my money.
  • Banks don’t care about poor people like me.
  • Banks are for rich people.
  • People who have money are greedy.
  • I can never be rich.