I S S U E Summer 2 0 1 8 PracticePerspectives

The National Association of Yael “Ellie” Silverman Social Workers MSW, LICSW Senior Practice Associate 750 First Street NE [email protected] Suite 800

Washington, DC 20002-4241

SocialWorkers.org Financial : A Growing Specialty in

Practice Perspectives Summer 2018 Social workers have been instrumental Background in helping to establish financial security FSW was established by social worker Reeta for vulnerable populations throughout Wolfsohn, CMSW, in 2003. The model initially called Femonomics in 1997 evolved the history of the profession. Most social into FSW as it became clear that problems workers are familiar with the case associated with money were not gender management tasks of linking patients to specific. FSW is a model that expands resources such as food stamps, health self-awareness, provides financial knowledge, and helps patients integrate better financial insurance, and affordable housing or decision making into their daily lives. The 750 First Street NE, Suite 800 helping a survivor of domestic violence model explores thoughts, feelings, and attitudes Washington, DC 20002-4241 establish financial independence. In that determine each person’s relationship to SocialWorkers.org addition to these familiar services and behavior with money. FSW has less to do with how much money a person has and provided by social workers, financial more about their self-awareness and self-esteem social work (FSW) is a growing social to manage their financial circumstances. There work specialty. FSW uses financial is acknowledgment that basic therapy as an intervention to address is important but that nonfinancial components are also essential. FSW focuses on the emotional and behavioral understanding the patient’s current financial components of handling finances. circumstances and how they relate to financial Clinical social workers use financial goals for the future, healing a patient’s therapy to address the psychosocial relationship with money, developing skills to challenges patients experience because manage financial stressors, reducing behavior that sabotages financial well-being, and of their financial circumstances. addressing emotional issues that drive financial behaviors (Wolfsohn, 2015). ©2018 National Association of Social Workers. All Rights Reserved. Psychosocial & Behavioral Influence to financial well-being. Financial wellness is space designed to represent a mirror. The clinical Center for Financial Social Work. (2018). Financial social work: What it is, what it does, The model initially According to the American Psychological achieved when changes in financial behavior social worker asks questions that allow the Financial therapy why is matters in all economic times. Retrieved from Association’s (2017) Stress in America survey, result in positive financial circumstances. FSW patient to reflect on the financial decisions made https://financialsocialwork.com/downloads/ called Femonomics 62 percent of Americans identify money as a teaches decision making, goal setting, and and how they feel about each in addition to financial-social-work-ebook relies on narrative source of stress. Moreover, money has been a personal as well as financial self-care skills to overall satisfaction. promote financial wellness. Financial wellness in 1997 evolved top stressor in this annual survey for the last Holbert, K.E. (2018). Budgeting and cognitive therapy to empowers the patient to address other In addition to the work of Thomas Smith, Kansas decade. Sources of financial stress include behavioral therapy. In Reflections and inspirations psychosocial, behavioral, and relational goals. State University also has a program in financial into FSW as it uncertainty in one’s ability to meet financial from financial social work graduates (pp. 10-11 ). complement the obligations, differences in financial behaviors therapy and publishes the Journal of Financial Asheville, NC: Center for Financial Social Work. A Role for Clinical Social Workers Therapy. Research highlighted in the journal Retrieved from https://financialsocialwork.com/ became clear within families, feeling pressure to meet social financial planning expectations, or unexpected expenses such as FSW may be incorporated into a traditional includes small studies coupling existing evidence- downloads/reflections-and-inspiration-from-financial- private practice for clinical social workers. It is based interventions with financial therapy. social-work-graduates that problems medical bills. Financial stress can affect individuals, relationships, and communities. Individuals grounded in established theories of Researchers have conducted a pilot study on the exercises of Keller, M. (2011, May–June). Couples and money: experiencing financial stressors can present with transtheoretical model of behavioral change and use of solution-focused therapy to address financial Financial social work to the rescue. Social Work associated with a wide range of emotional symptoms including the Mesirow transformative learning model stressors (Archuleta et al., 2015). Research has evaluating expenses Today, 11(3), 24. Retrieved from www.socialwork anxiety, panic attacks, depression, hopelessness, (Wolfsohn, 2015). The United Way funded a also been published on the use of narrative today.com/archive/051711p24.shtml money were not isolation, sleeplessness, powerlessness, and low study of FSW in 2015, which concluded that therapy to address financial problems by pairing and creating a positive change was experienced by patients social workers and financial planners to conduct self-esteem. It is reported that 80 percent of couples KeyStone Research Institute. (2015). Financial social joint sessions (McCoy, Ross, & Goetz, 2013). gender specific. identify issues connected to money in their and clinicians and that FSW has the “potential work: An evaluation of its effectiveness in changing household budget. relationship (Keller, 2011). Relationship problems for accomplishing its stated goal of creating financial behaviors and improving self-sufficiency. FSW is a model such as shame, guilt, poor communication, sustainable, long-term financial behavioral For clinical social workers who are interested in Retrieved from https://financialsocialwork.com/ The incorporation of anger, resentment, and lack of trust may develop change that supports self-sufficiency and financial FSW there are certificate programs available. downloads/financial-social-work-research-report FSW certificate programs are offered by the that expands from financial decisions. Families and stability in individuals and families via education, narrative therapy communities may be negatively affected when motivation, and support” (KeyStone Research Center for Financial Social Work and University McCoy, M., Ross, D.B., & Goetz, J. (2013). financial stress leads to crime, divorce, and Institute, 2015, p. 9). A graduate of the Center of Maryland School of Social Work. Kansas Narrative financial therapy: Integrating a financial self-awareness, planning approach with therapeutic theory. Journal of allows the patient domestic violence (Wolfsohn & Michaeli, 2014). for Financial Social Work Certificate Program State University offers a Certificate in Financial says, “The thoughts and feelings we attach to Therapy. The Financial Therapy Association will Financial Therapy, 4(2), 22–42. provides financial Financial behavior is defined as any behavior money may be more important than currency begin to offer a certificate program in the and the clinical social Nelson, R.J., Smith, T.E., Shelton, V.M., & Richards, itself” (Holbert, 2018, p.10).” Several others summer of 2018. related to money management, including spending, K.V. (2015). Three interventions for financial therapy: knowledge, and have found that adding FSW into their existing saving, borrowing, investing, budgeting, and risk Fostering an examination of financial behaviors and worker to explore the Although money is not a typical focus of clinical management (Wolfsohn & Michaeli, 2014). practice has increased patients’ achievement of beliefs. Journal of Financial Therapy, 6(1), 32-43. helps patients There are internal and external influences on long-term change. social workers, it is a primary source of stress for doi:10.4148/1944-9771.1058 reasons why the financial behavior. Individual thoughts, feelings, individuals and often influences relationships. integrate better and attitudes about money are internal influences Financial Therapy More than Numbers therapeutic The growing specialty of FSW may provide new Substance Abuse and Services patient engages in of financial behavior. Financial decisions are model was designed by Thomas Smith, PhD, and resources to address emotional, relational, and Administration. (2017). The eight dimensions of financial decision largely made based on emotion instead of his colleagues in 2012 at the Florida State behavioral needs of patients to reduce the stress wellness. Retrieved from www.samhsa.gov/ certain financial financial planning guidelines (Nelson, Smith, University College of Social Work. They designed caused by financial circumstances and promote wellness-initiative/eight-dimensions-wellness Shelton, & Richards, 2015). The strongest internal a five-step model of financial therapy with a goal overall wellness. making into their Wolfsohn, R. & Michaeli, D. (2014). Financial social behaviors, which influences in a person’s relationship to money are of addressing the emotional components of work. In Encyclopedia of Social Work [Online]. the beliefs and behaviors about money he or she financial behaviors. The Five Step Model of Want, Washington, DC, and New York: NASW Press and daily lives. Need, Have, Do, Plan combines interventions References establishes motivation has learned from family of origin. External Oxford University Press. doi:10.1093/acrefore/ from family systems theory, narrative theory, and American Psychological Association. (2017, influences include media, culture, and peers. 9780199975839.013.923 art therapy (Nelson et al., 2015). Financial November 1). Stress in America: The state of our for change and nation [Stress in America survey]. Retrieved from therapy relies on narrative therapy to complement Wolfsohn, R. (2015). Financial wellness as a Financial Wellness www.apa.org/news/press/releases/stress/2017/ the financial planning exercises of evaluating social work specialty [Webinar]. Retrieved from creates a sense of Substance Abuse and Mental Health Services state-nation.pdf Administration (2017) identifies satisfaction with expenses and creating a household budget. The http://naswwa.inreachce.com/SearchResults? incorporation of narrative therapy allows the searchType=1&category=b5d04f68-fcd3-4e82- current and future financial situations as one of Archuleta, K.L., Burr, E.A., Bell Carlson, M., Ingram, empowerment over patient and the clinical social worker to explore be6f-8947f4ce2573 the eight domains of overall wellness. More J., Irwin Kruger, L., Grable, J., & Ford, M. (2015). specifically, financial wellness is defined as the reasons why the patient engages in certain Solution focused financial therapy: A brief report of a money. “recognizing money as a source of empowerment financial behaviors, which establishes motivation pilot study. Journal of Financial Therapy, 6(1), 1-16. which maximizes physical, mental, and emotional for change and creates a sense of empowerment doi:10.4148/1944-9771.1081 health by reducing financial problems” (Center over money. The financial mirror technique is for Financial Social Work, 2018, p. 21). This borrowed from an art therapy review technique definition accounts for the FSW tenet that both that is designed to develop insight. The patient financial and nonfinancial components contribute lays out their receipts from purchases in a fixed Psychosocial & Behavioral Influence to financial well-being. Financial wellness is space designed to represent a mirror. The clinical Center for Financial Social Work. (2018). Financial social work: What it is, what it does, The model initially According to the American Psychological achieved when changes in financial behavior social worker asks questions that allow the Financial therapy why is matters in all economic times. Retrieved from Association’s (2017) Stress in America survey, result in positive financial circumstances. FSW patient to reflect on the financial decisions made https://financialsocialwork.com/downloads/ called Femonomics 62 percent of Americans identify money as a teaches decision making, goal setting, and and how they feel about each in addition to financial-social-work-ebook relies on narrative source of stress. Moreover, money has been a personal as well as financial self-care skills to overall satisfaction. promote financial wellness. Financial wellness in 1997 evolved top stressor in this annual survey for the last Holbert, K.E. (2018). Budgeting and cognitive therapy to empowers the patient to address other In addition to the work of Thomas Smith, Kansas decade. Sources of financial stress include behavioral therapy. In Reflections and inspirations psychosocial, behavioral, and relational goals. State University also has a program in financial into FSW as it uncertainty in one’s ability to meet financial from financial social work graduates (pp. 10-11 ). complement the obligations, differences in financial behaviors therapy and publishes the Journal of Financial Asheville, NC: Center for Financial Social Work. A Role for Clinical Social Workers Therapy. Research highlighted in the journal Retrieved from https://financialsocialwork.com/ became clear within families, feeling pressure to meet social financial planning expectations, or unexpected expenses such as FSW may be incorporated into a traditional includes small studies coupling existing evidence- downloads/reflections-and-inspiration-from-financial- private practice for clinical social workers. It is based interventions with financial therapy. social-work-graduates that problems medical bills. Financial stress can affect individuals, relationships, and communities. Individuals grounded in established theories of Researchers have conducted a pilot study on the exercises of Keller, M. (2011, May–June). Couples and money: experiencing financial stressors can present with transtheoretical model of behavioral change and use of solution-focused therapy to address financial Financial social work to the rescue. Social Work associated with a wide range of emotional symptoms including the Mesirow transformative learning model stressors (Archuleta et al., 2015). Research has evaluating expenses Today, 11(3), 24. Retrieved from www.socialwork anxiety, panic attacks, depression, hopelessness, (Wolfsohn, 2015). The United Way funded a also been published on the use of narrative today.com/archive/051711p24.shtml money were not isolation, sleeplessness, powerlessness, and low study of FSW in 2015, which concluded that therapy to address financial problems by pairing and creating a positive change was experienced by patients social workers and financial planners to conduct self-esteem. It is reported that 80 percent of couples KeyStone Research Institute. (2015). Financial social joint sessions (McCoy, Ross, & Goetz, 2013). gender specific. identify issues connected to money in their and clinicians and that FSW has the “potential work: An evaluation of its effectiveness in changing household budget. relationship (Keller, 2011). Relationship problems for accomplishing its stated goal of creating financial behaviors and improving self-sufficiency. FSW is a model such as shame, guilt, poor communication, sustainable, long-term financial behavioral For clinical social workers who are interested in Retrieved from https://financialsocialwork.com/ The incorporation of anger, resentment, and lack of trust may develop change that supports self-sufficiency and financial FSW there are certificate programs available. downloads/financial-social-work-research-report FSW certificate programs are offered by the that expands from financial decisions. Families and stability in individuals and families via education, narrative therapy communities may be negatively affected when motivation, and support” (KeyStone Research Center for Financial Social Work and University McCoy, M., Ross, D.B., & Goetz, J. (2013). financial stress leads to crime, divorce, and Institute, 2015, p. 9). A graduate of the Center of Maryland School of Social Work. Kansas Narrative financial therapy: Integrating a financial self-awareness, planning approach with therapeutic theory. Journal of allows the patient domestic violence (Wolfsohn & Michaeli, 2014). for Financial Social Work Certificate Program State University offers a Certificate in Financial says, “The thoughts and feelings we attach to Therapy. The Financial Therapy Association will Financial Therapy, 4(2), 22–42. provides financial Financial behavior is defined as any behavior money may be more important than currency begin to offer a certificate program in the and the clinical social Nelson, R.J., Smith, T.E., Shelton, V.M., & Richards, itself” (Holbert, 2018, p.10).” Several others summer of 2018. related to money management, including spending, K.V. (2015). Three interventions for financial therapy: knowledge, and have found that adding FSW into their existing saving, borrowing, investing, budgeting, and risk Fostering an examination of financial behaviors and worker to explore the Although money is not a typical focus of clinical management (Wolfsohn & Michaeli, 2014). practice has increased patients’ achievement of beliefs. Journal of Financial Therapy, 6(1), 32-43. helps patients There are internal and external influences on long-term change. social workers, it is a primary source of stress for doi:10.4148/1944-9771.1058 reasons why the financial behavior. Individual thoughts, feelings, individuals and often influences relationships. integrate better and attitudes about money are internal influences Financial Therapy More than Numbers therapeutic The growing specialty of FSW may provide new Substance Abuse and Mental Health Services patient engages in of financial behavior. Financial decisions are model was designed by Thomas Smith, PhD, and resources to address emotional, relational, and Administration. (2017). The eight dimensions of financial decision largely made based on emotion instead of his colleagues in 2012 at the Florida State behavioral needs of patients to reduce the stress wellness. Retrieved from www.samhsa.gov/ certain financial financial planning guidelines (Nelson, Smith, University College of Social Work. They designed caused by financial circumstances and promote wellness-initiative/eight-dimensions-wellness Shelton, & Richards, 2015). The strongest internal a five-step model of financial therapy with a goal overall wellness. making into their Wolfsohn, R. & Michaeli, D. (2014). Financial social behaviors, which influences in a person’s relationship to money are of addressing the emotional components of work. In Encyclopedia of Social Work [Online]. the beliefs and behaviors about money he or she financial behaviors. The Five Step Model of Want, Washington, DC, and New York: NASW Press and daily lives. Need, Have, Do, Plan combines interventions References establishes motivation has learned from family of origin. External Oxford University Press. doi:10.1093/acrefore/ from family systems theory, narrative theory, and American Psychological Association. (2017, influences include media, culture, and peers. 9780199975839.013.923 art therapy (Nelson et al., 2015). Financial November 1). Stress in America: The state of our for change and nation [Stress in America survey]. Retrieved from therapy relies on narrative therapy to complement Wolfsohn, R. (2015). Financial wellness as a Financial Wellness www.apa.org/news/press/releases/stress/2017/ the financial planning exercises of evaluating social work specialty [Webinar]. Retrieved from creates a sense of Substance Abuse and Mental Health Services state-nation.pdf Administration (2017) identifies satisfaction with expenses and creating a household budget. The http://naswwa.inreachce.com/SearchResults? incorporation of narrative therapy allows the searchType=1&category=b5d04f68-fcd3-4e82- current and future financial situations as one of Archuleta, K.L., Burr, E.A., Bell Carlson, M., Ingram, empowerment over patient and the clinical social worker to explore be6f-8947f4ce2573 the eight domains of overall wellness. More J., Irwin Kruger, L., Grable, J., & Ford, M. (2015). specifically, financial wellness is defined as the reasons why the patient engages in certain Solution focused financial therapy: A brief report of a money. “recognizing money as a source of empowerment financial behaviors, which establishes motivation pilot study. Journal of Financial Therapy, 6(1), 1-16. which maximizes physical, mental, and emotional for change and creates a sense of empowerment doi:10.4148/1944-9771.1081 health by reducing financial problems” (Center over money. The financial mirror technique is for Financial Social Work, 2018, p. 21). This borrowed from an art therapy review technique definition accounts for the FSW tenet that both that is designed to develop insight. The patient financial and nonfinancial components contribute lays out their receipts from purchases in a fixed I S S U E Summer 2 0 1 8 PracticePerspectives

The National Association of Yael “Ellie” Silverman Social Workers MSW, LICSW Senior Practice Associate 750 First Street NE [email protected] Suite 800

Washington, DC 20002-4241

SocialWorkers.org Financial Social Work: A Growing Specialty in Clinical Social Work

Practice Perspectives Summer 2018 Social workers have been instrumental Background in helping to establish financial security FSW was established by social worker Reeta for vulnerable populations throughout Wolfsohn, CMSW, in 2003. The model initially called Femonomics in 1997 evolved the history of the profession. Most social into FSW as it became clear that problems workers are familiar with the case associated with money were not gender management tasks of linking patients to specific. FSW is a model that expands resources such as food stamps, health self-awareness, provides financial knowledge, and helps patients integrate better financial insurance, and affordable housing or decision making into their daily lives. The 750 First Street NE, Suite 800 helping a survivor of domestic violence model explores thoughts, feelings, and attitudes Washington, DC 20002-4241 establish financial independence. In that determine each person’s relationship to SocialWorkers.org addition to these familiar services and behavior with money. FSW has less to do with how much money a person has and provided by social workers, financial more about their self-awareness and self-esteem social work (FSW) is a growing social to manage their financial circumstances. There work specialty. FSW uses financial is acknowledgment that basic financial literacy therapy as an intervention to address is important but that nonfinancial components are also essential. FSW focuses on the emotional and behavioral understanding the patient’s current financial components of handling finances. circumstances and how they relate to financial Clinical social workers use financial goals for the future, healing a patient’s therapy to address the psychosocial relationship with money, developing skills to challenges patients experience because manage financial stressors, reducing behavior that sabotages financial well-being, and of their financial circumstances. addressing emotional issues that drive financial behaviors (Wolfsohn, 2015). ©2018 National Association of Social Workers. All Rights Reserved.