Journal of Social Service Research

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Personal Financial Problems: Opportunities for Interventions?

Mathieu R. Despard , Gina A. N. Chowa & Lauren J. Hart

To cite this article: Mathieu R. Despard , Gina A. N. Chowa & Lauren J. Hart (2012) Personal Financial Problems: Opportunities for Social Work Interventions?, Journal of Social Service Research, 38:3, 342-350, DOI: 10.1080/01488376.2011.638733 To link to this article: http://dx.doi.org/10.1080/01488376.2011.638733

Published online: 12 Dec 2011.

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Download by: [University North Carolina - Chapel Hill] Date: 08 March 2017, At: 07:22 Journal of Social Service Research, 38:342–350, 2012 Copyright c Taylor & Francis Group, LLC ISSN: 0148-8376 print / 1540-7314 online DOI: 10.1080/01488376.2011.638733

Personal Financial Problems: Opportunities for Social Work Interventions?

Mathieu R. Despard Gina A. N. Chowa Lauren J. Hart

ABSTRACT. Social workers have opportunities to help clients address their financial problems through a variety of practice settings, yet little is known about how they do so. Using qualitative methods and descriptive statistics, we analyzed responses from a survey of social workers and other human service professionals (N = 56). Participants primarily characterized their clients’ financial problems as the result of making poor financial decisions and mostly used financial education techniques in response. Most participants said they faced workplace barriers to helping their clients with financial problems, including lack of expertise and time and inability to bill for services. Social workers who want to address clients’ financial problems should recognize that financial problems stem not just from difficulties in managing money, but in the need for increased income, resources, and assets and an understanding of financial services. Future research with a larger sample of social workers is needed to assess how intervention methods vary by client population and to conduct pilot efficacy evaluations of well-conceptualized interventions to promote financial well-being.

KEYWORDS. Financial problems, financial education, financial counseling, financial capability

Social workers are well positioned to help of individuals, families, and communities, with individuals and families address their financial particular attention to vulnerable populations” problems (Sherraden, Laux, & Kaufman, 2007), (University of Maryland, 2010, “School of such as how to use credit and manage debt Social Work Financial Social Work Initiative,” (Birkenmaier & Curley, 2009), and claim impor- para. 2). tant public benefits like the earned income tax The idea of social workers helping individ- credit (Beverly, 2002). Social work students see uals and families address their financial prob- the relevance of financial literacy to problems lems is not new. The social casework tradition like marital instability and criminal justice, not launched by Mary Richmond’s 1917 book So- just poverty (Kindle, 2010). “Financial social cial Diagnosis focused on the social environ- work” is a loose term to refer to efforts to pro- ment and financial distress (Abramovitz, 1998). mote “economic stability and financial wellness In a series of questionnaires to assess family

Mathieu R. Despard, MSW, is a Clinical Assistant Professor at the University of North Carolina at Chapel Hill, School of Social Work, Chapel Hill, NC. Gina A. N. Chowa, PhD, MSW, is an Assistant Professor at the University of North Carolina at Chapel Hill, School of Social Work, Chapel Hill, NC. Lauren J. Hart, MSW, MPH, is an Associate Technical Officer at FHI 360, Durham, NC. Address correspondence to: Mathieu R. Despard, University of North Carolina at Chapel Hill, School of Social Work, 325 Pittsboro Street, CB #3550, Chapel Hill, NC 27599-3550 (E-mail: [email protected]).

342 Addressing Financial Problems 343 needs, Richmond (pp. 379–380) included sev- Accounting Office, 2004), low levels of short- eral financial items related to employment, in- term, liquid savings (Caner & Wolff, 2004), and come from work and other sources, monthly lower levels of banking among lower-income expenditures, use of credit, debt, savings, and households (Bucks, Kennickell, Mach, & assets. Suggested inquiries included, “Does the Moore, 2009). record reveal whether the family has or has not Other factors beyond the control of individ- shown good judgment, on the whole, in its eco- uals and families that may increase their risk nomic choices?” and “Have expenditures been for financial problems include unemployment, the expression of an innate craving, have they lack of health insurance, jobs that fail to pay a been due to imitation, or are they indicative of living wage, and limited options for affordable little judgment?” (p. 450). Decades later, Perl- child care and housing. At the policy level, the man (1957, p. 27) referred to “needing money” absence of adequate consumer protection laws and “wasting money” in a list of common prob- (Willis, 2008) places individuals and families at lems addressed by social casework and financial risk for abusive lending and financial services support as a service offered by social casework practices (Barr, 2004; The causes and current agencies (pp. 43–44). state of the financial crisis, 2010; Grunstein Currently, social workers are engaged in ef- Bocian, Li, & Ernst, 2010; Karger, 2007). forts to address financial problems and needs, in- Social workers can play an important role cluding matched savings programs (Sherraden, in addressing clients’ financial problems. Prior 2008), investment clubs for low-income individ- studies in this field have examined how social uals (Sansone, 2001), and financial education work students perceive the relevance of finan- targeting low-income persons (Zhan, Anderson, cial literacy to social work practice (Kindle, & Scott, 2006). Furthermore, many family ser- 2010) and the results of teaching social work vice agencies include consumer credit counsel- students about personal financial management ing services programs or divisions, which offer (Sherraden et al., 2007). Also, Loke (2011) budget, credit, bankruptcy, and housing counsel- surveyed asset development service providers’ ing to individuals and families. personal financial knowledge, behaviors, and The financial problems that social workers preparedness to offer services. confront in practice may be the result of different However, we are not aware of any studies factors, including limited financial knowledge that focus on what social workers do in practice and skills. According to a recent national sur- to understand and respond to their clients’ vey of nearly 1,500 randomly selected U.S. resi- financial problems. This study sought to answer dents, nearly half of respondents reported that it two related questions. First, how do social was somewhat difficult to pay their monthly bills workers make sense of the financial problems while only this same percentage said they had set their clients present? Are these problems seen aside 3 months of living expenses. In the last 12 as being caused by poor choices, social and months, less than 40% had obtained a credit re- environmental factors, or both? Second, what port and a little more than half (54%) regularly intervention methods do social workers use to paid their credit card balances in full. Respon- help clients address their financial problems? dents gave correct answers to a financial literacy Do social workers try to help clients make better quiz slightly more than half the time. More than financial decisions with their existing resources, 1 in 10 (12%) had neither a checking nor savings help clients obtain more resources, or a mix of account, including 31% of those with household these approaches? To answer these questions, income under $25,000 (Applied Research and we described and discussed the results of a sur- Consulting, 2009). These findings reflect other vey of social workers and other human service studies and government reports that note lim- professionals who completed or showed interest ited financial knowledge (Federal Deposit In- in an online financial social work certification surance Corporation, 2009; program. This study received institutional and Education Commission, 2006; Harris Inter- review board approval and was funded by a active, 2009; Lusardi, 2008; U.S. Government grant from the authors’ academic institution. 344 M. R. Despard et al.

METHODOLOGY time of the study that asked questions related to social workers’ efforts to address clients’ finan- Sample cial problems. This study focused on two open-ended The sampling frame for this study was questions in the survey and on closed-ended individuals aged 18 years and older who had questions about demographic and professional completed or expressed interest in completing characteristics. The open-ended questions were: an online certification in financial social work. “What are the financial concerns for which This certification is offered by the Center your clients most frequently seek your help?” for Financial Social Work (CFSW), a small, and “How would you describe how you try to independent training and consulting firm located help clients with their financial concerns?” The in Asheville, NC, and founded by a licensed closed-ended questions concerned participants’ clinical social worker who is not affiliated demographic characteristics and their field of with an academic institution, company, or other practice, the type of organization in which they organization. The certification in financial social were employed, the type of job they performed, work is awarded after participants complete a and workplace experiences in helping clients five-module self-study on personal finance and with their financial concerns. pass an examination. Two rounds of recruitment using convenience sampling techniques were used during a 3-week Procedure period in the fall of 2009. In the first round, an Qualitative methods were used with re- e-mail was sent to 125 individuals who com- sponses to the two open-ended survey questions pleted the CFSW certification program, result- concerning the financial concerns of clients and ing in 33 completed surveys—a 26% response how participants said that they helped clients. rate among certification completers. In the sec- Two of the study authors coded responses to ond round, e-mails were sent to 200 randomly these questions, including a social work doctoral selected individuals on the CFSW mailing list student who had experience related to financial to solicit survey responses from individuals who social work and a graduate student research were interested in, but had not completed, the assistant. Each author made lists of response certification program. A total of 23 such indi- themes, which were combined based on over- viduals completed surveys—an 11.5% response lapping themes to create a set of codes. Each rate among certificate noncompleters. The final researcher then coded responses independently. sample was 56 individuals, a total that was inten- The authors reached full coding agreement on tionally limited based on available funding. All $ 64% of the responses to the question about the participants were offered a 25 retail gift card financial problems of clients. However, coding for completing the survey. agreement was much lower—only 39% full and 33% partial agreement—concerning responses Survey Instrument to the question about how respondents said they help clients with their financial problems. Participants completed a 47-item online sur- We feel that full coding agreement was more vey with both open- and closed-ended questions difficult to reach because financial social work grouped into the following sections: a) experi- is not a defined field of practice. Nonetheless, ences in completing the financial social work for all codes for which there was not full certification; b) interest in the certification; c) agreement, the two study authors met to each personal and household finance characteristics, explain reasons for assigning codes and to attitudes, and behaviors; d) efforts to help clients negotiate final coding agreements. address financial problems; and e) participant Frequency tables of coded responses were demographic and professional characteristics. created to describe participant responses to the This survey was created by the authors because questions about clients’ financial problems and no standardized survey instrument existed at the how they intervene (see Tables 2 and 3). The Addressing Financial Problems 345 total number of responses reported in Tables 2 ployed in the for-profit (31%) and public (16%) and 3 exceeds the sample size because some sectors in a wide variety of fields of practice that responses received more than one code. For ex- included crisis intervention, case management, ample, a participant may have described both psychotherapy, financial education, counseling how they try to increase clients’ financial knowl- or planning, housing, and asset building, mostly edge (coded as financial education) and how they in direct practice roles. Nearly half (49%) of re- ask questions to further understand the nature of spondents said that they interact frequently with their clients’ financial problems (coded as as- clients concerning financial concerns, and nearly sessment). Cross-tabulations were created to de- two thirds (62%) said that they experienced one scribe whether responses to the question about or more barriers to helping clients with their clients’ financial problems differed based on par- financial concerns. The most common reasons ticipant demographic and professional charac- were insufficient skill and expertise among staff, teristics. Cross-tabulations were also created to a lack of time to help clients with financial con- describe how respondents’ intervention methods cerns, and not being able to bill for this type of differed based on their perceptions of clients’ fi- service. nancial problems. Respondent Perceptions of Clients’ Financial Problems RESULTS A total of 73 responses were coded concern- Respondent Characteristics ing how respondents characterized their clients’ financial problems. This number (73) exceeded Table 1 summarizes respondent characteris- = tics. There was considerable variability in years thesamplesize(N 56) because some respon- of professional experience. Compared with a na- dents gave more than 1 response that received a code, while some respondents gave a response tional sample of licensed social workers (Na- tional Association of Social Workers [NASW], that was not coded because it was ambiguous 2006), respondents were younger and had fewer or incomplete. Respondents characterized the years of professional experience, less formal ed- financial concerns presented by their clients as ucation, and degrees in fields other than social mostly related to difficulties managing money, work. not having enough income to meet needs, Most respondents (53%) were employed with and a lack of financial planning (see Table 2). a nonprofit organization, with the remainder em- Examples of managing money responses included “budgeting issues”; “help in tracking expenses”; “out-of-control spending”; “ability TABLE 1. Subject Demographic Characteristics to live within their means”; and “debt issues.” Insufficient income to meet needs included responses like “paying their rent and utilities”; Characteristic %

Gender (N = 56) Female 75% TABLE 2. Financial Problems of Clients (N = Male 25% Highest Degree Earned (N = 55) 73 coded responses) H.S. Diploma or GED 2% Associate’s 13% Concern N % Bachelor’s 27% Master’s 56% Managing money 25 34% Doctoral 2% Lack of income, financial crisis 19 26% Financial planning (e.g., saving) 13 18% MSD Need for public benefits, resources 6 8% Age (N = 56) 43.11 11.52 Financially related health problems (illness, bills) 5 7% Years of Professional Experience (N = 53) 12.01 9.33 Financially related problems 5 7% 346 M. R. Despard et al.

“can’t make ends meet”; “they struggle with TABLE 3. Efforts to Help Clients With Financial having money for the bare necessities”; “at Concerns (N = 57 coded responses) risk for eviction and/or utility cutoff”; and “no money for transportation.” Responses coded as Helping Method N % a lack of financial planning related primarily to clients not saving money. Other concerns Financial education 22 39% Assessment 13 23% included difficulties clients have in applying for Case management 9 16% public benefits, unpaid medical bills, and the Financial counseling or coaching 9 16% emotional toll of having financial problems. The Other methods 4 7% range of responses reflected in Table 2 suggests that respondents saw financial problems as mul- tidimensional and including factors both within and outside the control of their clients. A lack of Financial education included any efforts income may be the result of unemployment in aimed at increasing clients’ financial self- a down economy, yet what clients do with their awareness, knowledge, and skills. Examples money, however limited, is a set of choices. included, “I teach them how to budget their Cross-tabulations showed that perceptions of money,” and “We discuss prioritizing expenses clients’ presenting financial concerns differed as needs versus wants.” Some respondents de- little across respondent characteristics, with scribed their education efforts in ways that re- some notable exceptions. Respondents who said flected cognitive-behavioral constructs, such as, that they frequently help clients with their fi- “I raise their awareness of how to take control nancial concerns (N = 26) were more likely of their finances”; “I encourage clients to think than respondents who sometimes or seldom help about the long-term effects of their daily life (N = 21) to identify financial planning issues choices”; and “Setting up a plan with easy to (22% and 11% of coded responses, respectively). follow ‘baby steps’ so that the plan does not Respondents with a lower level of education than seem too overwhelming.” a master’s degree (N = 18) were much more Assessment reflected efforts to help clients likely than respondents with master’s degrees or understand their financial situation, while case higher (N = 29) to see inability to meet basic management related to efforts to help clients needs and a lack of income as a problem (42% use different services and resources to address and 17% of coded responses, respectively), yet their financial concerns. Financial counseling or they were somewhat less likely to see financial coaching reflected more intensive efforts to help planning as a problem (12% and 21% of coded clients resolve specific problems like high debt responses, respectively). or to help them set and pursue financial goals. Other ways of helping clients included responses that were highly unique descriptions like edu- Efforts to Help Clients With Financial cating bankers and financial advisors and using Concerns small incentives for group meetings about per- sonal finance. A total of 57 responses were coded to reflect Respondents’ helping efforts differed some- how participants said they helped clients with what based on their perceptions of clients’ pre- their financial concerns. This number (57) senting financial problems. Respondents who slightly exceeded the sample size (N = 56) saw lack of income and financial crises as a because some respondents gave more than problem (N = 21) were less likely to use fi- 1 response that received a code, while some nancial counseling or coaching than respondents respondents gave a response that was not coded who did not see these as a problem (N = 27; because it was ambiguous or incomplete. Re- 10% and 23% of coded responses, respectively). spondents relied mostly on financial education, Respondents who said that clients’ presenting followed by assessment, case management, and problems included difficulties managing money financial counseling or coaching to address their (N = 25) were a little more likely to use finan- clients’ financial problems (see Table 3). cial education than those who did not see this Addressing Financial Problems 347 asaproblem(N = 18; 47% and 38% of coded However, there are some potential pitfalls in responses, respectively); the same was true for focusing too much on money management be- coaching (13% and 5% of coded responses, re- haviors. First, social service clients, especially spectively). Respondents who perceived clients lower-income ones, may be better money and as having three or more types of financial prob- resource managers than is acknowledged. Social lems (N = 13) used a greater variety of helping workers and other human service professionals methods and were less likely to use financial ed- may conclude that clients have poor money ucation than respondents who did not perceive management skills because they do not have clients as having three or more types of finan- and follow a written monthly household budget cial problems (N = 35; 26% and 47% of coded and spend money on small-item luxuries. What responses, respectively). may be overlooked, particularly within rural Respondents characterized their helping and racial and ethnic minority communities, efforts mostly as targeting clients’ money man- includes informal self-employment, bartering, agement efforts, such as budgeting. Only one and mutual aid as strategies to meet basic needs respondent mentioned helping clients access (Giuliano, 2005; Kohler, Anderson, Oravecz, community resources, and only one mentioned & Braun, 2004; Pickering, 2000; Slack, 2007). helping clients use savings programs. No re- Thus, assessment should include exploring spondents mentioned helping clients understand a fuller spectrum of resource management risks such as predatory lending or how to access behaviors. and use the earned income tax credit, child care Second, social workers and other human subsidies, homeownership programs, individual service professionals may fail to explore ways in development accounts, or other resources. which clients can increase income and other re- sources, not just decrease expenses and debt. Re- Implications for Social Service spondents in our study did not mention strategies for increasing clients’ income through employ- This study offered a glimpse into how social ment, additional education, or microenterprise. workers and other human service professionals Respondents also did not mention helping assess and address clients’ financial problems. clients access and use community resources like Respondents felt that money management prob- the earned income tax credit, free income tax fil- lems were the main reason why clients expe- ing assistance, individual development accounts, rience financial problems, yet they were also child care subsidies, and public health insurance. aware of and sensitive to clients’ lack of income Wollan and Bauer (1990) present data that show and other resources. Educating clients about how an association between helping families improve to use a budget, control spending, and manage their resources and financial counseling out- debt—money management behaviors—was the comes in a family service agency. Therefore, as- most common way to help. Less attention was sessment should look not just at the expense side given to helping clients increase their income of the equation, but the income side. Two ques- and resources, build financial assets, and avoid tions that social workers and other human service financial risks like predatory lending. professionals could include in their assessments Respondents may have focused more on of client financial problems might include: money management behaviors in an effort to “What resources are available in the community help clients take action concerning things within that might help decrease my client’s expenses their control. Some respondents described help- or increase their income?” and “Does my client ing clients change how they think and feel about have skills and capabilities that might be used to money, an approach that mirrors what Kahler generate more income?” However, social work- (2005) describes as attending to financial plan- ers and other human service professionals should ning of clients’ “interior finance.” This suggests be aware of public policies that result in benefit that social workers may regard financial behav- reductions and/or ineligibility and tax increases ior change as a complex process affected by when clients’ earnings increase (Romich, Sim- more than financial knowledge gains (Hathaway melink, & Holt, 2007). Although it may be ben- & Khatiwada, 2008). eficial to help clients consider family and friends 348 M. R. Despard et al. as informal sources of support, this is less likely with financial shocks; Lusardi, Schneider, & Tu- among socially disadvantaged clients (Radey & fano, 2011). In summary, to help clients effec- Padilla, 2009). tively address their financial problems, a more Community resources also include finan- comprehensive approach to assessment and in- cial services through banks, community de- tervention may be warranted. velopment financial institutions, credit unions, or small loans through nonprofit organizations (Raschick, 1997). Sherraden (2010) presents a CONCLUSION model of financial capability that regards finan- cial well-being as influenced not just by financial This was the first study to explore what literacy, but by financial inclusion. Individuals social workers do in practice in response to need financial products that are accessible, af- their clients’ financial problems. Participants fordable and financially attractive, easy to use, regarded bad financial decisions as the main and safe and reliable. Scanlon and Adams (2009) cause of clients’ financial problems and used found that youth who opened savings accounts financial education as the primary means of through the Saving for Education, Entrepreneur- intervening. Participants were also aware of and ship, and Downpayment national demonstration sensitive to their clients’ lack of income and project were more careful about their spending other resources but did not focus their helping habits. This finding suggests that using finan- efforts accordingly. Lack of time, expertise, cial services and having opportunities to build and ability to bill for services were workplace assets may help change financial behaviors. To factors that constrained what participants said get a full financial health picture, social workers they were able to do for their clients. With better and other human service professionals should training and support, social workers could adopt ask their clients questions about their use of a more comprehensive approach in addressing formal financial services such as bank accounts clients’ financial problems that includes increas- and credit cards, and informal financial services, ing income, accessing community resources, such as payday loans and check cashing outlets. and avoiding financial pitfalls. Third, too great a focus on money manage- The key limitation of this study was our ment may run the risk of what Willis (2008) use of a small, nonrepresentative sample. There describes as blaming the victim by ignoring the is likely a larger population of social workers role that predatory financial practices such as who are interested in addressing the financial car title, payday, and refund anticipation loans problems of their clients that this study does play in stripping clients’ assets. Social work- not represent. Future research should draw na- ers and other human service professionals can tionally representative samples through a pro- adopt an approach to financial education and fessional association like the NASW to bet- counseling with clients that includes informa- ter understand the types of financial problems tion to help clients avoid these financial traps clients are presenting and how social workers are (Anderson, Zhan, & Scott, 2007). intervening. Fourth, the important role that assets play With a larger, more representative sample, in mitigating financial problems may be over- we could understand whether these problems looked if social workers and other human service and intervention methods systematically vary professionals focus only on managing money by tenure, field of practice, organization type, from income. Having adequate short-term sav- and other variables. Future research could ings can help buffer financial shocks like ill- help us better understand whether and in what ness, job loss, and unexpected emergencies and circumstances it makes sense for social workers can help cope with life transitions (Brobeck, to engage in efforts to address clients’ financial 2008; Caner & Wolff, 2004). This is important problems, particularly if the presenting problem because many middle class—and not just low- is nonfinancial in nature. Are social workers income—families judge themselves to be “fi- equipped to dispense financial advice or offer nancially fragile” (i.e., unable to cope effectively financial coaching if they are not accredited Addressing Financial Problems 349

financial counselors or certified financial plan- economics/pdfs/understandingTheEmergencySavings ners? Opportunities may exist for social workers NeedsOfLow 102908.pdf to work collaboratively with such professionals Bucks, B. K., Kennickell, A. B., Mach, T. L., & Moore, K. (Despard & Chowa, 2010), if not simply seek B. (2009, February). Changes in U.S. family finances this additional training. Future research should from 2004 to 2007: Evidence from the survey of con- sumer finances. Federal Reserve Bulletin, 95, A1–A55. also seek to understand how social workers’ Caner, A., & Wolff, E. (2004). Asset poverty in the United intervention methods differ from traditional States, 1984–1999: Evidence from the panel study of financial education and counseling. This un- income dynamics. Review of Income and Wealth, 50(4), derstanding could help inform a process of 493–518. designing and testing social work interven- The causes and current state of the financial crisis: tions to improve the financial well-being of Hearings before the Financial Crisis Inquiry Commis- individuals and families. sion. (2010). (Testimony of Sheila C. Bair, Chairman, Federal Deposit Insurance Corporation). Retrieved: http://www.fdic.gov/news/news/speeches/chairman/ spjan1410.html ACKNOWLEDGEMENTS Despard, M., & Chowa, G. A. N. (2010). Social workers’ interest in building individuals’ financial capabilities. This research was supported by a grant from Journal of Financial Therapy, 1(1), 23–41. the Armfield-Reeves Innovation Fund of the Federal Deposit Insurance Corporation. (2009). Fi- School of Social Work at the University of North nancial education and the future: The banking Carolina at Chapel Hill. We would like to thank industry’s role in helping consumers manage money and build assets (White paper). Retrieved from Reeta Wolfsohn and Donna Harris at the Center http://www.fdic.gov/anniversary/FDIC White Paper for Financial Social Work in Asheville, NC, for 11 18 09v21.pdf their assistance in conducting this study. Financial Literacy and Education Commission. (2006). Taking ownership of the future: The national strategy for financial literacy. Washing-

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