Financial Social Work: A Primer

Financial social work (FSW) is an important field of practice, advocacy, and more recently research that addresses financial instability, poverty, and economic inequality. FSW is carried out in a way that marries social work's empathetic and empowerment-driven approach with efforts to improve financial capability and asset building (FCAB). These FCAB efforts pertain to activities, programs, and policies that aim to increase individual and household financial well-being. Such development of and participation in specialized saving and borrowing opportunities and building financial management skills are generally designed for financially marginalized populations. Rooted in social work's long-standing tradition of addressing social injustices and economic welfare, FSW has evolved significantly from its early efforts in poverty alleviation to encompass a broad spectrum of interventions targeting individuals, groups, and communities. Today, FSW practitioners address financial challenges through multidisciplinary approaches that integrate insights from behavioral finance and psychology, and they use technology to promote financial well-being and resilience in a changing economic landscape. This article will provide an overview of FSW as a field and practice, exploring its incorporation of insights from other disciplines, interventions, education, and global spread to improve well-being.