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Global economic recovery in the aftermath of the Great Recession
has not been experienced equally: while the share of wealth owned
by the richest 3% has grown, the share owned by the poorest 90%
continues to decline, as reported by Oxfam in 2016. This wealth
divide disproportionately affects racial and ethnic minority
communities. This book underscores the importance of financial
capability and asset building (FCAB) practice, policy and research
during a period when vulnerable populations face increasingly
difficult economic and financial realities. At the same time,
retrenchment and privatization of government-sponsored social
services have eroded the safety net available for families
experiencing poverty or near-poverty conditions. The proliferation
of products and services available from both formal and informal
financial institutions highlights the need to promote FCAB to avoid
and/or recover from financial difficulties, crises and poverty. The
contributors to this volume disseminate findings from interventions
designed to increase financial knowledge, financial management and
financial access across several vulnerable populations, including
immigrant communities. Further, they demonstrate the need for
culturally sensitive FCAB service delivery, considering
opportunities and barriers posed by past and current life
situations, experiences and environments experienced by different
populations. The book is aimed at policymakers, researchers and
practitioners who assist financially vulnerable people. This book
was originally published as a special issue of the Journal of
Community Practice.
Global economic recovery in the aftermath of the Great Recession
has not been experienced equally: while the share of wealth owned
by the richest 3% has grown, the share owned by the poorest 90%
continues to decline, as reported by Oxfam in 2016. This wealth
divide disproportionately affects racial and ethnic minority
communities. This book underscores the importance of financial
capability and asset building (FCAB) practice, policy and research
during a period when vulnerable populations face increasingly
difficult economic and financial realities. At the same time,
retrenchment and privatization of government-sponsored social
services have eroded the safety net available for families
experiencing poverty or near-poverty conditions. The proliferation
of products and services available from both formal and informal
financial institutions highlights the need to promote FCAB to avoid
and/or recover from financial difficulties, crises and poverty. The
contributors to this volume disseminate findings from interventions
designed to increase financial knowledge, financial management and
financial access across several vulnerable populations, including
immigrant communities. Further, they demonstrate the need for
culturally sensitive FCAB service delivery, considering
opportunities and barriers posed by past and current life
situations, experiences and environments experienced by different
populations. The book is aimed at policymakers, researchers and
practitioners who assist financially vulnerable people. This book
was originally published as a special issue of the Journal of
Community Practice.
With today's availability of Social Security and Medicare, we
typically think of the older years as a stage in life where people
are supported financially. However, of the more than 40 million old
adults currently living in the US, many are struggling financially
living below or near the poverty line. They are lacking the assets
necessary to see them through a period of life that is often longer
than expected and that requires more health and long-term care.
While financial vulnerability can be most pronounced in old age, it
is often created across decades, revealing itself in later years
when there is little opportunity to reverse a lifetime of
disadvantage. The concept of Financial Capability refers to both an
individual and structural idea that combines a person's ability to
act with their opportunity to act in their best financial
interests. In Financial Capability and Asset Holding in Later Life:
A Life Course Perspective the concept of Financial Capability is
used to underscore the importance of acquiring knowledge and skills
while also addressing policies and services than can build
financial security. The volume assembles the latest evidence on
financial capability and assets among older adults using a life
course perspective, arguing that older adults need financial
knowledge and financial services in order to build secure lives,
and that this process needs to begin before it is too late to make
effective changes and choices. Broken into three parts, the
chapters in this book written by leading experts in the field blend
together empirical findings, economic and social theory, and case
studies. Part 1 opens the book with a conceptual and empirical
overview of financial capability and assets among older adults
using a life course perspective. Part 2 presents chapters
addressing financial vulnerability of diverse racial and ethnic
groups, people with disabilities, and immigrants. Part 3 includes
chapters describing current policies, programs, and innovations,
including a review of important issues of working and caregiving in
later life, and a detailed assessment of age-friendlybanking
principles, banking products, services, and policies.
As financial issues are currently a major concern for families,
scholars, and practitioners, students have increased their interest
in knowledge and skills for practice that addresses finances.
Unfortunately, social workers and other helping professionals often
lack preparation, knowledge, and skills to tackle increasingly
complex financial problems facing their clients. This volume fills
a significant gap by assembling the latest evidence about financial
education and financial capability in low-income households, and
linking it to education, policy, and practice for helping
professionals. Financial capability, or the ability of people to
understand and act in their best financial interest, includes
financial knowledge or "financial literacy" and access to
beneficial financial services. This volume builds on theoretical,
research, policy, and program developments over the past two
decades. This book develops the idea and presents evidence that
financial capability has a viral role to play in social work
research, education, policy, and practice. It examines recent work
by scholars who are generating knowledge and understanding about
the role of financial capability on individual, family, and
community well-being. The volume also reviews initial efforts to
build professional capacity in social work to address the financial
issues of low- and moderate-income and other vulnerable households
and develops an agenda for future research and education.
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