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PRINTED FROM the Encyclopedia of Social Work, accessed online. (c) National Association of Social Workers and Oxford University Press USA, 2016. All Rights Reserved. Under the terms of the applicable license agreement governing use of the Encyclopedia of Social Work accessed online, an authorized individual user may print out a PDF of a single article for personal use, only (for details see Privacy Policy).

date: 20 October 2017

Abstract and Keywords

Financial capability combines the ability to act with the opportunity to act in ways that contribute to financial functioning. As large numbers of people struggle to manage their household finances, financial capability has become increasingly important. Improving financial capability requires financial education and guidance as well as improved access across the life span to appropriate and beneficial financial products and services. Examples of policies that promote financial capability across the life span include Children’s Development Accounts and myRAs, long-term investment vehicles that build financial capability. Social work can play a key role in building financial capability through interventions in households, communities, and policies. However, these contributions require practice and research to develop and test interventions. They also require financial education for social workers.

Keywords: Child Development Accounts, debt, financial capability, financial education, financial services, inequality, myRA, saving

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