In a context of financial insecurity and inequality, exacerbated by a global pandemic in which many people are struggling to survive, financial capability has become increasingly important. Financial capability combines the ability to act with the opportunity to act in ways that contribute to financial well-being. Improving financial capability requires improved lifelong access to appropriate and beneficial policies, financial products, and services, along with financial education and guidance. Historically, social work played a key role in building financial capability through interventions in households, organizations, communities, and policies. In the 21st century, despite significant developments, social workers must do more to eliminate systemic and persistent economic, racial, and political barriers to financial well-being.
This article, published in the online edition of the Encyclopedia of Social Work, updates a 2017 article by the same title:
Sherraden, M. S. (2017, February 27). Financial capability. In C. Franklin (Ed.), Encyclopedia of Social Work (Online ed.). https://doi.org/10.1093/acrefore/9780199975839.013.1201