Delivering Financial Guidance: Institutional Assessment and Directions for Inclusion

For low-income and minoritized groups, sound guidance on financial matters has become increasingly vital. The financial sector has reached deeper into daily life, contributing to racial and economic inequality. Institutions must change, and households must be more fully included. However, little research has assessed the institutional availability and quality of formal financial guidance. This paper examines key systems delivering financial guidance to such households. With the concept of financial capability as a theoretical starting point, the paper uses six constructs to assess delivery capacity: inclusivity, appropriateness, comprehensiveness, safety and reliability, scalability, and equity. The analysis identifies gaps in outreach and service, and opportunities for strengthening financial guidance especially to financially vulnerable populations. Critically, the authors highlight the role of the social welfare sector and social workers in improving financial well-being, along with future directions for research.

Project: Financial Capability & Asset Building (FCAB)