Birkenmaier, J., Lane, L. B. Callahan, C.,, & Hageman, S. A. (2021). Teaching note—Course models for increased competency for practice integrated with financial capability and asset building. Journal of Social Work Education, 57(3), 604–611. https://doi.org/10.1080/10437797.2020.1714522
Tag: 2020
Fintech as a Solution for Employee Financial Health: Findings from Five Exploratory Studies
The financial technology (fintech) sector has grown rapidly in recent years. Awareness and use of fintech has grown as companies in this sector have increased their user-friendly design, convenience, and accessibility. A unique fintech niche that has developed rapidly alongside the overall industry is known as “employer-channel fintech.” Offered by employers, these solutions or benefits […]
Saving for a Rainy Day: Making it Easier for Employees to Build Emergency Savings
In this study, we examined Onward, an employer-based mobile app that enables workers to save via payroll deduction and receive financial education and coaching as a means to address financial challenges such as difficulty paying bills on time, managing debt, and accruing savings. An important feature of Onward is that employees can save automatically through […]
Financing Workers’ Health Care Cash Flow Needs: A Pilot Study
MedPut offers a way for employees to pay their out-of-pocket health care expenses through payroll deducted or Health Savings Account (HSA) payments capped at 5% of gross pay. Employees that use MedPut are much more likely to report having problems paying medical bills and to report putting off health care due to cost concerns. Nearly […]
Employer-Sponsored Financial Planning: A Study of the Brightside Platform
In this report, we explore employee usage trends of Brightside, an employee financial health platform that is designed to improve the financial health of working families. Using this platform, employees can open “cases” to address a financial need or goal they have. Brightside connects these employees with financial assistants who, in turn, connect the employees […]
Adapting to Climate Change in the Upper Mississippi River Basin: Exploring Stakeholder Perspectives on River System Management and Flood Risk Reduction
Reed, T., Mason, L. R., & Ekenga, C. C. (2020). Adapting to climate change in the upper Mississippi River basin: Exploring stakeholder perspectives on river system management and flood risk reduction. Environmental Health Insights, 14. https://doi.org/10.1177/1178630220984153
School breakfast matters for Missouri students
Guest post by Sarah Ritter, manager of public policy, Operation Food Search Child nutrition programs are essential to ending hunger and supporting children’s health, learning and development. One important yet underutilized program is the School Breakfast Program (SBP). Students who eat breakfast at school consume more fiber, calcium and vitamin C – nutrients all children […]
Who relocates, where do they move, and why?
The lack of socioeconomic mobility among marginalized populations leads to the concentration of poverty, a long-standing issue in American cities. Empirical studies on neighborhood effects have found that poverty concentration adversely affects the socioeconomic mobility of residents—associated with their economic well-being, employment, education, health, and safety—in lower-income neighborhoods. Through a variety of neighborhood revitalization projects, […]
COVID-19 Educational Inequities: Shining a Light on Disparities in a Graduate School of Social Work
Despite its name, the Housing Choice Voucher (or Section 8) program does not always offer families much choice in where to live. Jenna Hampton, SPI practicum student, calls to expand the choices available to families who want the best for themselves and their children in an editorial with Community Builders Network in St. Louis.
Racial and Ethnic Disparities in Housing Instability During the COVID-19 Pandemic: The Role of Assets and Income Shocks
Chun, Y., Roll, S., Miller, S., Lee, H., Larimore, S, & Grinstein-Weiss, M. (2020). Racial and ethnic disparities in housing instability during the COVID-19 pandemic: The role of assets and income shocks (Social Policy Institute Working Paper). Washington University, Social Policy Institute. https//doi.org/10.7936/v0xn-yr31
Financial Capability and Asset Building in Social and Economic Development: Advancing the Sustainable Development Goals
Ansong, D., Okumu, M., Huang, J., Sherraden, M. S., Johnson, L., & Zou, L. (2020, November). Financial capability and asset building in social and economic development: Advancing the Sustainable Development Goals (CSD Perspective No. 20-27). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/vh44-x812
7 Tips to Mitigate Hoarding Behavior
Mary Acri has seven tips to manage feelings of powerlessness, helplessness and fear without stockpiling toilet paper as the pandemic persists.
Income Loss and Financial Distress during COVID-19: The Protective Role of Liquid Assets
This study examines how demographic, financial, and intrinsic personality characteristics predict household participation in Israel’s Child Development Account (CDA) program, the Savings for Every Child Program (SECP).
A different dialogue: Lifting up community voices
By: Sarah Cowart, communications manager for Social Policy Institute; Pamela Chan, associate director for Social Policy Institute, and Daniel Barker, director of research and knowledge, Mastercard Center for Inclusive Growth If you attended “Building an Inclusive Economy” on October 7 with the Social Policy Institute at Washington University in St. Louis (SPI) and Mastercard Center […]
Supporting Inclusive Households in Building Financial Security
Join us virtually for Supporting Inclusive Households in Building Financial Security, 12:30-2:00 p.m. (CT) on Dec. 10, 2020, for a discussion about the opportunities to equitably support the financial situations of households.
Household savings decisions in Israel’s child savings program: The role of demographic, financial, and intrinsic factors
This study examines how demographic, financial, and intrinsic personality characteristics predict household participation in Israel’s Child Development Account (CDA) program, the Savings for Every Child Program (SECP).
Using Financial Tips to Guide Debt Repayment: Experimental Evidence from Low- and Moderate-Income Tax Filers
In this paper, we explore the impact that slack resources and technology can have on individuals’ entrepreneurial aspirations.
Emergency savings are a potential lifeline for households in financial distress due to COVID-19
Many U.S. households have lost a job and/or income due to the COVID-19 pandemic. These types of losses can influence an individual’s level of life satisfaction and thus, their overall health and well-being. One possible strategy to mitigate the impacts of economic volatility for U.S. individuals and households is to build a rainy-day fund. A […]
As nation struggles, conference sets sights on equity and financial inclusion
From across a nation struggling through the COVID-19 pandemic and a generally difficult year, over 150 scholars and practitioners gathered virtually on September 21 for “FCAB Policies: Race and Inequality in the COVID-19 Era,” Part 1 of the two-part convening “Financial Capability and Asset Building: Achievements, Challenges, and Next Steps.” They gathered to set an […]
Insights From State Treasurers: Developing and Implementing Statewide Child Development Account Policies
Leiker, C., Clancy, M. M., & Sherraden, M. (2020, October). Insights from state treasurers: Developing and implementing statewide Child Development Account policies (CSD Policy Summary No. 20-19). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/14tc-2b43
Employee financial wellness programs: Opportunities to promote financial inclusion?
Findings suggest that these services are reaching a population that experiences financial exclusion, though evidence is mixed concerning how these services help workers with LMI resolve key financial challenges. Community collaboration focused on employee financial wellness presents opportunities to advocate for higher wages and better benefits.
Employee financial wellness programs: Promising new benefit for frontline workers?
Availability of different EFWP benefits ranged from 11 to 15% and over a third of workers were unaware of whether their employer offered an EFWP. Experiencing financial difficulties predicted both EFWP awareness and use suggesting that employers should take time to assess employees’ specific financial challenges to select benefits. Yet, use of EFWPs by LMI workers may suggest the need for better compensation and work conditions.
Volunteering and the Sustainable Development Goals: An Opportunity to Move Beyond Boundaries
Paine, A. E., Allum, C., Beswick, D., & Lough, B. J. (2020). Volunteering and the Sustainable Development Goals: An opportunity to move beyond boundaries. Voluntary Sector Review, 11(2), 251–260. https://doi.org/10.1332/204080520X15884252988018
International Volunteer Service
Lough, B. J. (2020, June). International volunteer service. In C. Franklin et al. (Eds.), Encyclopedia of Social Work. https://doi.org/10.1093/acrefore/9780199975839.013.959
Strategies for Debt Reduction: Comparing Financial Tips and Financial Counseling
Interest among employers is growing in Employee financial wellness programs (EFWPs), a new type of benefit to address financial stress among employees. EFWPs benefits include financial counseling, small-dollar loans, and savings programs that address employees’ non-retirement financial needs. Little evidence exists concerning the availability and use of and outcomes associated with EFWPs, especially among low- and moderate-income (LMI) workers who may be in greatest need of these benefits. We present findings concerning awareness and use of EFWPs from a national survey of LMI workers (N=16,650). Availability of different EFWP benefits ranged from 11 to 15% and over a third of workers were unaware of whether their employer offered an EFWP. Experiencing financial difficulties predicted both EFWP awareness and use suggesting that employers take time to assess employees’ specific financial challenges to select benefits. Yet use of EFWPs by LMI workers may suggest the need for better compensation and work conditions.
Employee Financial Wellness Programs: Tips for providers
There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.
Washington University researchers, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified five ways in which providers can maximize the benefits of EFWPs and avoid pitfalls along the way.
Employee Financial Wellness Programs: Tips for employers
There are several types of Employee Financial Wellness Programs (EFWPs), such as workplace financial counseling, workplace credit building, and employer-sponsored small dollar loans. Each program benefits the company and its employees in different ways.
The Social Policy Institute at Washington University in St. Louis, with generous support from the W. K. Kellogg Foundation, studied the implementation of EFWPs at several diverse organizations, including a nonprofit in the Midwest and several supply chain locations of a national retailer, to understand the impact. As a result, we’ve identified four ways in which organizations can maximize the benefits of EFWPs and avoid pitfalls along the way.
Financial counseling for front-line workers: A pilot study of engagement and outcomes
Although financial counseling has been studied in community-based settings, programs offered in the workplace are understudied and yet may aid low- to moderate income employees in improving their financial situations. This study examines workers’ engagement in and associated credit outcomes from an employer-based financial counseling program in the New York City area. Findings suggest that participants engaged equally in services except for older and non-English speaking workers, who had lower levels of digital engagement. In-person engagement in services was minimal. Credit score improvements were modest, but greater for workers who had
scores in the lowest quartile at baseline. These credit score increases may be due to the reduction of delinquent accounts for workers with the lowest baseline scores.
Tax-time saving and the earned income tax credit: results from online field and survey experiments
Tax refunds are an opportunity for Earned Income Tax Credit (EITC) recipients to build emergency savings. Randomly assigned behavioral interventions in 2015 and 2016 have statistically significant impacts on refund saving take-up and amounts among EITC recipients who filed their taxes online. From a survey experiment, we also find that EITC recipients have a 49 percent and 59 percent increased likelihood of deferring 20 percent of their refunds for six months when hypothetically offered 25 and 50 percent savings matches (p < .001), respectively. These findings can inform policy development related to encouraging emergency saving at tax time.
Promoting public retirement savings accounts during tax filing: Evidence from a field experiment
Many U.S. households—especially those with low- to moderate-incomes (LMI)—struggle to save for retirement. To address this issue, the Department of the Treasury launched myRA, a no-fee retirement account designed primarily to help people who lacked access to employer-sponsored plans build retirement savings. In this paper, we report findings from two myRA-focused field experiments, both of which were administered to well over 100,000 LMI online tax filers before and during the 2016 tax season. The first experiment involved sending one of three different myRA-focused email messages to tax filers immediately prior to tax season, and the second experiment involved incorporating myRA-focused messages and choice architecture directly into an online tax filing platform. Messages were chosen to address different barriers to retirement savings LMI households may face. We find that, though the general level of interest in myRA was very low in this population, interest and enrollment in myRA depends heavily on the way in which the benefits of the accounts are framed. Results from both experiments indicate that messages emphasizing the possibility of receiving a larger refund in the future were the most effective at increasing interest in myRA, while messages focused around the simplicity and ease of use of the accounts were less effective. We also conduct several subsample analyses to investigate the extent to which these effects differed by key household characteristics.
The impact of tax refund delays on the experience of hardship and unsecured debt
The Earned Income Tax Credit (EITC) provides substantial financial support to low-income workers, yet around a quarter of EITC payments are estimated to be erroneous or fraudulent. Beginning in 2017, the Protecting Americans from Tax Hikes Act of 2015 requires the Internal Revenue Service to spend additional time processing early EITC claims, delaying the issuance of tax refunds. Leveraging unique data, we investigate how delayed tax refunds affected the experience of hardship and unsecured debt among EITC recipients. We find that early filers experienced increased food insecurity relative to later filers after the implementation of the refund delay.
Using financial tips to guide debt repayment: Experimental evidence from low-and moderate-income tax filers
Much of the literature on household finances tends to focus on discrete or relatively objective measures like savings, debt, economic mobility, and there has been a lack of research on holistic measures of financial well-being. This gap is due in part to the absence of a common understanding of how to define and measure financial well-being; a gap that was recently addressed by the Consumer Financial Protection Bureau’s development of a financial well-being scale. However, the research on this scale is still scarce and little is known about how financial well-being evolves over time. To that end, this paper uses a two-wave survey of low- and moderate-income tax filers to present the first longitudinal analysis of the CFPB’s financial well-being scale. Using a combination of descriptive analysis, OLS regression, and fixed effects panel regression, we assess (1) the stability of financial well-being over a six-month period; (2) the extent to which household characteristics predict volatility in financial well-being; and (3) the relationship between the experience of adverse financial events, including financial shocks and material hardships, and financial well-being. We find that financial well-being scores are extremely stable over the short-term, and that household characteristics are generally not strong predictors of financial well-being changes. We also find that, while adverse financial events like the loss of a job are significantly associated with declines in financial well-being, these changes are not large. These findings have implications for researchers and practitioners interested in using the financial well-being scale in program and policy evaluations.
Housing Hardships Reach Unprecedented Heights during the COVID-19 Pandemic
Groundbreaking data from a new large-scale, nationally-representative survey of low- and moderate-income (LMI) households administered by the Social Policy Institute at Washington University in St. Louis in April of 2020 suggests that individuals have been facing increased housing hardship such as evictions, delayed rent or mortgage payments, and unexpected utility payments and home repairs during the pandemic.
Exposure to Community-Based Violence on Social Media among Black Male Emerging Adults Involved with the Criminal Justice System
Motley, R. O., Jr., Chen, Y.-C., Johnson, C., & Joe, S. (2020). Exposure to community-based violence on social media among Black male emerging adults involved with the criminal justice system. Social Work Research, 44(2), 87–97. https://doi.org/10.1093/swr/svaa002
An Analysis of the Educational and Health-Related Benefits of Nature-Based Environmental Education in Low-Income Black and Hispanic Children
Sprague, N., Berrigan, D., Ekenga, C. C. (2020). An analysis of the educational and health-related benefits of nature-based environmental education in low-income Black and Hispanic children. Health Equity, 4(1), 198–210. https://doi.org/10.1089/heq.2019.0118
Mental Health and Weather Extremes in a Southeastern U.S. City: Exploring Group Differences by Race
Mason, L. R., Sharma, B. B., Walters, J. E., Ekenga, C. C. (2020). Mental health and weather extremes in a southeastern U.S. city: Exploring group differences by race. International Journal of Environmental Research and Public Health, 17(10). https://doi.org/10.3390/ijerph17103411
Improving the Take-Up of Homecare Services Among Holocaust Survivors in a Jewish Charitable Organization
This research brief is part of a series by the Social Impact Nudgeathon initiative. This initiative incorporated insights from behavioral economics into the design and delivery of social welfare programs. Developed through a partnership between the Joint Distribution Committee in Israel (JDC-Israel) and the Social Policy Institute (SPI) at Washington University in St. Louis, this initiative is among the first of its kind to launch in Israel. […]
Child Development Accounts in the COVID-19 Crisis: Lessons from the Great Recession
Sherraden, M., Clancy, M. M., Huang, J., & Beverly, S. G. (2020). Child Development Accounts in the COVID-19 crisis: Lessons from the Great Recession (CSD Research and Policy Report No. 20-11). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/c5dg-qz60
Inclusive Child Development Accounts: Toward Universality and Progressivity
Huang, J., Zou, L., & Sherraden, M. (Eds.) (2020). Inclusive Child Development Accounts: Toward universality and progressivity. Abingdon, UK: Routledge.
A Framework for Explaining Black–White Inequality in Homeownership Sustainability
Ren, C. (2020). A framework for explaining Black–White inequality in homeownership sustainability (CSD Working Paper No. 20-07). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/zryf-5d75
Center for Social Development study nominated for “Best Paper” award
A study from the Center for Social Development’s SEED for Oklahoma Kids (SEED OK) experiment has been nominated for an award given to the best paper published in the Journal of Consumer Affairs.
CSD’s Margaret Sherraden inducted into American Academy of Social Work and Social Welfare
Sherraden was among 19 fellows inducted into the academy on Jan. 17, 2020.
Child Development Accounts: A Policy Design and Opportunity for Azerbaijan
Huseynli, A., Sherraden, M., & Gottlieb, D. (2020, January). Child Development Accounts: A policy design and opportunity for Azerbaijan (CSD Policy Brief No. 20-02). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/bnqw-qn41
Training American Indian and Alaska Native Social Workers for Indian Country
Tovar, M., Thompson, K., & Billiot, S. (2020). Training American Indian and Alaska Native social workers for Indian country. Journal of Evidence-Informed Social Work, 17(1), 75–89. https://doi.org/10.1080/26408066.2019.1629557
Missouri considers a Child Development Account for every newborn
CSD research and expertise shape proposal for a universal policy in the Show-Me state.
Missouri coalition sets sights on Child Development Accounts for all state newborns
An expanding partnership is pursuing legislation for Missouri children in 2020.
The Financial Capability and Financial Well-Being of Low-Income Entrepreneurs
Huang, J., & Guo, B. (2020, January). The financial capability and financial well-being of low-income entrepreneurs (CSD Research Brief No. 20-01). St. Louis, MO: Washington University, Center for Social Development. https://doi.org/10.7936/fmxv-kv62
Singapore’s Financial Capability and Asset Building Project Expands to Nationwide Scale
Singapore initiated training in Financial Capability and Asset Building in 2017. It is kicking off its third phase: expanding to a nationwide scale.
Medicaid and household savings behavior: New evidence from tax refunds
This paper estimates the effect of Medicaid access on the propensity of households to save or repay debt from their tax refunds. Data come from the tax records and survey responses of households that use an IRS free-file alliance online tax-preparation software to prepare their tax returns during the fiscal years 2013–2017. Findings suggest that […]