Building Financial Capability In Future Social Workers: Lessons from the Financial Coaching Scholars Program

Background and Purpose:

Financial Capability and Asset Building (FCAB) remains an essential component of social work practice, particularly as individuals and families face increasing financial instability. Despite recognition of FCAB as a Grand Challenge for Social Work, many BSW programs lack comprehensive training in this area. This gap leaves future social workers unprepared to support clients' financial challenges in practice. The present study examines an innovative social work education model, the Financial Coaching Scholars (FCS) Program, which integrates FCAB training into field education. The study explores how this model enhances student learning, skill development, and preparedness for practice.

Methods:

A qualitative, phenomenological approach was used to capture the real-world experiences of students who participated in the FCS Program after graduation. A sample of six BSW graduates from a BSW program who participated in the FCS Program engaged in in-depth interviews exploring their perceptions of the training, field placement experiences within a financial or economic stability internship site, and the additional support they received throughout their field practicum. Analysis involved systematic coding of the interview transcripts with themes emerging through iterative review, allowing patterns and key insights to emerge. Member checking was used to ensure credibility and to ensure that findings accurately reflected participants' perspectives.

Findings:

Findings revealed an overwhelmingly positive experience across all program components. Additionally, students reported that they were able to apply FCAB knowledge and skills to improve their financial well-being. The combination of a specific financial coaching training immediately before they started their field practicum created a strong connection between theory and practice, allowing students to apply their learning in a real-world setting. Students reported increased confidence in discussing financial topics with clients and gained practical financial well-being skills, such as goal setting, budgeting, and saving strategies. Additionally, students gained critical coaching skills, including client-centered communication and the ability to support clients in behavioral change without imposing solutions. Students also reported increased social work skills, including empathy, active listening, and client empowerment. Additional program support included supervision, ongoing training and mentorship, and a financial stipend. This additional support was critical in reducing barriers and increasing confidence. Students initially expressed self-doubt about engaging in FCAB work, mainly due to their financial backgrounds and lack of experience, and these challenges diminished throughout the program. All students reported feeling prepared to incorporate FCAB skills and knowledge into their future social work practice after graduation.

Conclusions and Implications

The FCS model offers a practical and scalable solution for programs seeking to strengthen FCAB training for their students. Integrating financial capability training into field education demonstrates that experiential learning can address existing social work pedagogy gaps without requiring stand-alone courses or structural changes. This model has strong potential for replication and can prepare future social workers to address their clients' financial challenges more holistically, regardless of the area of their practice.