Economic Well-being and Ageing: The Need for Financial Education for Social Workers

Abstract

This paper explores the importance of financial education for social workers who are often working with individuals and families who are financially vulnerable and who frequently have little financial knowledge. This may be particularly relevant in light of the recent global recession and the negative impact this has had for many in terms of increased living costs and decreased income. Older people may be particularly vulnerable to the economic fluctuations caused by the recession, yet they may be disadvantaged further by poor understanding of the impact of finances on well-being from social care agencies, and a paucity of information and advice to enable them to develop improved financial literacy. This may be compounded further by increasingly strict eligibility criteria, which restrict access to services, leading to increasing numbers of older people who need to fund their own care. The objective of this paper is to highlight the need for students and practitioners to develop their own financial literacy skills so as to better enable them to support those that they work with. The discussion considers the usefulness of the ‘asset vulnerability framework’ devised by Moser in assessing the economic well-being of older people and its applicability within social work education and practice.

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