An Evaluation of its Effectiveness in Changing Financial Behaviors and Improving Self-Sufficiency
Financial Social Work Research Report
United Way, of Erie Pennsylvania (highest poverty rate of any major PA city) conducted an extensive three-year research pilot project of the Financial Social Work (FSW) model for its efficacy among four social service providers serving low-income families and offering financial literacy training. United Way employed KeyStone Research Corporation (KSRC) to conduct the evaluation of the Financial Social Work model for effectiveness using a pre-post evaluation design.
Briefly, significant positive changes were observed in efficacy for both participants and case managers, an increase in knowledge and number of positive money habits, a reduction of debt, an improvement in career resilience and self-sufficiency overall. In addition, the majority of participants give Financial Social Work a very good assessment with 83% giving it a “good” or “excellent” rating and 88% would recommend Financial Social Work to others who want to achieve financial self-sufficiency.
KSRC’s overarching conclusion with respect to the FSW Program is that it has the “potential for accomplishing its stated goal of creating sustainable, long-term financial behavioral change that supports self-sufficiency and financial stability in individuals and families via education, motivation, and support.” In addition, “organizations are likely to benefit by training staff members in this psycho-social orientation to financial literacy.”
Detailed results of the evidence-based research for Financial Social Work are now available.
Written By Reeta Wolfsohn, CMSW
Research, Evaluation, and Results of Financial Social Work was originally published @ Center for Financial Social Work and has been syndicated with permission.