Financial capabilities development: essential discourse in social work

Lambert K. Engelbrecht and Abigail Ornellas

International Journal of Social Economics, 2019, vol. 46, issue 10, 1234-1246

Abstract: Purpose - Within a neoliberal environment, financial vulnerability of households has become an increasing challenge and there is a requirement of financial literacy education, a necessary activity to facilitate sustainable development and well-being. However, this is seldom a mainstream discourse in social work deliberations. The paper aims to discuss these issues. Design/methodology/approach - First, introducing the neoliberal impact on financial well-being and capability for vulnerable households, the authors’ postulation is substantiated on a seven-point argument. The contexts of financially vulnerable households are sketched. Second, a conceptualisation of financial literacy is offered, and third, perspectives on and approaches to financial literacy as a fundamental capability are presented. This is followed by a theoretical foundation of community education as a practice model in social work to develop financial capabilities. In the fifth place, prevailing practices of Financial Capabilities Development (FCD) programmes are offered. Subsequently, the implications of a neoliberal environment for social work practice are examined. Findings - The revised global definition of social work encourages the profession to understand and address the structural causes of social problems through collective interventions. As a response, it is argued that community education towards FCD of vulnerable households within a neoliberal environment should be an essential discourse in social development. Originality/value - The authors reflect on the significance of FCD, highlighting its contribution towards human security and sustainable development. Although this paper draws on Southern African contexts, the discourse finds resonance in other contexts across the world.

Keywords: Neoliberalism; Financial literacy; Social work; Financial capability; Community education; Vulnerable households (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijsepp:ijse-02-2019-0076

DOI: 10.1108/IJSE-02-2019-0076

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