Elevating financial capability in child welfare services: Early efforts in the Grand Challenge

ABSTRACT The great majority of families involved in the child welfare system are economically vulnerable, have limited incomes, and face a high risk of financial exploitation. Limited opportunities to participate meaningfully in the financial sector, along with poor decision making, can lead to overwhelming debt, eviction, and poverty that compromise child safety and wellbeing and can cripple efforts to reunify families. This article discusses the need to elevate financial capability–which scholars and practitioners define as knowledge of financial matters and means to exercise that knowledge. It addresses nascent research examining financial capability and asset building, the expanding role of the topic in human services, and efforts in Missouri to integrate an understanding of financial capability in work with families involved in the child welfare system. Such integration holds the promise of fulfilling the safety, permanence, and wellbeing goals of the child welfare system; involving a wider set of community partners; and achieving the federally mandated ‘normalcy’ in foster care.