Financial Capabilities of Service Providers in the Asset-Building Field
Financial Capabilities of Service Providers in the Asset-Building Field
The development of financial capabilities is essential for individuals to build long-term wealth and move out of poverty permanently. Service providers within the asset-building field regularly work with individuals and families who are economically distressed or disadvantaged, and are uniquely positioned to help increase the financial capabilities of these populations. The financial knowledge, skills and abilities of service providers and the counseling and information they offer their clients can have a significant impact, positively or negatively, on a client’s economic outcomes. This study exploring asset building for working families in Washington State reveals that frontline service providers in the asset-building field had very positive self-assessments of their financial capabilities and the vast majority reported positive financial practices and behaviors. However, the level of financial literacy among respondents was no better than the general population, and many reported that they do not feel equipped to deliver finance-related services to their clients. Much work remains to improve the financial capabilities of service providers.
Keywords: financial capabilities, service providers, asset building, financial practices, financial literacy, debt literacy, Washington State
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