Improved Financial Capability Can Reduce Material Hardship among Mothers
Social Work
|April 18, 2018
Summary
Financial access, not knowledge, improves financial management and reduces material hardship risk for mothers. Enhancing financial capability, especially access, is key for economic well-being.
Area of Science:
- Social Sciences
- Economics
- Public Health
Background:
- Financial capability is crucial for economic well-being.
- Understanding the interplay of financial access, knowledge, and management is vital for mitigating material hardship.
- Previous research has not fully explored these relationships, particularly among vulnerable populations.
Purpose of the Study:
- To investigate the influence of financial access and financial knowledge on material hardship risk among mothers with young children.
- To examine the mediating role of financial management in the relationship between financial capability components and material hardship.
- To provide insights for social workers aiming to improve clients' economic stability.
Main Methods:
- Utilized structural equation modeling (SEM) on a probability sample of 2,529 mothers with young children in Oklahoma.
- Data were sourced from Oklahoma birth certificates.
- Analyses were conducted on the full sample and a subsample of low-income mothers.
Main Results:
- Financial access positively influenced financial management (p < 0.001).
- Financial knowledge did not show a significant association with financial management.
- Both financial access (p < 0.001) and financial management (p < 0.001) were negatively correlated with material hardship.
- Similar patterns were observed in the low-income subsample.
Conclusions:
- Financial capability, specifically financial access, is critical for enhancing financial management and reducing material hardship.
- Interventions promoting financial access can significantly improve economic stability for mothers and their children.
- Financial capability initiatives represent a valuable strategy for social workers to support client economic well-being.
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