In the aftermath of successive global economic crises, many people at risk of financial hardship have sought monetary assistance. It’s led to a rise in demand for financial social workers, who assist people in rebuilding their assets. In short, they help people manage their money, secure work and housing and generally achieve financial independence.

If you’ve ever thought about an online Master of Social Work degree, perhaps becoming a financial social worker could be your path. Moreover, leading programs such as Spalding University’s online MSW ensure their graduates learn their skills in a compassionate, social justice-oriented environment. Let’s explore the world of financial social workers.

What is a financial social worker?

Financial social workers help individuals navigate the economic landscape. They can help people budget, earn more money and make sound financial decisions. Depending on the type of social work, they can also help individuals access government benefits, manage debt and resolve legal issues. Further, they advise on topics such as starting a business or retirement savings. Another critical aspect of their work is helping people understand the actual costs of products such as loans. In sum, financial social workers function in different sectors, including insurance, financial advice, debt management and customer service.


What do financial social workers do?

Financial social workers work with people to help them deal with any aspect of their economic life. These social workers can help people secure housing, employment and government benefits. In many cases, financial social workers are allied with healthcare professionals, who work alongside financial advisers. As such, they enable people to understand the true cost of borrowing money, which encompasses mortgages and supporting people struggling with debt. Financial social workers can provide advice and help people understand their rights and explore ways to reduce their debts.

What is the path to becoming a financial social worker?

Financial social workers are generally required to have a relevant degree and recognized professional qualifications. Depending on the state, they may also need licensing in the United States. There are different types of degree paths available. These include a bachelor’s degree, master’s degree and doctoral degree in social work. Some financial social workers may also complete a postgraduate certificate in financial planning. Financial social work training is designed to equip students with the knowledge and skills they need to provide financial counseling. Moreover, this type of training is usually offered as part of a broader course in social work.

How do you help people through financial counseling?

Financial social workers can help people manage their finances in different ways. They can provide financial counseling at a one-to-one level or in group settings. Doing so allows them to assess people’s financial circumstances and advise them on improving their financial situation. Financial social workers can also provide financial education and support through financial literacy programs. For instance, they could teach people how to manage debt and secure housing. Ultimately, financial social workers are vital because they equip people to help themselves by providing people with the skills and knowledge needed to manage their financial lives better.