5/5 SHAHANAS S. 8 months ago on Google • 7 reviews
Financial
capability
is
generally
conceptualized
as
the
ability
and
the
opportunity
to
save,
borrow,
and
invest
money
in
the
mainstream
economy.
But,
many
families
struggle
with
finding
work,
saving
money,
and
accessing
credit.
Thus,
it
is
important
to
build
families'
financial
capability
to
enhance
their
well-being
in
an
economy
in
which
low
incomes
and
unstable
employment
are
becoming
commonplace
and
families
are
having
to
make
do
with
less.
In
order
to
better
understand
how
to
support
families'
financial
capability,
this
study
elicited
perspectives
on
barriers
to
and
enhancers
of
financial
capability
through
an
online
survey
and
in-depth
interview
with
32
parents
of
kindergarten
children
from
a
mid-sized,
Midwestern
city.
Some
parents
identified
raising
young
children
as
a
barrier
to
aspects
of
their
financial
capability,
and
to
care
for
their
children
many
parents
were
making
tradeoffs
between
working,
paying
for
childcare,
and
related
money
management
matters.
Parents'
also
reported
barriers
to
finding
paid
work,
earning
adequate
and
stable
income,
and
saving
money.
In
addition
to
children
transitioning
to
adulthood,
some
parents
believed
that
having
better
employment
opportunities,
earning
more
income,
better
money
management
strategies,
lower health
insurance
premiums,
and
completing
higher
education
might
enhance
their
financial
capability.
Theory,
and
policy
considerations
are
discussed,
and
emphasize
incorporating
income-generating
work
in
conceptualizing
financial
capability,
and
opportunities
to
support
families
with
young
children
by
creating
steady
well-paying
secure
jobs,
providing
universal
low-
or
no-cost
childcare,
and
shoring
up
safety
net
programs.
