Build Financial Capability and Assets for All

2021 Blueprint of Federal Social Policy Priorities: Recommendations to the Biden-Harris Administration and Congress

Grand challenges for social work

Nearly half of all American households are financially insecure, without adequate savings to meet basic living expenses for three months. We can reduce economic hardship and the debilitating effects of poverty by adopting policies that bolster lifelong income generation and safe retirement accounts; expand workforce training and re-training; and provide financial education and access to high quality and efficient financial services.

NASW calls on national leaders to:

  • Enact a universal Child Development Account (CDA) policy that provides each newborn with an account to grow assets to be invested in education and family stability over a lifetime.
  • Establish a federal “financial guidance for all” initiative to train every social worker and counselor to provide basic financial guidance and resources for millions of underserved families who are struggling financially.
  • Ensure universal access to affordable banking and financial services by providing high-speed internet access to all, enforcing Bank On account standards, and supporting financial institutions that serve disadvantaged communities.
  • Modify the federal tax code to allow low-income families to receive retirement, housing, and childcare tax benefits that currently go only to the non-poor.
  • Streamline and automate delivery of public financial benefits including cash assistance, tax benefits, unemployment insurance, credit support, and any stimulus payments.