Financial Capability in Later Life

Abstract

The threat—and reality—of financial insecurity in retirement is a key concern for those in, and approaching, later life. Rates and levels of emergency and retirement savings are low for those throughout the life course, made especially concerning for those who are near or already in retirement and for members of more vulnerable groups. This chapter outlines the goals of one of the 12 Grand Challenges for Social Work—to Build Financial Capability for All—while detailing key areas of importance specific to gerontological social work. These include a focus on older adults’ abilities to increase their emergency and retirement savings and financial literacy as well as older adults’ opportunities to access important economic benefits and protections. Key tools, resources, and research in this area are discussed, with an emphasis on ensuring older adults are receiving the benefits that they are eligible for and preventing financial exploitation. It concludes with a focus on future steps that gerontological social workers can take to advance research using the ability-opportunity framework of financial capability, policy at the state and national levels, and practice by gaining more specialized skills and knowledge in financial management and literacy.