Document Type


Publication Date


Publication Title

Journal of Family and Economic Issues





Publisher Name

Springer Nature


Building on theory and research in financial capability, this study enhances a financial capability model by integrating psychological self-sufficiency (PSS) theory as part of the financial literacy component. Using PSS, a concept from workforce development literature, this study investigates the extent to which an empowerment-based PSS process in targeting financial goals is associated with financial literacy. Path analyses were conducted using a sample of 187 low-income individuals from a large social service agency in Chicago. Findings suggest that perceived financial barriers and financial hope—the two targets of PSS interventions—are associated with financial attitude and behavior, controlling for other demographic variables. These findings can guide policy makers and service providers to build in PSS process-based financial literacy components in vocational and adult education and training as a more human-centered approach to workforce development.


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