By Leora Lowenthal, LICSW, OSW-C, MPA, FAOSW
AOSW President
 
In this issue of Connections, you will read about financial toxicity and a myriad of ways in which it impacts the well-being of patients and their families.  It is a subject near and dear to my heart, a frequent source of distress in my clinical work, and something I am grateful to see written about so eloquently here.  As AOSW President, I am admittedly also concerned by the myriad of ways in which finances impact the well-being of our members and larger profession.  Social workers may experience serious illness of course (their own or that of a loved one), but even without that they may experience financial distress.

Prior to the pandemic social workers already faced the unfortunate combination of growing student loans and relatively low salaries.  In a report published by the Fitzhugh Mullan Institute for Health Workforce Equity at The George Washington University in August 2020, following three years of surveying new social workers they summarized: “Graduates are generally satisfied with their jobs and profession, but there is frustration with the low salaries for new social workers. This frustration is probably heightened by the high levels of educational debt. The mean starting salary was $47,100, and the median debt was $66,000” (1). In 2020 the Council on Social Work Education also released a report stating that "Educational debt for baccalaureate and master’s social work graduates is higher today than it was 10 years ago. Master’s graduates have, on average, more than 50% more debt today.” (2)

Notably, these reports looked at time periods preceding the pandemic. Since that time, a new set of challenges emerged and while it is early to fully understand the impact, studies suggest that social workers were impacted both professionally and in their home lives (3, 4).  For some this may have included periods of underemployment, due to furloughs and layoffs, medical and family leaves, or caregiving demands at home. Furthermore, in a study looking at “The Experiences of Caretaking and Financial Stress among Social Workers during the COVID-19 Pandemic”, the authors report disparity of impact by race, noting “social workers of color were more likely to report caretaking (p < .001) and financial stress (p < .001) compared with White counterparts.” (3)  They additionally found that older age was a protective factor for both caretaking (p < .001) and financial stress (p < .001).

This year, following a review of the recent challenges being faced by the larger healthcare industry (5, 6, 7) the board of directors recognized an additional potential stressor; namely that the financial health of employers may impact support for time and expenses associated with continuing education. As part of our commitment to health equity we believe it is essential to expand our reach to those who, for whatever reason, may not have the financial means for continuing education and conference attendance. After considering all these factors and more, the board made the decision to hold a virtual conference in 2024 with the priority of ensuring that the conference will be affordable and accessible for as many individuals as possible. We hope to achieve record attendance in 2024, continue to explore other ways to bring members together prior to returning for an in-person 2025 conference and as always, look forward to sharing more in the months ahead.
 

1. Report to The Council on Social Work Education and The National Association of Social Workers from the Fitzhugh Mullan Institute for Health Workforce Equity at The George Washington University  (December, 2020). The Social Work Profession: Findings from Three Years of Surveys of New Social Workers. https://www.socialworkers.org/News/Research-Data
2. Council on Social Work Education (2020). 2019 Statistics on Social Work Education https://www.cswe.org/news/newsroom/new-report-2019-statistics-on-social-work-education/
3. Julie A, C., Lisa, de S. Z., Abigail M, R., Jennifer R, Z., Hee-Eun Helen, P., & Betty J, R. (2022). The Experiences of Caretaking and Financial Stress among Social Workers during the COVID-19 Pandemic. Social Work, 68, 47–56. https://doi.org/10.1093/sw/swac040
4. Zebrack B, Grignon M, Guan T, Long D, Miller N, Nelson K, Otis-Green S, Rayton M, Schapmire T, Wiener L. Six months in: COVID-19 and its impact on oncology social work practice. J Psychosoc Oncol. 2021;39(3):461-468. doi: 10.1080/07347332.2021.1893421. Epub 2021 Mar 10. PMID: 33689675; PMCID: PMC9308894.
5. Li K, Al-Amin M, Rosko MD. Early Financial Impact of the COVID-19 Pandemic on U.S. Hospitals. J Healthc Manag. 2023 Jul-Aug 01;68(4):268-283. doi: 10.1097/JHM-D-22-00175. PMID: 37410989; PMCID: PMC10306278.
6. Graves JA, Baig K, Buntin M. The Financial Effects and Consequences of COVID-19: A Gathering Storm. JAMA. 2021;326(19):1909–1910. doi:10.1001/jama.2021.18863
7. Rhodes JH, Santos T, Young G. The Early Impact of the COVID-19 Pandemic on Hospital Finances. J Healthc Manag. 2023 Jan-Feb 01;68(1):38-55. doi: 10.1097/JHM-D-22-00037. PMID: 36602454.