Research shows that when families lack adequate income and assets, they face hardships including hunger, living in substandard housing, and untreated illness. These hardships are especially harmful for children, who are more likely to experience long lasting negative outcomes in the areas of health, social and emotional development, educational attainment, and employment.
What are the Key Elements of Family Economic Success?
Families’ economic success depends on several components:
· Employment allows parents to earn income and provide for their children. Work supports such as education, housing near job centers, transportation, health care, and child care help parents obtain and retain jobs.
· Income must be adequate to provide for basic human needs and the work supports described above. When the costs of these work supports rise, families must earn more to keep pace.
· Assets -- savings and other tangible assets -- help families stay secure during temporary setbacks, pay for higher education, provide for retirement, or realize the dream of homeownership.