Strategies to improve family financial security

When Ohioans live in communities that support their health and economic well-being, their families thrive. However, many families are struggling to pay their rent, put food on their tables, cover their healthcare expenses and save for the future. And communities without adequate support put families on the brink of financial hardship—one emergency or surprise expense away from falling into crisis.

Financial insecurity can negatively impact a variety of health and well-being outcomes across generations, including exposure to adverse childhood experiences (ACEs) (potentially traumatic events that occur in childhood). Limited resources for parents to support their families and provide a secure, healthy and nurturing environment for children, among other factors, increases the risk for ACEs. These factors can negatively affect children’s long-term mental, physical and financial health.

Still, Ohioans are resilient, and Ohio leaders can create environments and opportunities that allow every family to thrive. This brief includes:

• Data and information on how financial insecurity affects families’ health, well-being and ACEs exposure
• Perspectives from participants in an evidence-based program that supports financial security
• Data and information on the factors contributing to financial security
• Strategies for how public and private partners can support financial prosperity and prevent childhood adversity

3 key findings for policymakers

• Financial insecurity and ACEs can affect families across generations, resulting in poor outcomes throughout the lives of parents and their children.
• Positive community conditions support both health and financial security, including high-quality education and employment opportunities and safe, stable, affordable housing.
• There are several policy and program solutions for Ohio policymakers and private leaders to promote generational financial prosperity for every Ohioan, including making the Earned Income Tax Credit refundable, reducing benefits cliffs and promoting the growth of programs like medical-financial partnerships.

Resources

In addition to the policy options included in this brief, HPIO has produced several briefs that include policies, practices and programs that support financial well-being, including:

• Social drivers of infant mortality: Employment action guide (2023)
• Strategies to prevent Adverse Childhood Experiences (ACEs) in Ohio: Ensuring a strong start for children and strengthening economic supports for families (2022)
• What works to increase self-sufficient employment (2018)
• Connections between income and health (2017)