Economic Security

Economic security may not buy happiness, but it is essential for families to meet their basic demands.

Without reliable access to economic resources to meet their daily needs — including food, clothing, health care, housing and transportation, among others — individuals face risks that can reduce their ability to provide and care for themselves, their families and others.

The stress of managing their future financial security can also hinder a person’s well-being, including a lack of resources to handle unforeseen emergencies, insufficient lifetime income levels, and managing long-term financial goals.

This is why the UNC School of Social Work has made studying economic security and how it affects individuals, families and communities one of its core research programs.

Developing and evaluating policies and programs that promote economic security, such as asset-building initiatives and financial education, can improve individuals’ immediate circumstances. With long-term implementation, they can also strengthen their earning power and saving behaviors to help realize their future financial goals.

Historically, unequal societal structures have limited economic security and mobility.

Vulnerable populations, including racial and ethnic minorities, have been at the greatest risk of experiencing subpar economic security. Discrimination has led to Black, Hispanic and Latino families earning nearly half as much as the average white household — with greater disparities in wealth equality, according to the Federal Reserve.

Recognizing the economic challenges facing individuals and communities is imperative to understanding the difficulties they often face. Economic security plays a key factor in many of those challenges.

Whether they use their knowledge to connect individuals and families to community resources that provide direct assistance, or advance research and policy decisions that ensure economic stability for all communities, social workers play a vital role in helping others achieve economic security.