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Struggle to StrengthReclaiming Lives, Rebuilding CommunitiesNational Rx Drug Abuse Summit
Presented by:
Sharon BirdDirector, Public Policy, Community Ventures
Milt Sharp, Jr.President, Ehome America, Community Ventures
Agenda
I. Intro
II. Economic
Impact of
Addiction on
Addicts and
Communities
III. Financial
Capability
IV. Tools
and Resources
The Problem• The Centers for Disease Control and Prevention now labels the problem
an "epidemic."
• Deaths from drug overdose is the leading cause of injury death in the United States.
• Every day in the United States, 120 people die as a result of drug overdose, and another 6,748 are treated in emergency departments (ED) for the misuse or abuse of drugs.
The Cost
• 46% was attributable to workplace costs (e.g., lost productivity)
• 45% to healthcare costs (e.g., abuse treatment),
• 9% to criminal justice costs.
$55.7 billionprescription opioid abuse
cost in 2007 in the U.S.
The Unfortunate Outcome
• Substance abuse is expensive. Maintaining even a moderate habit of drug abuse can cost thousands of dollars annually.
• Funds to maintain a drug abuse habit are taken from savings accounts, retirement accounts, child education funds and other living expenses.
The Unfortunate Outcome
Addictive behavior is often associated with:
• Economic instability
• Divorce
• Child/Spousal
• Missed Rent or Mortgage or Car Payments
• Carelessness with Spending Habits
• Increased Debt
• Hefty Fines for Legal Consequences
ADDICTION RUINS LIVES!
Financial Literacy
• Gaining financial literacy is a long-term process that, for most people, requires the assistance of institutions outside the home.
• Results in more stable communities.
• Improved financial literacy results in a higher standard of living over the long term, including retirement.
Financial Coaching
A financial coach focuses on 3 key tasks to help their clients
become more financially independent and secure:
1. Assisting clients to set realistic goals.
2. Providing accountability by monitoring progress toward
those goals.
3. Helping clients “practice” by achieving key milestones
along the way to the larger goal
Adapted from: “Using a Financial Coaching Approach to Help Low-Income Families Achieve Economic Success” by J. Michael Collins and Karen Murrell. July 2010.
Best Practice
As part of a patients recovery process identify financial
capability programs and services and integrate it as part
of the recovery plan
• Foreclosure Mitigation
• Credit Repair
• Homeownership Education and
Counseling
• Financial Literacy and Financial
Coaching
• Non Profits Certified by HUD to deliver financial education, foreclosure counseling and homeownership education and counseling
• Non Profit Credit Repair Organizations
• Employer Assisted Programs
Tools
Tools
• Online Homebuyer Education
• Financial Education and
• Foreclosure Education
• www.ehomeamerica.org
In Conclusion
Financial Capability as a part of the recovery process can:
• Help rebuild and recover a person’s financial life
• Reduce an individual’s financial barriers to recovery
• Allows for better financial decisions over the life course