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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

ECONOMIC IMPACT OF

ADDICTION

Struggle to Strength: Reclaiming Lives, Rebuilding Communities

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 CAPABILITY

Struggle to Strength: Reclaiming Lives, Rebuilding Communities

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

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