What Rising Rents and Technological Advancements Mean for Family Financial Security

For many families, especially those of color, moving up the economic ladder and achieving the American Dream seems more elusive than ever. In fact, less than a quarter of people across the country believe that it’s possible to start off poor and become rich. And 92 percent say they prefer financial stability to upward economic mobility, our data show.

As daily expenses increase and income remains flat, the inability to save money threatens families’ financial security in the short term and economic mobility in the long term. And while all households are affected, these forces have complicated efforts to bridge the racial wealth gap in this country. For example, the typical white family has 31 days’ worth of liquid savings compared with just five days’ worth for an African-American family.

So how do today’s workers move out of poverty? Do traditional allies, such as community organizations and government agencies, have a new role to play, and how might technology help or harm efforts to improve family financial security and economic opportunity?

A Pew Charitable Trusts panel at the National Association of Black Journalists (NABJ) convention featured experts who discussed the research that is still needed and technological innovations that may offer solutions, and shared some stories they’ve uncovered along the way.

Expert Panel

Thursday, Aug. 2, 2018, 2:45 - 4:15PM, Nicolet A Room, Detroit Marriott, Detroit MI

Karen Kavanaugh, project director, The Pew Charitable Trusts

Trooper Sanders, fellow, The Rockefeller Foundation

Sarida Scott, executive director, Community Development Advocates of Detroit

Ron Stodghill, associate professor, University of Missouri

Gillian B. White, senior editor, The Atlantic

Moderator: Teresa Wiltz, senior staff writer, Stateline (@teresawiltz)