Financial Stability: A Complex Challenge, Strategy, And You

In Columbia and throughout central Missouri, financial stability remains a significant challenge for many vulnerable families. In particular, Boone County faces higher poverty rates with 17.8 percent of our population living below the poverty line, exceeding the national average of just under 13 percent. For many, the combination of lower wages, affordable housing options, limits on upward economic mobility, and barriers to essential services makes achieving financial security elusive. 

The complexities of creating opportunities for all individuals and families to reach stability in their finances make it challenging to find one “perfect solution.” However, there has been extensive research on the categories connected to stability and how to address them. Through national research conducted by Harvard’s Opportunity Insights initiative, led by Dr. Raj Chetty, we know communities challenged with these six key community categories significantly shape local economic outcomes: 

• Quality Education: Better education improves skill development and earnings potential 
• Stable Families: Stable households have been shown to increase upward mobility 
• Income Equality: Addressing income disparities, higher-paying jobs, reducing the gap between rich and poor 
• Social Capital: Strong community networks and ties create support and access to resources 
• Affordable Housing: Affordable and diverse neighborhoods create long-term outcomes 
• Workforce Development: Training, skills development, job opportunities  

I imagine all these categories look familiar. After all, most of us likely feel the pressure of one or more of these in our everyday lives. Taking our lived experiences, community input, and local data as reported on sites like the booneindicators.org, we can analyze the local effect of these key causes and design programs that are strategically focused, and data driven. 

Knowing the barriers and obstacles to upward mobility helps in exploring what policies and programs could have the biggest impact for people. This is being done in our community through various efforts among several local nonprofits, including the Heart of Missouri United Way. Boone County also plays a vital role through its work with their Upward Mobility project in advancing their Mobility Action Plan. The city of Columbia seeks solutions connected to these categories through vital support and programs. And Veterans United Foundation has also been a pivotal partner in supporting specific programs to advance upward mobility. All these together play a crucial role in addressing challenges to upward mobility. However, we can all agree that this is not enough.  

In addition to the above programs, we should seek additional ways to lift up our community. After all, the solutions to this are not the exclusive role of the private sector, nonprofit sector, or government. It takes all of us!  One way we all can take part is to strive to know our community beyond our immediate neighbors. We should all be active in organizations, like the PTA, Rotary, or other community organizations. We should aim to speak on behalf of the voiceless and neighbors who don’t have the flexibility in their work or family life to be as engaged. 

And, yes, there is a need to donate and support organizations who are striving to advance upward mobility. Taking action together in addition to the work being done by nonprofit and government organizations can bring about the collective change in upward mobility we all seek and want! 

The complexities of financial stability for vulnerable families in Columbia, Missouri, requires collaborative, multifaceted solutions. Part of this solution includes leveraging the willingness for each of us to be involved and engaged. I hope this inspires everyone to be the change, and to make our community one where everyone has the opportunity to thrive! 

Andrew Grabau is the President and CEO at Heart of Missouri United Way.