Citizens living below the poverty line are often treated as an absent third party while policy makers and service providers decide what “they” need in order to become productive members of society. Debates are launched about how the poor game the system, their laziness, immorality and poor choices leading them to a cycle of generational poverty, but how can we be the experts on communities in which we do not live? Typically when we do let someone struggling with poverty have access to a platform to speak, we are using them as a testimonial to provide proof or support for our decision-making.
However, TalkPoverty is taking a nuanced approach to advocacy by creating a platform specifically to elevate the voices of low-income communities. What will happen if we let members from impoverished communities be stakeholders in the policy making conversations that affect them directly? What could we learn? In social work, we have a term called client-centered practice which means the client is the expert on their life, but it our job to help them use that knowledge to improve their outcomes.
This week, I had the opportunity to chat with Tracey Ross who is one half of the dynamic duo hosting the TalkPoverty Radio Show on the We Act Radio network beginning April 30th at 4:00 PM EST. Check out our conversation below:
SWH: Can you tell us about TalkPoverty and your role with the organization?
Tracey: TalkPoverty is actually an arm of the Center for American Progress’ poverty team. Just over a year ago, Greg Kaufman, former poverty reporter for The Nation, joined CAP’s poverty team as a Senior Fellow and started TalkPoverty.org, a blog that features stories from low-income families and other community members who explain the impact of our public policies and provide information on grassroots actions across the country helping build to momentum and dramatically reduce poverty.
Earlier this year, we had the opportunity to launch TalkPoverty Radio on SiriusXM Insight, produced by Greg and our colleague Alyssa Peterson. On April 30th, we’re relaunching the show on the We Act Radio network, a progressive radio station in the heart of DC’s Anacostia neighborhood. We’re using this as another platform to lift up the untold stories of some of the 45 million Americans living below the poverty line.
While this is a serious topic, the show manages to be both entertaining and informative as we work to dispel myths, offer solutions, and call out people and structures creating barriers for people struggling on the brink. Each week, my co-host, Rebecca Vallas and I will speak with grassroots advocates, journalists, elected officials and people living in poverty in order to share important perspectives with our listeners.
— Tracey Ross (@traceylross) April 27, 2015
SWH: What are the top priorities for TalkPoverty, and what activities are you currently engaged in to accomplish those goals?
Tracey: One of our main goals for TalkPoverty Radio is to increase the quantity and quality of poverty reporting. Less than 1 percent of media coverage is dedicated to reporting on poverty. And while there are great reporters covering this issue, there are many news outlets that rely on stereotypes about people living in poverty and don’t provide a nuanced discussion about the causes and solutions. For instance, while many people know that roughly 15 percent of the population is living in poverty, based on many news stories, you would think it was the same people year in and year out. In reality, 4 out of 5 Americans will experience at least one year of economic insecurity at some point in their working years. This is a failure of our economy.
Further, we understand that people experiencing poverty are the real experts, so we give airtime to low-income people, so they can speak for themselves.
SWH: What are the biggest challenges and barriers you face in creating awareness on poverty?
Tracey: Unfortunately, a majority of Americans report having a family member living in poverty, so I think we’re at a point in time when people are increasingly aware of some of the causes of poverty. A poll we conducted revealed that nearly two-thirds of Americans strongly believe that poverty is primarily the result of a failed economy rather than personal failings. The public also express very strong support for key policies to fight poverty, such as increasing the minimum wage, expanding health care coverage, supporting nutrition assistance, etc.
I think the real challenge we face is holding policymakers accountable. While leaders from both sides of the aisle are increasingly talking about poverty, conservatives in Congress are blocking or cutting key programs that the public supports and that help working families. And we need more progressive candidates to include fighting poverty in their platforms. The public supports these policies, so we need to build a movement to ensure policymakers are doing the public’s will here.
— TalkPoverty.org (@TalkPoverty) April 28, 2015
SWH: How can others engage and support TalkPoverty’s efforts?
Tracey: The blog is always looking for contributors from low-income families, but we also hope people will share links to the blog and the show. While many people support specific policies to fight poverty, we need to ensure that this issue gets the attention it deserves, and that people hold elected officials accountable. Lifting up the stories of low-income people, as well as advocates like yourself, will bring life to this issue and will hopefully contribute to a the growing movement for a more equitable economic system.
As our show’s tag line states: “Tune in. Fight back.”
Parental Medicaid Expansion Translates into Preventive Care for their Children
When low-income parents enroll in Medicaid through the Affordable Care Act (ACA) state expansion program, their children have considerably better odds of receiving annual preventive care pediatrician visits, according to a new analysis by the University of Pittsburgh Graduate School of Public Health and Johns Hopkins University.
This “spillover effect,” explained in a study published online today and scheduled for the December issue of the journal Pediatrics, demonstrates that the potential benefits of Medicaid expansion extend beyond the newly covered adults.
“These findings are of great significance given the current uncertainty surrounding the future of the ACA and Medicaid expansions authorized by the law,” said senior author Eric T. Roberts, Ph.D., assistant professor in Pitt Public Health’s Department of Health Policy and Management. “Lawmakers crafting policy proposals that could curtail Medicaid benefits or eligibility should recognize that such efforts would not just limit the receipt of health care services by low-income adults, but also by their children.”
The ACA provided states the opportunity to expand Medicaid coverage to all low-income people at or below 138 percent of the federal poverty level. So far, 31 states and the District of Columbia have expanded Medicaid coverage.
Roberts and his colleagues identified 50,622 parent-child pairs from data collected in the 2001 through 2013 Medical Expenditure Panel Surveys, a nationally representative survey administered by the U.S. Department of Health & Human Services that includes detailed information on family structure and demographics, including health insurance status and health care use.
They discovered that children of parents who had recently enrolled in Medicaid had a 29 percent higher probability than children of unenrolled parents of receiving their well child visit, which is recommended annually for children age 3 and older, and more frequently for infants and toddlers.
During the visits, the children are examined for growth and development and given immunizations, and their caregivers are guided on proper nutrition and child behaviors. Studies have shown that children who get well child visits are more likely to receive all their immunizations and less likely to have avoidable hospitalizations. The U.S. has persistently low rates of well child visits, particularly in low-income families.
“There are many reasons that parental Medicaid coverage increases the likelihood of well child visits for their children,” said Roberts. “It could be that insurance enhances the parents’ ability to navigate the health care system for themselves and their children, increasing their comfort in scheduling well child visits. Medicaid enrollment could be a sort of ‘welcome mat,’ in which eligible but previously uninsured children are enrolled after their parents gain coverage. It also could be that parental Medicaid coverage frees up more money to provide preventive services to their children, because even copays can be a deterrent to medical care among low-income people.”
Maya Venkataramani, M.D., is lead author on this research, and Craig Evan Pollack, M.D., M.H.S., is a coauthor. Both are from the Johns Hopkins University School of Medicine.
Fearless: How One Financial Expert Faced Her Fear Of Public Speaking
When you are on a collision course to face your fears in order to achieve your future career goals, what will you do? Do you run and hide, drag your feet and hope things will blow over, or will you dawn your Super Woman cape and address the elephant in the room?
Today’s woman wears many hats and it should come as no surprise that with all of the role-changes, fear and anxiety can be a bit challenging for some. Add to that a career path that is rooted in public speaking and you could have a recipe for disaster as the challenges faced with respect to public speaking are high. Communication, in general, tends to be challenging for women on both a personal and professional level for various reasons, but why do we seem to struggle a bit more with public speaking?
Sweaty palms, a racing heart, or feeling like a frog is lodged in your throat. Those psychosomatic symptoms can be a real bummer and for many women, they never achieve their full potential due to their overwhelming fear of public speaking. To shed light on this common problem, we turned to financial expert and two-time New York Times bestseller, Pamela Yellen, who knows all too well about overcoming the fear of public speaking.
We wanted to know how someone who had garnered enough support to raise $25,000 in funds for the American Cancer Society and was fearless enough to dawn a gold-sequined leotard while riding on an elephant struggled with fear and anxiety that almost halted her career pursuits. “You can be a risk taker and still be afraid to get up in front of more than a couple of people.”
Despite the risks Pamela has taken in her life, it wasn’t until she decided to go in a different direction and develop a more professional career as a financial services consultant and public speaker that she was prompted to deal with her “paralyzing stage fright.” Once she conquered her fears, she went on to help others face their fears relating to financial security and grace us with Bank on Yourself: The Life-Changing Secret to Growing and Protecting Your Financial Future and The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.
To help quell her fears and set her on the path to success, Pamela got busy and ushered in the help of a mentor. When asked if she felt like the mentoring approach and feedback would have set her on a different path had her mentor been a female, she chuckled, “I guess we’ll never know, but I will tell you that I was a bit intimidated by him and he was a very strong, demanding, no-nonsense kind of guy. I think maybe I needed that [approach] at that time.” She also acknowledges her abilities to develop and lead people to reach their potential, developing strategies to avoid foreseeable obstacles, and her natural curiosity to challenge conventional wisdom as key strengths that have contributed to her success.
So what do you do when all eyes are on you and it seems as if the world is judging you? According to Pamela, “You can choose are you gonna sit there and stand there and worry about what they’re gonna think about you or are you going to focus on the fact that you have value to give them.”
Having a clear focus is important when taking on any task, especially something as intimidating as public speaking.Once you choose to change your focus to the value that you bring to your client or an audience, you can begin to approach public speaking differently. Of course, this doesn’t mean that you will never have a nervous moment again. Pamela stated she “still gets plagued by a lack of confidence every now and then” but despite a few hang-ups, she has still persisted and has been quite successful in pursuing her goals.
Speaking of womanhood, we would be remiss not to address the obstacles faced by women in addition to the generalized fear many have regarding public speaking. How does one persist when it seems like odds are stacked against women? Being a woman has made her somewhat of an easier target to negative criticism and has been a cause of hesitancy along her journey.
Given many of the patriarchal norms and stereotypes assigned to women that continue to shape much of society, it’s easy to see how despite all of her success, remnants of fear and anxiety can still rear their ugly head. There is little doubt that being a woman presents its own set of problems when speaking out and sometimes against the status quo.
When asked about her thoughts on being a woman in such a male-dominated field, Pamela stated, “people attack me regularly because I go against the conventional financial wisdom.” She also offered an inspiring quote from her mentor, Dan Kennedy, “It’s been so profoundly powerful for me ‘If you’re not offending someone by noon every day then you’re not doing much.'” Despite her critics, like a true superhero, Pamela still persists and we are thankful for it.
Switching gears, the interview would not have been complete without garnering some financial advice from the guru herself. Money and financial security or lack thereof can be a great cause of fear and anxiety for anybody. Understanding that a large part of overcoming fear or anxiety involves doing something different, rather it be challenging yourself or learning something new. Pamela’s book encourages you to do both.
With no regard to socio-economic status, age, or income, Bank On Yourself allows consumers to achieve their goals and take control of their financial situation by avoiding Wall Street while challenging financial institutions and their tactics.
While different groups have benefited from Pamela’s books, advice, and financial expertise; by far the group that has benefited the most have been the baby-boomer generation. “I think a lot of baby boomers and women have benefited from my books because the baby-boomers are the ones or the group that no longer has guaranteed pensions from their companies and their basically on their own to save for their own retirement.” For those still reeling from the Recession, looking to recover from slow economic growth, or gain financial freedom Pamela advises “if you’re not comfortable with the idea of never being sure that you’ll have you know a certain amount of money for retirement you need to look at safe and guaranteed methods of saving for retirement.”
Rather it is public speaking, finances, or career guidance; no matter how successful, when it comes to certain things, fear and doubt can set in and if left unaddressed will find a permanent home in our lives. To learn more about some of these safe financial methods and get a free and safe wealth building report, you can visit www.bankonyourself.com.
Ninety-Two Percent of Caregivers Are Financial Caregivers
A Merrill Lynch study, conducted in partnership with Age Wave, finds that the 40 million family caregivers in the U.S. spend $190 billion per year on their adult care recipients. Despite the financial, emotional and functional challenges in this life stage, preserving the dignity of their loved one is their primary goal. The vast majority of caregivers (91 percent) are grateful they could be there to provide care, and 77 percent say they “would gladly do so again.”
“As tens of millions of people take on caregiving responsibilities each year, supporting those caring for our aging population has become one of the most pressing financial issues of our lifetime”
Family caregivers are America’s other social security, providing the bulk of long-term care today. The aging of the baby boomers will result in unprecedented numbers of people in America needing care. As a caregiving crunch is upon us, “The Journey of Caregiving: Honor, Responsibility and Financial Complexity” offers an in-depth look at Americans’ financial and emotional journeys during this life stage. This study marks the beginning of a new, multiyear research series from Merrill Lynch and Age Wave that will examine five distinct life stages: early adulthood, parenting, caregiving, widowhood, and end of life.
As the first of the series, this study examines the responsibilities, sacrifices, and rewards of caregiving – a life stage that nearly all Americans will participate in, as a caregiver, care recipient or both. This study comprehensively explores the topic of financial caregivers – a role largely unexamined, yet held by 92 percent of caregivers. Financial caregiving involves contributing to the costs of care and/or coordinating or managing finances for a care recipient.
The study is based on a nationwide sample of more than 2,200 respondents, including 2,010 caregivers. Key findings about their caregiving journey include: Paying bills from their recipient’s account (65 percent), Monitoring bank accounts (53 percent), Handling insurance claims (47 percent), Filing taxes (41 percent), Managing invested assets (21 percent).
- Much more than hands-on care. Providing emotional support (98 percent), financial caregiving (92 percent), household support (92 percent) and care coordination (79 percent) far outweigh physical care (64 percent).
- Financial costs – with little discussion of their ramifications. Seventy-five percent of financial contributors and their care recipients have not discussed the financial impacts of these contributions.
- Caregiving for a spouse vs. for a parent. A spouse is 3.5 times more likely to be the sole caregiver looking after a care recipient and is more likely to spend more out of pocket on care-related costs. Their caregiving journey is also different in terms of the obligations and financial interdependencies they hold with their loved one.
- Caregiving gender gap. Both for cultural and biological reasons, women are more commonly caregivers for spouses and parents, averaging six years of caregiving in their lifetime versus four years for men. As a result, women are disproportionately impacted by the challenges of caregiving, including struggling to balance responsibilities and making career sacrifices. And then, more find themselves alone and without someone to care for them when needed.
- Responsibilities extend beyond the care recipient’s life. Sixty-one percent of the time, caregivers expect their role will end with the death of their loved one. However, the complexities of financial, legal, and other aspects of caregiving often continue for months or even years.
“As tens of millions of people take on caregiving responsibilities each year, supporting those caring for our aging population has become one of the most pressing financial issues of our lifetime,” said Lorna Sabbia, head of Retirement and Personal Wealth Solutions for Bank of America Merrill Lynch. “Greater longevity is going to have a profound impact on the caregiving landscape and calls for earlier, more comprehensive planning and innovative solutions to address the health and long-term care needs of our loved ones.”
Financial caregiving: Navigating complexity and responsibility
The study finds that 92 percent of caregivers are also financial caregivers, and are contributing to and/or coordinating finances for their loved one. In fact, after two years of receiving care, 88 percent of care recipients are no longer managing their finances independently.
Financial caregiving is often far more complex than simply contributing to the recipient’s care. Financial caregivers are responsible for a wide variety of tasks, including:
- Health care rises as top challenge. Respondents find that navigating health insurance expenses is the top challenge of financial caregiving (57 percent).
- Uncharted territory. An estimated 49 percent of financial caregivers don’t have the legal authorization to perform their role.
- Guidance and resources lacking. Sixty-six percent of caregivers feel they could benefit from financial advice.
Costs and compensations of caregiving
While some aspects of caregiving may feel like a burden, those surveyed also tell us it is a blessing. Contrary to all we hear about the stress and sacrifices of caregiving, for many caregivers, the role is also often associated with a range of positive experiences and rewards. Caregivers describe a complex, demanding yet often nourishing journey – defined by honor, gratitude, fulfillment, purpose, and strong family bonds.
- Nearly three quarters of respondents say they’ve made numerous sacrifices as a caregiver – whether familial or professional.
- Fifty-three percent have made financial sacrifices to compensate for caregiving expenses. Thirty percent of caregivers say that they have had to cut back on expenses, and 21 percent have had to dip into personal savings.
- Two in five caregivers under the age of 64 have made sacrifices at work due to caregiving responsibilities, including reducing their hours (17 percent) and leaving the workforce (16 percent).
- Caregivers feel rewarded knowing they are doing something good for someone they love – 61 percent say the greatest benefit of providing care is the sense that they have “done the right thing.”
- Seventy-seven percent say they would gladly take on being a caregiver for a loved one again.
- Forty percent report a strengthened bond between themselves and the care recipient, and 24 percent say caregiving brought their family closer together.
- Eighty-six percent say watching their loved one’s health struggle was a motivator that caused them to place more value on taking care of their own health.
“Caregiving is one of today’s most complex life stages, throughout which hard work, high stress and heavy obligations intertwine with honor, meaning and resilience,” said Ken Dychtwald, Ph.D., CEO and founder of Age Wave. “This experience becomes even more emotionally complex and financially challenging when caring for loved ones suffering from dementia or Alzheimer’s. Even with that added burden, this study reveals that 65 percent say that being a caregiver brought purpose and meaning to their life.”
The crucial role of employers
Employers can play an integral role in supporting caregiving employees during this demanding life stage. While 84 percent of employers say caregiving will become an increasingly important issue in the next five years, only 18 percent strongly agree that their workplace is currently “caregiving-friendly”– underscoring the need for new approaches and solutions across the workforce.
“Meaningful, well-designed employer benefits can make a crucial difference in helping caregivers navigate the high stress of caring for a loved one and help them balance these responsibilities with the rest of their working and financial lives. Just as child care has been an issue in the past that led to revolutionizing HR benefits, the aging of the population means we need to consider how caregiving is becoming an increasingly important issue for employers and employees,” said Kevin Crain, head of Workplace Solutions for Bank of America Merrill Lynch. “These should include resources and programs focused on addressing caregiving complexities and employee networks that facilitate support from experts and peers.”
According to Crain, “Bank of America Corporation is committed to meeting the needs of caregivers in today’s transforming world. Companywide initiatives dedicated to addressing the needs of our country’s aging population and those of their caregivers include combatting elder financial fraud, increased awareness of cognitive decline and Alzheimer’s disease, and implementing caregiving best practices through training and resources for its financial advisors and corporate clients. The company supports our employees who are caregivers through a variety of resources including access to emergency back-up care for adults and children, professional elder care assessments, elder care law services, and an internal Parents and Caregivers employee network.”
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Parental Medicaid Expansion Translates into Preventive Care for their Children
When low-income parents enroll in Medicaid through the Affordable Care Act (ACA) state expansion program, their children have considerably better odds of receiving annual...
Fearless: How One Financial Expert Faced Her Fear Of Public Speaking
When you are on a collision course to face your fears in order to achieve your future career goals, what...
Ninety-Two Percent of Caregivers Are Financial Caregivers
A Merrill Lynch study, conducted in partnership with Age Wave, finds that the 40 million family caregivers in the U.S....
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