F is for Financial Empathy

F is for Financial Empathy

financial empathy

“Empathy as the basis for action is the key to a better world.” ~ unknown

Our country was built on the American Dream. The ideal that every citizen should have an equal opportunity to achieve success and prosperity through hard work, determination and initiative. Yet for many Americans, this dream is becoming just that, a dream and not an obtainable reality.

An analysis by USA Today shows that living the American dream would cost the average family of four about $130,000 a year. The average American household income according to the U.S. Census Bureau is $53,046. The Economic Policy Institute’s (EPI) family budget calculator estimates the average yearly cost for a family of four living in my hometown of Greensboro, NC to be $62,510.

Due to the constant rise of inflation and wages remaining stagnant it is becoming more difficult than ever for families to pay for the necessities of life. They struggle to pay for lights, water, heating and housing. Many have little to no savings and some are forced to survive on credit putting them further in debt.

Finances are one of the leading stressors in families and in marriages. Not having the means to escape a web of financial debt and insecurity is a daunting feeling. Having financial empathy for our fellow Americans is of great importance, as it affects our society as a whole. It’s not just about creating a stable economy. It’s about social responsibility and the need create a compassionate and caring community in which we can all live.

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