Glossary
Economic Security: Stability of income and access to basic needs such as food, housing, healthcare, and employment. It means individuals and communities can maintain a standard of living both now and in the future, without excessive risk of poverty or financial crisis.
Family Stability Indicators: Include strong communication, consistent routines, financial security, strong social support, and positive parent-child bonds, reflecting a home with predictable safety, emotional support, clear expectations, and shared responsibilities, all crucial for child development and overall well-being. Key markers involve low residential mobility, parental resilience, adequate concrete support, and children's social-emotional competence.
Financial Resilience: The ability to maintain living standards during financial stress.
Living wage: A living wage is the hourly pay needed for a full-time worker to cover basic necessities (food, housing, healthcare, etc.) for themselves and their family in a specific location, ensuring a decent standard of living, unlike the often-lower minimum wage. Calculated using factors like childcare, transport, and taxes, it differs geographically and by family size, with tools like the MIT Living Wage Calculator helping estimate costs for essentials to keep families out of poverty and support local economies.
Self-Sufficiency Wages (or the Self-Sufficiency Standard): The minimum income a family needs to cover basic living expenses (housing, food, childcare, transport, healthcare, taxes) in a specific location, without public assistance or informal help, assuming full-time work. It's a living wage benchmark, varying by family size, composition (ages of children), and geographic cost of living, offering a more realistic view of economic need than official poverty lines.