We often think of health in terms of doctor visits, eating well, exercise and medications. But what if I told you that your income is a very important predictor of your health and well-being?
It's a simple truth: when people have access to good jobs and the ability to build wealth, they are healthier. They can afford nutritious food, quality healthcare, and a safe and stable home – all essential ingredients for a thriving life. Conversely, economic instability leads to stress, limited choices and poorer health outcomes.
Why is The Colorado Health Foundation Prioritizing Economic Opportunity?
The Colorado Health Foundation recognizes this critical link and has added Economic Opportunity as a key priority. We envision a Colorado where everyone, regardless of race or location, can achieve economic well-being and participate in pathways to build wealth. Yet we know that far too many Coloradans face barriers to reaching this vision. For instance, many low-to-moderate income Coloradans do not have the types of jobs that pay a living wage or provide benefits, so they are forced to live paycheck to paycheck and are unable to save for the future. For people of color and individuals living in disinvested rural communities, these barriers are often exacerbated by systemic inequities. The racist policies and practices behind the persistent racial wealth gap and the inequitable distribution of resources to many rural communities make building wealth even more unattainable.
The numbers tell a stark story. Over the past 30 years, white families' wealth has grown by 84%, while the growth rate for Latinx families is 1.2 times slower, and for Black families, it's three times slower. At this rate, it would take Black families 228 years and Latinx families 84 years to reach the same level of wealth as white families today. Similarly, many rural areas in Colorado have faced historic disinvestment and significant economic shifts that have led to sharp population declines and fewer quality employment opportunities, resulting in lower median household incomes compared to urban areas.
Breaking Down the Barriers
The Colorado Health Foundation is committed to dismantling the barriers to economic opportunity faced by low-to-moderate income Coloradans. Our aim is to partner with organizations and bolster the following approaches to creating economic well-being for more Coloradans:
- Strengthening pathways to income growth: This includes promoting quality jobs and workforce development programs that provide individuals with the skills and opportunities to advance in their jobs.
- Supporting small businesses and entrepreneurs: Small businesses, particularly those owned by people of color or located in rural areas, need access to funding and support to thrive.
- Bolstering wealth transfer mechanisms: This involves promoting initiatives like employee ownership and public programs that help individuals and families build and transfer wealth across generations.
By addressing these systemic issues, The Colorado Health Foundation is investing in a future where all Coloradans have a chance to achieve economic well-being and, in turn, live healthier lives. This bold vision recognizes the undeniable connection between wealth and health, paving the way for a more equitable Colorado where health is within reach for everyone.
If you have questions about this priority, please reach out to me at [email protected].