EDITOR’S NOTE: This story is part of a series of articles focusing on the worldly challenges Christian families face and how the church can help.
The recent film, “Unsung Hero,” tells the true story of David and Helen Smallbone, who, along with their six children, faced financial ruin after his Australian music company collapsed. With little money, the family moved to Nashville, Tennessee, and, through faith, prayer and reliance on each other, overcame significant financial obstacles.
The story highlights how a Christian family, depending on their faith in God and each other, can face and deal with financial adversity.
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Like the Smallbones, Christian families today are experiencing financial uncertainty and insecurity due to several factors including high debt, COVID-19 aftereffects, inflation and rising healthcare costs.
High debt
According to a 2023 survey by Forbes Advisor, 75% of respondents reported they were either very concerned or somewhat concerned about their family’s financial security. Eighty percent of Americans were distressed about their household’s emergency savings, while 60% were anxious about their level of debt.
This year American households carry $17.987 trillion in debt, a considerable increase over previous years. Credit card debt is more than $1 trillion, and mortgages account for 70% of consumer debt. Many families experiencing heavy debt and unable to pay mortgage payments are choosing bankruptcy as a solution. In 2023 there were 452,990 bankruptcy filings in the U.S., a notable increase from 2022.
How financial strains affect children
According to the American Psychological Association, children growing up in low-income or heavily indebted families are more likely to face mental health problems. They report feeling stress, anxiety, guilt for not being able to help, and embarrassment about being unable to afford what their peers buy.
Pandemic aftereffects
The COVID-19 pandemic hit the nation’s families hard, bringing job losses, diminishing savings accounts, building debt and interference with long-term financial goals. According to Pew Research, some three in ten U.S. adults say they worry every day about the amount of debt they have and their inability to save for retirement. Many also worry about paying bills, the high cost of health care, paying rent or a mortgage or being able to buy enough food.
Inflation
U.S. inflation has brought an increased cost of living to families, taking the prices of everyday essentials like food, housing and healthcare to unaffordable figures. Inflation also has reduced purchasing power — as inflation rises, the value of a family’s money decreases and each dollar buys less. Inflation also can erode the real value of a family’s savings and investments.
Health care costs
The rising costs of healthcare today are putting serious financial pressure on families. The Health System Tracker predicted these expenses, driven by increased costs of medical services, prescription drugs, new therapies and expensive treatments, will continue to rise.
Medical care debt affects about 41% of U.S. adults. Families often deal with rising costs by delaying or skipping medical care, with dental and vision services being the most commonly delayed. High drug costs mean opting not to fill prescriptions or taking over-the-counter alternatives instead.
When Christian families face financial setbacks and how churches can help
Christian families facing financial problems often turn to prayer, seeking God’s guidance and praying for wisdom in managing money, for new job opportunities or provision to meet their needs. They rely on Scripture’s promise in Philippians 4:19: “And my God will meet all your needs according to the riches of His glory in Christ Jesus.”
Churches and Christian organizations often provide counseling services to help families create budgets, manage debt and plan for the future. Many communities organize support systems like food pantries, thrift stores and financial aid programs that offer both immediate relief and long-term support.
Families also can make practical changes to their lifestyle to reduce expenses and increase savings, including downsizing, reducing unnecessary spending and finding ways to increase income. Many find practical debt management wisdom in Scripture, and others take advantage of churches’ and Christian organizations’ job training programs, as well as education scholarships that can help find employment prospects and bring greater financial stability.
Despite financial difficulties, many Christian families continue to practice tithing and generosity, believing giving is a key part of their faith and that God will honor their faithfulness. Financial uncertainties pose crucial challenges for Christian families today.
By turning to their faith, and church and community resources, Christian families can navigate these difficulties with resilience and hope, often becoming stronger by pulling together. Addressing these financial concerns is essential for preserving the strength and stability of Christian families.
Read more about the Smallbones’ story.
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