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Among the cultural changes that came with the substance abuse epidemic in our region was the dramatic increase in the number of grandparents who found themselves raising their grandchildren. That meant financial strain for those who might suddenly have had to miss work for anything ranging from court dates to school functions, maybe burning through savings that were meant to cushion an upcoming retirement, having (again) to pay for clothes, supplies, food and everything else that comes with having children in the home and a host of other expenses.
Of the approximately $631 billion estimated as the cost of the opioid crisis alone in the U.S., approximately two-thirds of that burden fell on individuals and the public sector, according to a study from the Society of Actuaries.
Too many of those individuals affected suffer in silence as their finances and security are drained. But Ohio's Department of Commerce has an idea to help change that. This past summer, it launched the first training sessions in its "Recovery Within Reach" program for financial advisers. The idea is to teach them how to see the signs of addiction in their clients' families and guide those clients toward state and private resources that could help relieves the financial burden.
Part of that training is overcoming the stigma associated with substance abuse.
"The more we talk about it and every industry starts talking about it, the more successful we will be in combating the stigma and the more comfortable people will be reaching out and getting the treatment they need," said Ohio Securities Commissioner Andrea Seidt.
Carl Hollister, president of the Cincinnati investment advisory firm L.M. Kohn, said substance abuse is just the latest crisis for which financial advisers have had to come up with solutions for their clients. He called Ohio's efforts a leading example for what other states should adopt in helping families face all facets of this crisis.
"We have people that'll never be able to retire because they spent all of their retirement funds on treatment," said Lori Eisel, a financial adviser and owner of Arcadia Financial Partners. "It does not have to be that way."
Families who do not work with financial advisers also can find resources at https://recoveryohio.gov/resources/all-resources/recovery-within-reach.
Commerce Department officials are to be commended for developing such a program. The key now is for the training and awareness of resources to spread quickly enough that struggling Ohio families get the message. Help is available; and you are not alone.