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Concept
Economic security
Summary
Economic security or financial security is the condition of having stable income or other resources to support a standard of living now and in the foreseeable future. It includes:
probable continued solvency
predictability of the future cash flow of a person or other economic entity, such as a country
employment security or job security
Financial security more often refers to individual and family money management and savings. Economic security tends to include the broader effect of a society's production levels and monetary support for non-working citizens.
In the United States, children's economic security is indicated by the income level and employment security of their families or organizations. Economic security of people over 50 years old is based on Social Security benefits, pensions and savings, earnings and employment, and health insurance coverage.
In 1972, the state legislature of Arizona formed a Department of Economic Security with a mission to promote "the safety, well-being, and self sufficiency of children, adults, and families". This department combines state government activities previously managed by the Employment Security Commission, the State Department of Public Welfare, the Division of Vocational Rehabilitation, the State Office of Economic Opportunity, the Apprenticeship Council, and the State Office of Manpower Planning. The State Department of Mental Retardation (renamed the Division of Developmental Disabilities, House Bill 2213) joined the Department in 1974 . The purpose in creating the Department was to provide an integration of direct services to people in such a way as to reduce duplication of administrative efforts, services and expenditures. Family Connections became a part of the Department in January 2007.
The Minnesota Department of Economic Security was formed in 1977 from the departments of Employment Services and Vocational Rehabilitation, the Governor's Manpower Office, and the Economic Opportunity Office, which administered anti-poverty programs.
Official source
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