When Addiction Leads to Financial Ruin

BORROW MONEY –

Nov. 1, 2023 – The study also found that just one-third of those billions is borne by the government, with the remainder falling on the shoulders of individuals and the private sector.

In Ohio, an epicenter of the opioid crisis, the state’s Department of Commerce is taking a one-of-its-kind approach to aiding families financially impacted by addiction, by making sure the people handling their money are educated about it.

When surveyed by the department, 45% of Ohio’s financial advisers said they were aware of a client of theirs, or a client’s family member, that was struggling with addiction.

But that number is likely much higher, according to Ohio Securities Commissioner Andrea Seidt, as one in 13 Ohioans have a substance use disorder. The stigma of addiction, especially coupled with a conversation about money, could be keeping people from disclosing their struggles, even to someone they trust.

“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,” Seidt said.