REPORT: Nashville families struggle with financial squeeze
NASHVILLE, Tenn. (WSMV) - Metro Social Services released a report Wednesday examining Nashville Davidson County residents’ and families’ social and economic well-being.
Officials said the report is designed to inform key community stakeholders, including elected officials, who craft and drive policies that shape the lives of all those who live in Davidson County.
“The report offers context on the major patterns and trends of 2021 that arose out of a serious pandemic, unstable global economic forces, rising levels of inflation, and uneven economic recovery in many sectors,” said Renee Pratt, executive director of Metro Social Services. “Though these forces are out of our control, what Metro Social Services can control is our ability to be present for families and provide support services to help them navigate difficult times.”
Some of the main takeaways the report highlighted included the following:
- Housing costs up 20% in the past 12 months
- Gasoline costs up 68% in the past 12 months
- Childcare costs up 41% in the past 12 months
- Wages only up 3% in past 12 months
- Average Nashvillians are effectively 10% to 20% worse off in 2022 than in 2021
“We are facing our challenges head-on, and I’m grateful that the Metro Council has recently voted to fully fund my Agenda for Neighborhoods and Families, which includes a number of key initiatives that I believe will help address some of these long-standing and persistent socioeconomic issues. New priorities that invest in our children’s future through education, build and preserve affordable housing, address homelessness with a bold new $50 million plan and improve our city’s fundamental services will begin to make a meaningful impact on the challenges outlined in this report,” said Mayor John Cooper.
To view the full report, click here.
Copyright 2022 WSMV. All rights reserved.