Survey Finds Home Ownership is Key to Americans’ Financial Security - Low-Income Families Remain Left Out

Thrivent Financial’s alliance with Habitat of Greater Los Angeles will help a local family achieve the American Dream.

(PRWEB) May 25, 2006 -- There’s no place like home—at least when it comes to financial security. Nine in 10 American adults say that home ownership contributes either a great deal to their sense of financial security (63 percent) or moderately so (27 percent), according to a survey by Thrivent Financial, a financial services membership organization. Just nine percent of Americans reported that home ownership contributes “hardly at all” to people’s financial security. The Pacific Southwest Regional Financial Office of Thrivent Financial is working with Habitat for Humanity of Greater Los Angeles to build a home in Los Angeles in 2006 through the Thrivent Builds with Habitat for Humanity program.

“A safe, affordable home remains the foundation for most Americans’ financial goals and dreams,” said Mark Andrews, executive director of Thrivent Builds with Habitat for Humanity, a $105 million alliance to build homes with low-income families. “Unfortunately, many American families simply are not able to obtain this critical asset. Some 13 million households pay more than 50 percent of their income for housing, well above federal guidelines of 30 percent of gross income.”

The survey found that home ownership becomes increasingly important to people’s financial security as their incomes rise. While 56 percent of those with household incomes of less than $25,000 said home ownership contributes a great deal to one’s sense of financial security, 69 percent of those with incomes of $75,000 or more agreed.

Similarly, the higher a person’s education level, the more critical home ownership becomes to his or her financial peace of mind. Fifty-eight percent of respondents who have never attended college said home ownership contributes a great deal to their financial security. This compares to 65 percent of those who attended college, and to 72 percent of those with post-graduate degrees.

“Regardless of age, income, marital status, education or employment status, the majority of Americans say home ownership plays a critical role in their financial well-being,” said Brad Hewitt, senior vice president of volunteer programs with Thrivent Financial. “Home ownership remains the embodiment of the American dream for most people, and this is why Thrivent Financial is eager to partner with more low-income families to achieve this goal.”

Thrivent Financial recently took action to help this dream become reality for hundreds of American families. The organization committed $105 million and approximately five million volunteer hours over the next four years to help Habitat for Humanity International increase its capacity to build more homes through Thrivent Builds with Habitat for Humanity programs. The programs promote donations, volunteerism, neighborhood development and house-building trips by Thrivent Financial’s nearly 3 million members. In 2006, the organization will build up to 312 homes with Habitat in the United States and scores more in other countries.

As a membership organization, Thrivent Financial creates, manages and funds outreach programs that support congregations, schools, nonprofits and individuals in need. The organization’s members annually participate in thousands of community service activities through the organization’s 1,364 chapters (local volunteer groups). These chapters are led by member-elected boards that provide strategic direction, leadership planning and administration to support congregational and community volunteerism at the local level. In 2005, Thrivent Financial members conducted more than 96,400 chapter activities and gave 21.4 million volunteer hours in Thrivent Financial-sponsored events.

Telephone Interviews were conducted for Thrivent Financial by Synovate TeleNation Research, Chicago, Ill., between Dec. 2-4, 2005, among a nationwide sample of 1,000 U.S. adults aged 18 and older. The margin of error for questions posed to all 1,000 respondents is +/- 3 percent.

About Habitat for Humanity of Greater Los Angeles

Habitat for Humanity of Greater Los Angeles serves 112 cities and unincorporated areas in Los Angeles County including 70 communities within the City of Los Angeles. Habitat Partner Families earn 25 to 50 percent of area median income. For Los Angeles County, that translates to as little as $13,750 / year for a family of four. Partner families must also meet the following requirements: demonstrated need for adequate shelter; ability to pay back a zero-interest loan; and willingness to partner with HFH GLA to invest 500 sweat equity hours into building their home. www.habitatla.org.

About Thrivent Financial for Lutherans

Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization helping nearly 3 million members achieve their financial goals and give back to their communities. Thrivent Financial and its subsidiaries offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial sponsors national outreach programs and activities that support congregations, schools, charitable organizations and needy individuals. For more information, visit www.thrivent.com.

Securities are offered through Thrivent Investment Management Inc., 625 Fourth Ave. South, Minneapolis, MN 55415-1665, 800-THRIVENT (800-847-4836) a wholly owned subsidiary of Thrivent Financial for Lutherans. Member NASD. Member SIPC.

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