Enhancing Economic Stability: The Role of Guaranteed Income in Comprehensive Support Systems

Abstract

Guaranteed income has emerged as a promising tool that aims to provide financial security and meet the basic needs of individuals and families through the provision of recurring, unconditional, unrestricted cash transfers. Flexible cash supports in the form of a guaranteed income paid directly to individuals and households extend trust and agency to individuals and families to meet their ever-changing needs (West et al., 2023). Individual and household needs are dynamic. Current public benefits are not fungible and are often restricted in how they are spent. A guaranteed income allows individuals and families to decide when and how to allocate those resources to help fill and bridge gaps where low-wage jobs and benefits fall short. It also smooths income volatility that an individual or family may experience from changes in benefits receipt or variable work hours. Finally, it gives individuals and families hope to reimagine alternative pathways to thriving.