This research brief investigates the status of asset ownership and debt among families with children aged birth to 18, using the Panel Study of Income Dynamics (PSID) 2001 and 2007 data. It also examines disparities in asset holdings and debt by race and gender of family heads as well as age of children in the family. As asset holdings and debt can impact the well-being of children, in this report we examine the economic security of families with children based on family asset holdings and debt. First, we explore the concept of asset poverty and estimate the proportion of families who are asset poor, followed by the examination of debt and financial assets of families with children. The report concludes with policy implications and recommendations to promote the financial security of families with children. (author abstract)