Despite ADA, Adults With Disabilities Remain Less Financially Stable Almost a quarter-century after the Americans With Disabilities Act became law—guaranteeing all people with disabilities the opportunity to achieve “economic self-sufficiency”—people with disabilities are less financially stable than those without, according to a report from the National Disability Institute. The report, “Financial Capability of Adults with Disabilities—Findings from the FINRA ... News in Brief
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News in Brief  |   October 01, 2014
Despite ADA, Adults With Disabilities Remain Less Financially Stable
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Professional Issues & Training / Regulatory, Legislative & Advocacy / News in Brief
News in Brief   |   October 01, 2014
Despite ADA, Adults With Disabilities Remain Less Financially Stable
The ASHA Leader, October 2014, Vol. 19, 12. doi:10.1044/leader.NIB3.19102014.12
The ASHA Leader, October 2014, Vol. 19, 12. doi:10.1044/leader.NIB3.19102014.12
Almost a quarter-century after the Americans With Disabilities Act became law—guaranteeing all people with disabilities the opportunity to achieve “economic self-sufficiency”—people with disabilities are less financially stable than those without, according to a report from the National Disability Institute.
The report, “Financial Capability of Adults with Disabilities—Findings from the FINRA [Financial Industry Regulatory Authority, Inc.] Investor Education Foundation 2012 National Financial Capability Study”, analyzed data from 1,363 of the more than 25,000 respondents who self-identified as “permanently sick, disabled or unable to work.” It captures, for the first time, a nationwide snapshot of the financial status of adults with disabilities.
According to U.S. Census data, nearly one in three people with disabilities in the United States lives in poverty, a figure nearly double the national rate. Of the respondents to the FINRA study:
  • 78 percent found it difficult to make ends meet, as compared with 56 percent of people without disabilities.

  • 70 percent could not come up with $2,000 in an emergency, as compared with 37 percent of people without disabilities.

  • 81 percent did not have an emergency fund to cover three months of expenses, as compared to 54 percent of people without disabilities.

  • 30 percent paid their credit card in full each month, as compared with 50 percent of respondents without disabilities.

  • 41 percent used methods of non-bank borrowing, such as a pawn shop or payday loan, as compared with 29 percent of people without disabilities.

  • 44 percent had unpaid medical bills, as compared to 25 percent of people without disabilities.

  • 18 percent had determined their retirement savings needs, as compared with 41 percent of people without disabilities.

  • 50 percent are “not at all satisfied” with their current financial condition, as compared with 30 percent of people without disabilities.

  • 84 percent had not planned for their children’s college education, as compared to 62 percent of respondents without disabilities.

The report also includes NDI recommendations for collaborations to improve the financial capability of people with disabilities, including designing and testing innovative intervention strategies, establishing a cross-system national task force to build a collaboration strategy, and improving available information about people with disabilities and their financial capability.
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October 2014
Volume 19, Issue 10