In the Know: Financial Capability of Adults with Disabilities
This July 2014 report, issued by the National Disability Institute, shines light on the financial health, capability and situation of adults living with disabilities. Based on data collected from the FINRA Foundation's 2013 Financial Capability Study, this first-of-its-kind report offers a snapshot of the economic plight faced by many in the disability community.
Report highlights include:
- 81 percent of people with disabilities did not have an emergency fund to cover three months of expenses as compared to 54 percent without disabilities;
- 70 percent of people with disabilities responded they could not come up with $2,000 in an emergency, as compared with 37 percent of people without disabilities;
- Only 18 percent of people with disabilities had determined their retirement savings needs as compared with 41 percent of people without disabilities;
- 41 percent of people with disabilities used methods of non-bank borrowing such as a pawn shop or payday loan, as compared with 29 percent of people without disabilities; and
- 50 percent reported they were “not at all satisfied” with their current financial condition, as compared with 30 percent of people without disabilities.
In addition, the report provides even greater insight into how respondents make ends meet, plan for the future, manage their finances and financial products and their level of financial knowledge and decision-making. Read the full report now for more details.