Banking Status and Financial Behaviors of Adults with Disabilities

Posted by Alexandra Kielty - On May 01, 2015 (EST)

In April 2015, the National Disability Institute (NDI) issued this report that is based on data mined from the Federal Deposit Insurance Corporation’s 2013 National Survey on Unbanked and Underbanked Households. The report highlights the nearly 50 percent unbanked and underbanked status and financial behaviors of people with disabilities. This report provides much-needed quantitative data that – until now – has been missing in research being conducted at the intersection of the disability and asset development communities.

Included in this report are recommendations for policy and program changes to address the financial and behavioral challenges that individuals with disabilities identify as barriers to being fully banked, a key aspect of financial inclusion.

Highlights include:
-- Among households headed by working-age persons with disability, nearly one-fifth were unbanked (18.4 percent) and more than one-fourth were underbanked (28.1 percent).
-- Households headed by working-age persons with disability were significantly more likely to report using alternative financial services than households headed by those without disability (46.7 percent vs. 35.1 percent, respectively).
-- Households headed by working-age persons with disability were significantly less likely to have a savings account (with or without a checking account) compared to households headed by those without disability (46.7 percent vs. 72.5 percent, respectively). These findings amplify what was learned last year with the release of the NDI report, Financial Capability of Adults with Disabilities.

To view the full report, please click on View Page Now or go to: http://www.realeconomicimpact.org/data/files/reports/NDI_banking_status_financial_behaviors_report_2015.pdf



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