Diversability Unplugged: The True Cost of Disability
By: Arielle Dance, Diversability Content Writer
Financial planning can be challenging for people with disabilities and their families for numerous reasons. Access to care, inability to find resources, and the cost of living with disabilities are some of the barriers that impact disabled people and their families. Addressing these challenges and increasing access to the best benefits available for the individual inspired Diversability and Blend to come together and host a discussion about financial wellness in the disability community.
Blend is the infrastructure powering the future of banking. Blend powers billions of financial transactions every day and financial providers — from large banks, fintechs, and credit unions to community and independent mortgage banks — use Blend’s platform to transform banking experiences for their customers. Blend’s mission is to bring simplicity and transparency to financial services, making banking more accessible for all. Diversability aims to increase visibility of disabled people within and outside our community, and achieve representation at all levels. Together, these two communities are bringing together panelists to discuss financial equity for people with disabilities.
This event will build on the momentum of another event that Diversability partnered with Blend to produce in 2021: Homeownership and the American Dream. Homeownership is often touted as the cornerstone of the American Dream and overall financial security, so we set out to get a better idea of the community’s experiences with homeownership. Panelists explored systemic barriers to homeownership for disabled people and uncovered financial and legal gaps face by the disabled community. The Homeownership panel exposed tremendous barriers in access to financial resources in the disability community as well as the need for basic answers to questions. This drought of support and resources made it clear to all who attended that economic justice is disability justice.
How Comfortable Are Disabled People With Their Finances
When Diversability polled our community about their comfort with their personal finances, the responses varied. The majority of the respondents were either comfortable (32%) , neutral (26%), or uncomfortable (26%). For participants who reported being more comfortable with personal finance, they utilized resources like books, podcasts, and social media to access information about disabilities and finances. Some feedback acknowledged individual privilege including family trusts or inheritance and access to other resources to education. Across the board, family support served as a thread between responses; for some it was a boost in their financial literacy while for others, lack of familial support led to years of financial instability.
For Lala Shanks, a disabled artist and activist, years of self-reliance, caretaking of younger siblings, and managing multiple disabilities (including psychiatric diagnoses) deeply impacted her comfort with finances later in life. Lala believes that, “lack of access to affordable, sustainable, efficient, affirming, and autonomous healthcare” were major obstacles in how she managed her disabilities. Psychiatric trauma impacted her ability to tackle daily tasks like cooking, shopping, and obtaining formal education, which further diminished her financial security.
It is impossible to discuss financial equity without acknowledging that historically excluded groups, aside from the disability community, have faced discrimination that impacts their ability to access financial equity. People of color, LGBTQ+ people, women, and people with disabilities have faced hardships throughout generations in an attempt to reach financial stability and security. Shanks recognizes that being in multiple marginalized communities also impacts her ability to obtain financial equity.
Being multiply marginalized also stifles access to financial and material resources (lack of a “professional network” and “generational wealth” are [two] big examples.) Government benefits are gatekept and confusing.
What Services Are Disabled People Utilizing
Like Shanks, other disabled people tap into governmental resources or services in order to support themselves and health. The most common programs and services that were shared include Achieving Better Life Experience (ABLE) Accounts, savings accounts, investments (including stocks), retirement accounts, Medicaid waivers, Social Security Disability Insurance (SSDI), and Special Needs Trust.
ABLE accounts were created by the 2014 Achieving a Better Life Experience (ABLE) Act. For the most part, funds in an ABLE account do not count toward an individual’s eligibility for federal or state benefits programs.
Supplemental needs trusts don’t have any limits on how much money you can put aside to help with expenses related to a disability. On the other hand, they can be expensive to set up and more complicated to manage than ABLE accounts.
Families affected by disability should also check if they are eligible for a home and community-based services (HCBS) waiver. This Medicaid waiver allows states to provide care to people with disabilities in the community, rather than putting them into institutional care.
Supplemental Security Income (SSI) provides additional income to older adults or citizens with disabilities that have little other income to provide a basic safety net
Information Provided by Investopedia.com.
More to Discuss About Financial Equity
From these polls we see the immense need to continue the conversation and learn from the experts in the field. On Thursday, August 4, 2022 from 7:00-8:30 pm ET, Diversability Unplugged: The True Cost of Disability.
Let’s meet our panelists:
Meet Our Panelists
Image Description: Headshot of Dante smiling. Dante is wearing a grey suit jacket, blue shirt, and green tie. A Blue sky with the capitol building is in the background.
Dante Allen | he/him
Dante Allen is executive director for CalABLE, a savings and investment program for people with disabilities offered by the State of California. Dante serves as an appointee of California State Treasurer Fiona Ma and oversees the daily operations of the CalABLE program. CalABLE allows people with disabilities to save and potentially grow their money in tax advantaged accounts. The money can be withdrawn at any time as long as it is used for expenses related to living a life with a disability. Moreover, money in a CalABLE account will not effect eligibility for means tested benefits programs like SSI or Medicaid.
Dante received his bachelor's degree from UC Davis and a Masters of Communication Management from the University of Southern California. He also serves on the board of directors for Resources for Independent Living, Inc, Sacramento, and the Crocker Art museum. He is a native Californian.
“I run a savings and investment program, CalABLE specifically designed to help people with disabilities achieve financial equity. I recognize that financial inclusion and equity are directly related to better quality of life and accessibility. I wish I knew how to reach every person with a disability to make the aware of the benefits of having an ABLE account. Even with limited resources, even on benefits, you can save and plan for a brighter financial future.”
Image Description: Photo of Matthew with glasses smiling, head leaned on hand. Matthew is wearing a grey Captain America logo shirt. Books and bookshelves in the background.
Matthew Cortland | they/them | @mattbc @cmattb
Matthew Cortland is a senior resident fellow at Data for Progress working on disability and healthcare. They are currently a lawyer, a public health nerd, and writer. They are a former beneficiary of SSI, SNAP, and Medicaid, and their writing has been featured in outlets including New Statesman, Talk Poverty, and Slate. Matthew firmly believes you shouldn't need to be a lawyer or a CPA to navigate being disabled in America.
“I've personally relied on SSI and SNAP – both are wholly inadequate and both are designed to be hostile to disabled Americans. You shouldn't have to be a lawyer just to access our meager disability safety net. The game [of disability finances] is rigged. The system is designed to be hostile, difficult, ableist. Much of the one-size-fits-all financial advice that does numbers on social media or we see in sponcon is just flat out wrong when it comes to the unique challenges of financial planning as a disabled American in this hellscape.”
Image Description: Headshot of Rich smiling– facing upward. Rich is wearing a pinstriped suit and striped tie. Teal background.
Rich Donovan
Rich Donovan is CEO of The Return on Disability Group focused on the convergence of disability, user delight, and profitability. He created the Barclays Return on Disability ETN listed on the New York Stock Exchange on September 11th, 2014 under the ticker RODI.
Rich provides corporate and public sector clients with insights and design adjustments to act on disability as a global emerging market.
Rich founded Lime (2006), the leading third-party recruiter in the disability space.
Rich has a combined 25 years of experience in portfolio and investment risk management. As a Proprietary Trader and Portfolio Manager at Merrill Lynch, Rich delivered consistent performance results focused on macro strategies with an event-driven overlay, using equity indices as a primary tool.
Rich holds an MBA from Columbia Business School and a BBA from Schulich School of Business at York University. Rich is an avid sailor and proud father of his son, Maverick, along with his wife, Jenn. He is also a consumer in the disability market.
“[I am interested in disabilities and financial equity because] Markets are not efficient. The disability market is not clearing due to providers of capital not understanding the value of disability. My job is to distribute knowledge to capital so that markets clear. [I wish I knew about] timing –how long will it take for the disability market to become efficient? [My advice to the disabled community is that] risk is your friend, not something to be avoided. Embrace risk in intelligent and prudent ways.”
Image Description: Headshot of Tina with glasses smiling. Tina is wearing a light pink shirt. Turquoise background.
Tina Mathams | she/her | @theadhdaccountant
Tina is an Accountant and Financial Coach who specializes in adults and business owners with ADHD. Tina has ADHD herself so understands the needs of the people she helps really well. Tina helps others be more comfortable with their money management and find financial independence they never thought possible. Outside of work, Tina is a wife, a mum of 2 and has 3 pets.
“I have ADHD myself, my children are neurodivergent, and I work a lot with the ADHD community. I like to bring awareness and understanding to what it's like being neurodivergent and having to manage our finances. I wish I knew that I didn't have to follow typical financial advice and guidance. It's ok for my money management to be unique to me. There is education and help available around managing your own finances; you do not have to do this alone. Also, managing finances with a disability does not have to look like typical financial management that we see and hear about everywhere!”