Financial Empowerment
We are dedicated to improving the financial wellness of people across the spectrum of disability. We provide training and technical assistance on how to deliver financial education, financial coaching/counseling and other financial capability strategies customized to meet the needs of the disability community. Our tools (detailed below) include financial education curricula, financial education toolkits, quick reference guides and connections to experts in the field and here at NDI.
The Path to Financial Empowerment
Individuals want to be financially included and empowered. We view this as a process that can be customized for people with disabilities and integrated into disability and other human services.
Financial empowerment is the ability and confidence of individuals and communities to make positive financial decisions that promote their long-term financial stability and financial well-being.
1
Financial
Education
Building
knowledge
and skills
2
Financial
Capability
Making informed choices and taking action
3
Financial
Wellness
Meeting financial obligations and feeling financially secure
4
Financial
Empowerment
Feeling in control
of one’s personal finances
1
Financial Education
Building knowledge and skills
2
Financial Capability
Making informed choices and taking action
3
Financial Wellness
Meeting financial obligations and feeling financially secure
4
Financial Empowerment
Feeling in control of one’s personal finances
Financial Education
People with disabilities need the same financial knowledge and skills as those without disabilities – to manage money, create a spending plan, effectively use banks, reduce debt and use credit wisely. Individuals who receive a public benefit may also need to understand the impact of increasing their income or assets on their benefits.
Financial education is the first step on the pathway to achieving financial wellness. This section provides tips and resources to help you build or expand financial education programs that are inclusive of people with disabilities.
Integrating a financial education program into an organization’s service delivery may seem like a huge undertaking. That’s why NDI created our Integrating Financial Education Toolkit, which details six items to keep in mind when creating a financial education program.
Our Financial Education Toolkit is designed to help partners across the country, including financial education providers, VITA/Asset Building Coalitions, workforce professionals and disability service providers. Use this Toolkit as a supplement to any financial education curriculum you choose.
There are a variety of financial education curriculums to choose from when creating a financial education program. The following provides a sample of free curriculums that offer flexibility in their approach to delivering financial education.
- FDIC’s Money Smart program provides a variety of lessons for all ages.
- Better Money Habits (Bank of America) Achieving Financial Independence lessons were specifically designed for people with an intellectual and/or developmental disability:
- Hands on Banking provides financial education lessons that can be offered in a workshop setting or online.
NDI offers Customized train-the-trainer sessions on our Building the Financial Well-Being of Persons with Disabilities curriculum. Our experts train local teams on how to use the curriculum, with customized information for your community.
Not sure which curriculum will best meet your organization’s needs? Use our Financial Education Curriculum Comparison to guide your decision. (coming soon!)
Financial education programs need to be inclusive and accessible for people with disabilities. Our Creating an Inclusive Environment for Your Financial Education Program checklist (coming soon!) will help you identify if your program is inclusive to people with disabilities.
Video: Consumer Engagement
Financial Capability
Financial Capability is making informed financial decisions and putting your knowledge and skills into action. It is the next step after financial education in the financial empowerment framework.
NDI has developed financial capability indicators that can serve as a guide for practitioners and individuals as they work towards the path of financial wellness.
Webinar: Financial Capability Indicators Webinar (coming soon)
To assist individuals on their path to financial wellness, you need to first identify where an individual is currently at on this path. NDI’s Financial Well-being Assessment is as a tool for practitioners and individuals to measure their current standing and identify next steps.
- Download: Financial Well-being Assessment (Coming soon)
- Video: Using a Financial Health Assessment
When an individual completes their financial well-being assessment, it will identify both opportunities and barriers to achieving their financial wellness. NDI has developed a series of Quick Reference Guides that highlight some common situations on the path to financial empowerment. These guides can help people with disabilities make informed decisions about their next steps.
Behavior change requires identifying and addressing a person’s underlying beliefs, values and habits. NDI’s approach to positive behavior change leverages research from behavior economics and positive psychology to benefit individuals and practitioners.
- Webinar: Motivational Interviewing
- Resource: Character Strengths Survey and Tools
- Resource: Promoting Well-Being at work
To learn more, visit our Positive Psychology resource page.
Resource Spotlight
Quick Reference Guides
These ready-to-use materials are designed to provide financial educators, American Job Centers, Vocational Rehabilitation and community-based organizations with resources and tools specifically for people with disabilities. Each guide tackles a specific financial challenge and offers guidance that professionals can use as part of their financial counseling, coaching or traditional human services.
Financial Wellness
Financial wellness is based on an individual’s financial goals and personal measure of financial security. Financial wellness can be thought of as a continuum ranging from financial stress to financial satisfaction. How an individual feels about their finances has an impact on their financial wellness and other aspects of their life. Financial stress can be a detriment to performing on the job, pursuing other goals, and maintaining a healthy life.
The Bureau of Consumer Financial Protection has developed a definition for financial well-being.
Integrating financial wellness strategies into service delivery programs is key and is a proven approach that has positive impact on the individual and program outcomes.
Integrating Financial Capability Strategies into the Public Workforce Development System
NDI is testing new strategies and customized tools to expand financial coaching, financial counseling and other financial capability services to meet the unique needs of people with disabilities. To learn more, visit Empowered Cities.
Other Financial Resources
ABLE Accounts
ABLE savings accounts allow people with disabilities to save money without losing eligibility for federally-funded benefits.
Taxes & Tax Preparation
The Internal Revenue Service (IRS) provides free tax preparation services to qualifying taxpayers.
Benefits Planning
NDI can help individuals understand the relationship between federal and state public benefits and work.
Assistive Technology
NDI’s AT Loan Program can help pay for devices that improve or maintain independence and quality of life.
Your Support Matters
Be a catalyst for change by donating today to support National Disability Institute’s innovative projects and research that help build a better financial future for people with disabilities and their families. NDI is a 501(c)3 organization and all donations are tax deductible.
