Goodman, N. and M. Morris (2019) Banking Status and Financial Behaviors or Adults with Disabilities: Findings from the 2017 FDIC National Survey of Unbanked and Underbanked Households and Focus Group Research. Washington DC: National Disability Institute. https://www.nationaldisabilityinstitute.org/reports/banking-status-and-financial-behaviors-2019/.
The report finds that, in the 29 years since the landmark Americans with Disabilities Act (ADA) was signed into law, ensuring all individuals with disabilities the opportunity to achieve “economic self-sufficiency,” this population still faces numerous financial hurdles and roadblocks to financial inclusion.
Based on data mined from the 2017 FDIC National Survey on Unbanked and Underbanked Households, this insightful report highlights the financial choices and banking habits of adults with disabilities. This is the third report, based on FDIC data, that the National Disability Institute (NDI) has released in five years.
Report highlights include:
- Households with a disability were three times as likely to be unbanked as households with no disability (18 percent versus 6 percent). The “disability gap” has increased since 2011.
- Twenty-five percent of households had a bank account, but used a service that either: (1) the bank did not offer; (2) the bank offered, but the household did not qualify; or (3) was offered elsewhere at a lower price or with more convenience.
- Households with disabilities were more likely to rely on bank tellers and less likely to use online or mobile options. Thirty-seven percent of households with a disability used online or mobile as the primary method to access their account compared with 62 percent of households with no disability.
- Only 38 percent of households with a disability saved for unexpected expenses or emergencies in the past 12 months compared with 63 percent of households with no disability.
- Compared to households without a disability, those with a disability were much less likely to have a credit card, store credit, mortgage or home equity, auto loan or student loan. Almost one in five households with disabilities had an unmet need for credit.