Financial literacy is tough for many, but for people with disabilities, it can feel like navigating a maze with extra obstacles. Few resources focus on their unique needs, yet financial security is just as crucial for them. This article explores practical steps to build financial literacy for people with disabilities, helping them manage money and plan for the future.
People with disabilities often face higher costs. Medical expenses, adaptive equipment, or transportation can eat up income. Social Security benefits or disability payments might help, but they’re rarely enough. Understanding how to budget around these realities is the first step. Start by tracking daily expenses. Apps like Mint or YNAB can simplify this. They let you see where money goes and set limits on spending. For someone with a fixed income, knowing exactly what’s coming in and going out prevents surprises.
Saving is another challenge. Many assume they can’t save because of tight budgets. But even small amounts add up. A high-yield savings account, with interest rates around 4% in 2025, can grow modest savings over time. Automating transfers, even $10 a month, builds a habit. For those receiving disability benefits, an ABLE account is a smart option. These accounts let you save up to $18,000 a year without losing benefits like Medicaid. They’re underused but powerful for long-term planning.
Taxes can also be tricky. People with disabilities may qualify for credits like the Earned Income Tax Credit or deductions for medical expenses. Free resources, like the IRS’s Volunteer Income Tax Assistance program, can help navigate these. The Consumer Financial Protection Bureau offers glossaries in multiple languages to explain financial terms, which can be a starting point for understanding tax forms.
Planning for the future is critical. Life expectancy varies, and health conditions can change financial needs. A special needs trust can protect assets without affecting benefits. It’s a legal tool that ensures money is used for care or quality of life. Setting one up requires a lawyer, but community organizations often offer low-cost help. For example, the National Disability Institute provides online courses on financial wellness, covering topics like trusts and benefit management.
Access to financial services is another hurdle. Many banks don’t design their platforms for accessibility. Screen readers or simplified interfaces aren’t always standard. In 2025, some fintech apps are addressing this, offering voice-activated budgeting tools or visuals for cognitive disabilities. Look for platforms that prioritize user experience and data protection.
Education is key. Financial literacy isn’t taught enough, especially for underserved groups. Free courses from organizations like the Association for Financial Counseling & Planning Education cover basics like budgeting and savings. These are self-paced and accessible online, making them practical for people with mobility or scheduling constraints.
Building financial literacy takes time, but it’s doable. Start small with budgeting, explore savings options like ABLE accounts, and use free resources for taxes and planning. For people with disabilities, these steps create a path to stability. Share this knowledge with family or caregivers to build a support network. Financial security isn’t just about money. It’s about peace of mind.