New research by the University of Bristol’s Personal Finance Research Centre in collaboration with the Research Institute for Disabled Consumers, including support by the Financial Fairness Trust, reveals alarming financial struggles among disabled adults. As NDIS providers on the Gold Coast, we are concerned to read this, as it makes things a lot harder, especially when the cost of living is rising all over the world.
Approximately 27% of disabled individuals are grappling with “serious” financial difficulties, a striking contrast to the 11% figure for non-disabled adults. Among the findings, it is evident that 37% of those who acquired their disabilities suddenly face an ongoing battle to meet financial obligations, compared to 24% of individuals with disabilities since birth. Shockingly, half (52%) of the former group struggle to afford home heating. Moreover, due to financial constraints, 25% have been compelled to reduce or halt private medical services, such as counselling or physiotherapy, while 32% have forgone dental care for the same reason.
Stress Making People Unwell
The repercussions of these financial difficulties extend to mental and physical health, with 45% reporting worsened mental health and 40% experiencing deteriorating physical health. The impact intensifies for respondents receiving benefits, with psychological and physical health struggles rising to 49% and 43%, respectively, and further increasing to 57% and 50%, respectively, for those with the lowest incomes. Mubin Haq, CEO of Financial Fairness Trust, highlights the barrier this poses to disabled individuals seeking employment, stressing the need for government policy to change course.
Inadequacy of Existing Support Structures
The research underscores the inadequacy of existing support structures for people with disabilities and calls for comprehensive changes to enhance their living standards and ensure equal inclusion. Recommendations include improving access to employment for those unable to work, as 29% of working-age disabled adults report experiencing discrimination from employers due to their impairment, and 26% indicate that employers fail to make reasonable adjustments. Additionally, the report advocates for a more robust benefits system, as 71% of recipients have felt guilt about applying for benefits, and 82% express challenges in planning future finances due to benefits-related uncertainties. Half of Universal Credit recipients and 35% of Personal Independence Payment recipients struggle to afford necessities.
Targeted Support is Proposed
To alleviate the heightened costs associated with disability, the report proposes targeted support, particularly addressing elevated energy and water expenses. Access to essential services and financial advice is also deemed crucial, with 53% of disabled adults encountering difficulties accessing bank branches and 37% facing challenges with cash machine use. Despite access to financial advice, only 29% express satisfaction with its quality. Professor Sharon Collard, Chair in Personal Finance at the University of Bristol, emphasises the need for substantial changes to ensure a decent standard of living for all disabled individuals in the UK while challenging negative stereotypes and narratives surrounding disability. Gordon McCullough, CEO of the Research Institute for Disabled Consumers, underscores the report’s significance in shedding light on the financial struggles and challenges faced by disabled individuals.