THIRD ANNUAL FINANCIAL LITERACY LEADERSHIP

CONFERENCE

Financial Literacy: Next Steps

October 25-26, 2010

Crystal Gateway Marriott Arlington, VA

FINANCIAL EDUCATION FOR PERSONS WITH

DISABILITIESMichael Morris, J.D.

Executive Director

National Disability Institute, Washington, DC

And Chief Executive Officer (CEO)

Burton Blatt InstituteSyracuse University

mmorris@ndi-inc.org

Learning Objectives

Demographics Why is Financial Education Important for Persons

with Disabilities? Tips for Implementing Curriculum Resources and Tools Best Practices from the Field

National Disability Institute

A national research and development organization with the mission to promote income preservation and asset development for persons with disabilities and to build a better economic future for Americans with disabilities.

“About 44 million Americans – one in seven – lived last year in homes in which the income was below the poverty level, which is about $22,000 for a family of four. This is the largest number of people since the Census began tracking poverty 51 years ago.”

Washington Post, September 17, 2010

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For individuals with disabilities, current state of income that falls below the poverty level is at least double when compared to their non disabled peers (28% versus 14%)

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No group in America is more in need and more deserving of economic recovery

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Americans with Disabilities Act Definition

The term "disability" means, with respect to an individual (A) a physical or mental impairment that substantially

limits one or more major life activities of such individual;

(B) a record of such an impairment; or (C) being regarded as having such an impairment

Disability Demographics

Demographics

54 million people

22 million families

Employment

22 million working age

7.6 million working

Geography

15% in the Northeast

31% in the South

28% Midwest

16% West

Ethnicity 12.7% White 17.5% Black/African

American 21.7 Native American 6.3% Asian/Pacific Rim 11.9% Other-- Cornell 2009 Disability Status

Report

One in five adults living in the US have a disability.

Three times more likely than their peers without a disability to live at or below the poverty line.

Dependence on public benefits for income, health care, food, and housing becomes a trap that requires staying poor to stay eligible

Complex public benefit system

Enduring Poverty and Lack of Economic Empowerment

Diminishes freedom Limits opportunity Stifles self-determination

Why is Economic Empowerment Important?

Impact mental and physical health. Impact positively self-concept. Change status with other community

stakeholders. Directly impacts quality of life.

New Agenda – New Thinking

Institutions to Community Living

Special Schools to Public Education

Income Maintenance to Employment

Individual Plans to Self-Directed Accounts

Economic Insecurity to Full Citizenship

Building a Roadmap out of Poverty must include Financial Education.

Tools and Strategies For A Better Future

Financial Literacy Income Production and Preservation Matching Savings Use of Work Incentives Microenterprise Development and Home Ownership Blending of Public and Private Resources Use of Favorable Tax Provisions Family Self-Sufficiency Housing Choice Vouchers

For people with disabilities, there is a new level of focus, energy, and commitment to build a roadmap out of poverty at a national, state, and local level.

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New FocusNew Tools and StrategiesNew Partnerships

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Focus on Economic Empowerment

Cross agency collaboration to remove policy and program barriers to self-sufficiency

Increase awareness and understanding of ways social insurance, employment, and asset development programs work together rather than in conflict

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Focus on Economic Empowerment

Empower persons with disabilities with new knowledge, choices, and supports

Pilot, demonstrate, document, and disseminate success at an individual and systems level

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New Partnerships

Establish community-wide savings and asset building work groups

Build a bridge across disability and nondisability, public and private, for profit and not for profit entities

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New Partnerships

Mayor’s Offices United Way IRS

FDIC IDA Providers EITC Coalitions Financial Institutions Microenterprise

Lenders Home Ownership and

Credit Counseling Programs

DD Council VR Agency Social Security Field

Office WIPA Grantees Peer Support Groups Centers for Independent

Living OMH Community Action

Agencies

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ACTIVITIES•Create disability workgroups within free tax coalitions•Design free tax services and products that are accessible across the disability continuum•Create volunteer tax modules that address serving taxpayers with disabilities•Hold asset summits to introduce disability community to financial community•Provide benefits education about receipt of public benefits and tax credits

PURPOSE Build disability inclusive free tax

assistance through trusted networks

OUTCOMES Growing awareness that

disability is a key component of diversity

New income poverty research linked to disability

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REI Tour Outcomes

YEAR CITIES PARTNERS

RETURNS PREPARED

TAX REFUNDS RECEIVED

$$ SAVED

2005 11 ----- 7,600 $6.8 mil $1.5 mil

2006 30 200 17,223 $15.3 mil $3.4 mil

2007 54 355 36,275 $32.6 mil $7.2 mil

2008 62 555 90,653 $81.0 mil $18.1 mil

2009 84 634 181,152 $176.6 mil $36.2 mil

2010 100 710 360,499 $351.5 mil $72.0 mil

693,402 $663.8 mil $138.4 mil

TOTAL:

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Financial Education & Persons with Disabilities

Little federal or private attention has been given to the study of financial education for persons with disabilities.

Financial education is understudied, un-funded and mainly unrecognized as a piece of the puzzle in reducing poverty and building economic independence and self-sufficiency for working adults with disabilities.

TaxFacts+ Campaign found that only 21 percent of 649 working individuals earning $35,000 or less had participated in a class or workshop on how to handle their money.

Participants reported teaching material used for financial education was not understandable or accessible.

Financial Education for Individuals, Families, and Employers

Need a framework for building financial relationships with non-traditional partners in the community.

Professionals in financial services need education about the specific needs of individuals with disabilities on public benefits who are working.

Employers of individuals with disabilities need information and guidance in assisting workers with various options for employee benefits

Inclusive not Unique Curriculum

Designing separate curriculum is not necessary.

So what is necessary? Enduring individuals with disabilities receive the

same educational benefit as those served without disabilities.

Creating an inclusive environment that is empowering, disability sensitive, and solution oriented.

Indicators of an Inclusive Environment

Spirit of Inclusion Barrier Free Environment Accessible Communications Options Absence of Program Barriers Utilization of Community Resources

NDI’s Accessible Financial Literacy checklist:www.realeconomicimpact.org/data/files/other

%20documents/Accessible_FL_Checklist.doc

Practical Application

Disability Etiquette & Use People First Language Complex roadmap in navigating public benefit

system – important to be mindful of this Relevant topics to individuals ex. 401 K may not

be as important due to resource limits Be creative and make it interactive Incorporate financial institutions and non-

traditional partners in the delivery of the curriculum

Make materials accessible

People First Language

Positive language empowers. When writing or speaking about people with

disabilities, it is important to put the person first. Group designations such as "the blind," "the retarded" or "the disabled" are inappropriate because they do not reflect the individuality, equality or dignity of people with disabilities.

Further, words like "normal person" imply that the person with a disability isn't normal, whereas "person without a disability" is descriptive but not negative.

Making Materials Accessible & Providing Accommodations

Alternative Formats (examples) Braille Large print

Accommodations (examples) American Sign Language Interpreters Additional time for tests Reading questions aloud

Technology (examples) Screen readers Closed captioning for videos

Resources

Accommodations and Disability Etiquette ADA National Technical Assistance Center (free personalized

assistance to understand and implement the ADA) – www.adata.org/Static/Home.aspx

General Tips for Communicating with People with Disabilities – www.earnworks.com/docs/FactSheets/.../FS-ER-Communicating.pdf

“At Your Service: Welcoming Customers with Disabilities” (self-paced web course) – www.wiawebcourse.org

Job Accommodation Network – www.jan.wvu.edu

Resources

Financial Literacy VISA Financial Soccer (REI Tour version) –

www.realeconomicimpact.org Practical Money Skills for Life –

www.practicalmoneyskills.com/gamesEconomic Empowerment National Disability Institute –

www.realeconomicimpact.org Equity Newsletter – www.wid.org/programs/access-to-

assets/equity

“My American Dream seems simple: to live on my own and be self-sufficient, to live with dignity and independence. I struggle with my finances right now, but I am an optimist – I believe that I can make progress with my job, move forward and become part of the mainstream economy and achieve my goals.”

Cynthia Battles2008 REI Tour Adult Blogging Contest Winner

Rutland, VT