Disability and financial wellbeing: barriers and accessibility

You fractured your right arm and broke both tibias. You had investigations done for a possible head injury and began to suffer migraines. 

But after you had rested the recovery was not progressing. There were complications in the healing of your ligaments, so the pain increased and you became unable to move freely. Your fitness levels started to deteriorate. Then depression crept in. 

Your insurance policy was voided due to an honest error, and work stopped paying your salary after three months full pay.

It is often better to think of clients living in vulnerable circumstances rather than vulnerable clients.Tish Hanifan, Solla

With some encouragement from your family, you decided you would attempt to access the benefits system, but soon found this a difficult, debilitating process that knocked you back even further.

Suddenly, navigating work, benefits, finances and daily life seems full of obstacles. 

Welcome to the word of disability*. 

According to the Department for Work and Pensions, in the 2021/2022 financial year, there were 16mn people in the UK with a disability. 

The DWP's Family Resources Survey indicates this represents 24 per cent of the total population - and it can be something people are born with, something that develops over time or something that, as in the example above, happens suddenly. 

Unexpected and unprepared for

Tish Hanifan is founder of Solla, the Society of Later Life Advisers, and her organisation is well versed in working with vulnerable consumers.

She says while not every disabled person would necessarily be financially vulnerable, there are instances where vulnerability and disability go hand-in-hand, as disability can sometimes be caused by illness or accident, and both can come completely out of the blue with no time to prepare oneself financially.

Hanifan speaks about common misconceptions of vulnerability. She believes that often advisers think of vulnerability in the more common and visible terms, for example older people with dementia or people living with a (visible) physical disability.

“However”, Hanifan says, “as the FCA highlights in its work on vulnerability, anyone can become vulnerable, even temporarily, due to life events such as bereavement, debt or illness.”

She refers to the regulator's finalised guidance on definitions of vulnerability, and says it is important to consider circumstances as vulnerable, rather than the clients themselves. 

Therefore, Hanifan continues, “it is often better to think of clients living in vulnerable circumstances rather than vulnerable clients”. 

In control

In contrast to financial vulnerability, the UK Money and Pensions Services says that “financial wellbeing is about feeling secure and in control. It’s about making the most of your money from day to day, dealing with the unexpected, and being on track for a healthy financial future.”

Sharon Collard, Professor of Personal Finance at the University of Bristol believes that “financial wellbeing is essential in delivering the United Nations’ vision of ‘the equal right of all persons with disabilities to live in the community, with choices equal to others and… full inclusion and participation in the community'.”

However, the University of Bristol’s Personal Finance Research Centre, and the Research Institute for Disabled Consumers recently published a report that Collard was closely involved in.

This report is called “The Financial Wellbeing of Disabled People in the UK: Access to Essential Services” and indicates the current situation in financial services is contrary to this. It showed there are many barriers for disabled consumers. 

The report drew from results of a survey of over 800 disabled consumers and showed that “disabled people can face multiple disadvantages that impact on their individual resilience and financial wellbeing".

These disadvantages included accessing work, benefits, and essential services in addition to the costs of disability.

People with disabilities are disabled by barriers in society, not by their impairment or difference.Johnny Timpson, GAIN

Collard says “this can result in a disability trap” which risks negatively affecting disabled people’s health and further disabling them in other areas of their lives". 

Disabled people, like older people, have relatively little visibility in society. They are ‘hidden’ for many reasons. Hidden at home, hidden in hospital or in care. They may be struggling with additional costs, plus many will be looking after and caring for others. 

It will be harder for you to leave your home and go out if you are heavily sedated with psychiatric drugs, or if you are wheelchair dependent in a world that is not that well adapted for access.

Likewise, a significant proportion of banks have shut down in town centres, while a high level of computer literacy that is now needed to do every day banking and investing activities. 

Disabled people have reported being particularly disadvantaged by these factors. It is more difficult for them to reach the high street bank, or to access both the technology and the training necessary to bank online. 

Johnny Timpson, a passionate advocate for equality, equity and inclusion was formerly the government’s disability and access ambassador. Timpson advocates for the ‘Social Model of Disability’.

This, unlike the common Medical Model, sees disabling conditions located in the environment, not within a person.

If every office, shop, church and building society was wheelchair accessible, and had sensory impairment adjustments for those who are hearing or visually impaired, then those so called ‘disabled’ customers would now be ‘enabled’ by their environment. 

Timpson is the former Government Ambassador for Disability and Access in the Insurance sector. He is also co-founder of GAIN (Group for Autism, Insurance, Investment and Neurodiversity).

He says: “GAIN welcomes the [FCA] report and recommendations.

"With the consumer duty very much in mind, I urge all firms and colleagues to fully embrace the Social Model of Disability and recognise that people with disabilities are disabled by barriers in society, not by their impairment or difference."

Understanding the barriers

According to Timpson, these barriers include: "The physical environment; people’s attitudes; the way people communicate; how institutions and organisations are run; our products/services/digital platforms and tools being inaccessible; and how society/ corporate culture can discriminate against people who are perceived as ‘different’.

"In being inclusive by design, and importantly, lived experience informed, we not only remove the barriers that people with disabilities face (and I’m one) we remove the barriers for everyone.” 

Carla Brown is a chartered financial planner, and a member of the Personal Finance Society. Brown describes some of the challenges faced by disabled people, which were again highlighted in the report. 

She accounts for some of these difficulties as: 

• Physical Accessibility - Many financial institutions and offices may not have physical facilities that are fully accessible to individuals with mobility impairments. This can include inaccessible entrances, lack of ramps or elevators, and inadequate restroom facilities.
• Digital Accessibility: With the increasing shift toward online banking and financial services, individuals with visual, hearing, or cognitive disabilities may encounter challenges in accessing and using digital platforms that are not designed with accessibility in mind.
• Communication issues: People who are deaf or hard-of-hearing may face difficulties in communicating, as not all institutions will provide sign language interpreters or have hearing loops installed. Some people with neurodiverse conditions such as autism may often struggle to pick up on nuances in communication or be very direct in speech.
• Complex Documentation: Financial documents, including account statements, loan applications, and other paperwork, are often written in complicated language and formats that can be difficult for people with cognitive disabilities to understand.

Brown says: “To address these barriers, it is important that businesses proactively work toward improving accessibility, provide training for staff on disability awareness, offer alternative communication options, and promote financial inclusion for people with disabilities.” 

Signs of change

Peter Hamilton recently took over from Timpson as the Government’s Disability and Access Ambassador for the Insurance Sector, as well as being Head of Market Engagement at Zurich. 

Hamilton believes there are signs of things changing, and seedlings of hope.

He says: “Financial services have an FCA consumer duty to 'deliver good outcomes for retail customers' - outcomes which relate to the governance of products and services; price and value; consumer understanding; and consumer support – all things that disabled people can experience problems with.

"Firms already have obligations to understand and support vulnerable customers.

“Increasingly financial services companies are focusing on plain language policy documents and information booklets to make it easier for customers with cognitive disabilities to understand the terms and conditions of their policies."

Improving the financial wellbeing of disabled people requires a comprehensive approach.Carla Brown, CPP

According to Hamilton, as with so many changes made with disabilities in mind, this kind of change benefits everyone, not just disabled customers.

He adds: “Companies have also invested heavily in training customer service teams in recognising and supporting vulnerable customers."

For example, the Association of British Insurers has created a CII accredited training course to help advisers and ABI members’ frontline staff gain a better understanding of mental health issues, and improves accessibility and support for insurance customers. 

In terms of moving forward, Brown talks cogently about what needs to change and happen in the industry to help people with disabilities to have better financial wellbeing.

Brown believes that: “Improving the financial wellbeing of disabled people requires a comprehensive approach that involves various stakeholders, including financial institutions, government agencies, disability advocacy organisations, and the individuals themselves”.

She makes the following recommendations to “help to enhance the financial wellbeing of disabled people":

• Accessibility Standards and Compliance - Financial institutions should be made to adhere to and enforce accessibility standards, ensuring both physical locations and digital platforms are fully accessible to disabled people. 
• Education and Awareness - Promote financial education and awareness programmes specifically tailored to disabled people. These programmes should cover topics such as budgeting, savings, debt management, and financial planning, delivered in accessible formats and languages.
• Inclusive Product Design - Design and offer financial products and services that cater to the unique needs of disabled people. This might include low-fee accounts, affordable loans for assistive technology, and accessible online banking services.
• Inclusive Hiring Practices - Financial institutions can actively hire individuals with disabilities, creating a more inclusive and empathetic work environment. This can help ensure that the needs of disabled customers are understood and addressed.
• Empowerment Programmes -  Develop empowerment programs that help disabled people access vocational training, job placement services, and entrepreneurship support, enabling them to generate income and achieve financial independence.

According to Brown: "These changes can collectively help break down barriers, empower disabled people, and promote their financial wellbeing.” 

Compounded challenges

Brown also believes that disabled women often face compounded challenges that can have a significant impact on their financial wellbeing.

Several factors contribute to the financial vulnerability of disabled women. Brown points to the gender pay gap, where limited employment opportunities caused by discrimination, stereotypes, and biases can limit employment opportunities for disabled women.

They may face challenges in finding and maintaining stable employment.

Caregiving responsibilities are another common factor; women are often the primary caregivers for family members with disabilities, further impacting their ability to work and earn income. Balancing caregiving responsibilities with paid work can be challenging.

To help disabled women improve their financial wellbeing, Brown says the following may help:

• Promote inclusive hiring practices and reasonable accommodations to ensure that women with disabilities have access to a wide range of job opportunities.
• Develop and provide accessible education and training programs that equip disabled women with skills and knowledge to pursue careers in various fields.
• Offer financial literacy programmes specifically designed for disabled women, covering topics like budgeting, saving, investing, and financial planning.
• Implement policies and programmes that offer affordable and accessible childcare options and respite care services to help disabled women balance caregiving responsibilities with employment.
• Create mentorship programmes and networking opportunities that connect disabled women to successful role models and peers who can provide guidance and support.
• Develop empowerment programmes that focus on economic independence, self-employment, and entrepreneurship, enabling women with disabilities to generate income on their terms.

With the right consultation programmes, and adjustments made to help people with both visible and invisible disabilities, Britain's workforces and society in general can become better educated and aware, leading to greater compassion and successful outcomes for everyone. 

Anita Boniface is a freelance journalist

*For the purposes of this feature, the language used aims to reflect the guidelines laid out in the Social Model of Disability, as outlined by Disability Rights UK.

It states: "According to the social model of disability, the term ‘people with disabilities’ is said to confuse impairment and disability and implies disability is something caused by the individual, rather than society.

"A disability is caused by society’s unwillingness to meet the needs of people with impairments. As a result, the term ‘Disabled people’ is used to describe people with impairments who are disabled by barriers constructed by society."