Invest
People with disabilities ‘at risk’ of financial exclusion, abuse
Australians with disabilities, in particular those with cognitive disabilities, may face “complex challenges” in understanding money, but everyone should be supported to learn and engage.
People with disabilities ‘at risk’ of financial exclusion, abuse
Australians with disabilities, in particular those with cognitive disabilities, may face “complex challenges” in understanding money, but everyone should be supported to learn and engage.
That’s according to the principal research fellow at RMIT, Professor Roslyn Russell. Commenting on a recent RMIT and Autism CRC study, Ms Russell said: “Those with cognitive and intellectual difficulties may have more complex challenges in using and understanding money.
“But everyone, regardless of their ability, should be given support to learn and participate in financial decisions that are appropriate to their goals.”
The CEO of Autism CRC, Andrew Davis added that Australia needs to promote a “stronger understanding” of the barriers that autistic people face, “including how neurodiversity affects their financial wellbeing.”
“What we do know is that if autistic individuals are not given the opportunity to develop their financial skills and confidence, they are less likely to be able to live as independent consumers and develop the capability to identify financial opportunities and risks.”
People with autism can be particularly vulnerable to exploitation as they may have difficulty reading emotions and can also have high levels of sincerity and trust. At the same time, people with autism also possess attributes like attention to detail that can help them manage money well.
The RMIT and Autism CRC study accompanied another RMIT report that found that due to lower participation rates in education and the workforce, lower socialisation levels and lower levels of digital inclusion, people with disability “may miss out on opportunities” to develop both their financial capability and ensuing wellbeing.
Further, this report, titled the MoneyMinded Impact Report and commissioned by ANZ also found that people with disabilities could face extra challenges under the National Disability Insurance Scheme (NDIS) and even face financial exploitation by “unscrupulous” service providers.
ANZ CEO Shayne Elliott said: “This is an important study that helps us understand the nature and scale of the challenges some people with disability face in our community.”
Continuing, he said that it’s important for banks to have accessibility incorporated into all products from their inception.
“We are well aware that financial wellbeing is an important contributor to overall health and wellbeing. While there are many other influences to financial wellbeing, an important underpinning component is the opportunity to develop basic skills and knowledge in a supported setting.”
Pointing to the introduction of the NDIS, Mr Elliott said it raised a “particular challenge” in that the transition to consumer-led care comes with an assumption that those consumers have all the knowledge and skills to engage with the sector.
The report detailed: “It is not surprising that approximately 7 per cent of people with disability have opted to self-manage their plans, because the creation of plans call for a complex set of skills and knowledge that many people with disability have not had the opportunity to acquire.
“Up until now, to access support, there was no need for individuals to do a budget or choose support providers – find them, analyse value for money, ensure contracts are appropriate to meet their needs or to know how to remedy the situation if things went wrong.
“Now, people receiving disability support are given this opportunity to make financial decisions but little thought is given to the provision of support to develop the skills to do this.”
Noting that the NDIS provides a “very worthy opportunity” for people to take control and participate in decisions that can affect their wellbeing, the report nevertheless called for a strategy to aid this group in doing so.
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
The Olympic effect on property and equity investors; COVID-19 Disaster Payments and super
Listen now
Do lockdowns boost property prices? Are short-sellers levelling the playing field? Did you lodge your tax returns early?
Listen now
Will lockdowns halt the housing boom? Is the metaverse taking over? And the cons of lodging your tax returns early
Listen now
Are you being priced out of the market? Have you got the Tuesday blues? And are you ready for the upcoming super changes?
Listen now
Spending
How much are you wasting on unused subscriptions?
Australians are continuing to pay for subscriptions they are not using, costing households up to $2,000 a year, new banking figures have revealed. ...Read more
Spending
Viagogo under the microscope for ‘ripping off’ consumers
Viagogo is under investigation by Fair Trading after ticket scalpers have been accused of raking in excessive profits through the ticketing site. ...Read more
Spending
Consumer spending defies lockdown
Statewide lockdowns have not hampered consumer spending, with the latest government data showing Aussies are continuing to spend more on their credit cards. ...Read more
Spending
How a cartel is dictating how much you pay at the pump
Talks among members of the OPEC cartel and allied oil producing countries have broken down, which is leading to skyrocketing oil prices, meaning everyone pays more for petrol, a government body has re...Read more
Spending
Have you noticed the price of your mobile plan increasing?
The consumer watchdog has revealed that the three main telecommunication providers have recently raised prices, meaning millions of Australians are now paying more for mobile services. ...Read more
Spending
Victoria’s lockdowns dampen retail spending
The latest COVID-19 outbreak in Victoria has dented national retail figures, as the economy continues to recover from the COVID-19 pandemic. ...Read more
Spending
It should be easier to fix your phone, Productivity Commission finds
The Productivity Commission has found that it should be easier for Australians to get their smartphone repaired and has recommended changes that include ‘super complaints’ to be reported to watchd...Read more
Spending
You can win free flights for a year, but there’s a major catch
In a bid to keep Australia’s domestic aviation afloat, Qantas is offering free flights for a year for 10 families of four who get the COVID-19 jab, even though the failed vaccine rollout means only ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
