Living costs are taking a severe toll on the financial stability of people with disabilities, with a survey revealing that 59% of individuals in this group feel financially unstable.
This figure surpasses the 50% of the general UK population who share the same sentiment.
The findings underscore the financial challenges faced by disabled individuals, highlighting the need for empathy and support from both financial institutions and the broader society.
The survey also highlighted several other concerning statistics:
- Debt Worries: One in eight (12%) disabled individuals reported seeking advice from debt charities due to money concerns over the past year.
This figure jumped to nearly three in 10 (29%) among those aged 18 to 24, indicating the heightened financial vulnerability of younger disabled adults.
- High-Cost Loans: Approximately one in six (15%) disabled individuals resorted to high-cost loans after being rejected by mainstream lenders, further exacerbating their financial difficulties.
These findings emphasize the urgent need for financial institutions to address the specific challenges faced by disabled customers.
Richard Lane, director of external affairs at StepChange debt charity, stresses the importance of treating customers with additional vulnerabilities fairly, providing proactive support, and directing them to free debt advice and specialist support.
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The Escalating Living Costs for Disabled Individuals
Louise Rubin, head of policy and campaigns at disability equality charity Scope, noted that disabled individuals face higher essential living costs, such as increased energy expenses to stay warm or charge critical equipment like wheelchairs.
As winter approaches, the financial strain on disabled individuals is expected to worsen.
Alex Massey from the Motor Neurone Disease (MND) Association highlighted the problematic choices disabled individuals have to make between essential equipment and covering unaffordable costs.
As colder months loom, it is crucial to ensure that people with disabilities do not have to worry about necessities like food, heating, and essential equipment.
Neil Kadagathur, co-founder and chief executive of Creditspring, stressed the anxiety many disabled people experience as winter approaches, bringing higher energy costs and financial challenges.
In light of these challenges, financial institutions and society must prioritize supporting individuals with disabilities recognizing their unique needs and challenges.
Empathy, understanding, and accessible financial solutions are essential to help alleviate the financial burden many disabled individuals face.
The survey, conducted by Opinium, included responses from 1,000 adults with disabilities and 2,000 adults from the UK population in June and July.
The findings highlight the need for ongoing efforts to address financial disparities and support financial inclusion for all members of society, including those with disabilities.