Key Steps to achieving Financial Independence for People with Disabilities

26 Jul, 2019

26 July 2019 Whilst we may be living in an increasingly inclusive society in the UK, when it comes to physical and mental disabilities, those who suffer with these issues can still sometimes struggle to achieve financial independence.

This is also borne out by the numbers, which reveal that disabled people’s finances are continually being impacted by barriers to employment and a series of stringent welfare payment changes. Back in 2014, it was found that 3.7 million disabled people lost up £28 billion of support as a result of welfare system changes, with some being hit by multiple simultaneous reforms.

It’s estimated that a quarter of disabled people live in poverty in the UK, which is almost unthinkable in a progressive and modern society. This makes the road the financial independence a challenging one for disabled people, but what steps can be taken to plot a more successful course?

  1. Plan your career path

There’s no doubt that employment barriers represent a significant challenge for disabled people, and one that varies according to individual circumstances. Nearly 20 million working-age adults currently have a physical, sensory or cognitive disability in the U.S. alone, with the rate of employment within this demographic estimated to be just 33%.

This not only prevents those affected from fulfilling their earning potential, but it also creates issues in terms of their mental wellbeing, purpose and their underlying sense of identity.

Hence it’s important for people with a disability to identify viable career paths, which enable them to sidestep their individual issues and leverage their skills to their advantage.

  • Get Access to your Own Private Vehicle

Many disabled people can also struggle overcoming universal barriers to the UK jobs market, from tangible skill gaps to the lack of private transport that gives job-seekers the ability and flexibility to be able to get from A to B.

Fortunately, you can negate the latter issue by investing in your own private vehicle, and one that has been modified to suit specific disabilities.

Specialist vehicle providers such as Allied Mobility can help to connect you with accessible and affordable vehicles, enabling you to become more independent and pursue viable job opportunities as they appear.

  • Use Free Tools to help Manage your Finances

As the rate of employment for disabled people in developed economies shows, even those who are able to plot viable career paths will typically have less opportunities than individuals who don’t have a registered physical or mental disability.

This means that your earning potential may well be restricted, creating a scenario where you need to manage your money and achieve financial independence.

This is particularly true in the existing economic climate, where sluggish real-wage growth and the rising cost of living continue to squeeze people’s earnings.

So, in addition to having a bank account, you should look to draw up a personal financial budget that enables you to manage your outgoings every month without going into the red and being penalised with costly bank charges.