money management survey for adults with disabilities · 2016-03-14 · money management survey for...

Money management survey for adults with disabilities Exploring options to enable greater self-determination

2015

Introduction

True Link serves a broad range of individuals, families, and professionals, nationwide

True Link aims to increase the financial well-being and

independence of seniors, individuals with disabilities, at-risk

adults, and others who need support managing their money

We partnered with ASAN and Quality Trust to learn more about adults with disabilities, from adults with disabilities

We developed a survey to ask adults with disabilities to share their experiences around money management

Goal: Gather the perspectives of adults with disabilities in order to better understand the needs and challenges they face when dealing with money.

We hope to use this data to develop more effective and empowering financial tools for adults with disabilities

The survey sought input on three main questions: 1.  How is your money

managed? 2.  What challenges do

you face when dealing with money?

3.  What type of service or tool could help you with these challenges?

Input sought Use of results

To promote the development of better financial tools for adults with disabilities and to support greater financial independence and self-determination.

$

We conducted survey outreach via social media and email to over 50 organizations, nationwide

We used data from 174 respondents in our analysis

•  296 people started the survey

•  We used a subset of these responses for our analysis:

-  People who finished the survey and reported having a disability -  In total, we used data from 174 respondents for our analysis

People who completed survey and reported having a disability

People who completed survey but did not report having a disability

People who started survey but did not complete it

Total respondents

350

300

250

200

150

100

50

0

Results part 1: Basic information, needs,

and challenges

98% of respondents were over 18 years old and 75% reported that their disability makes it difficult to manage money

Count Percent of total

How old are you?

Under 18 3 1.7%

Over 18 171 98.3%

25 - 30 44 25.3%

18 - 24 37 21.3%

51 - 60 29 16.7%

41 - 50 25 14.4%

31 - 35 14 8.0%

36 - 40 13 7.5%

61 - 70 9 5.2%

71 - 80 0 0.0%

81 - 90 0 0.0%

Over 90 0 0.0%

Does your disability make it difficult for you to manage

your money?

Yes 131 75.3%

No 43 24.7%

*Resultsprovidedincludebaselinepopula3ononly,unlessotherwiseindicated.

The top payment method used across all age groups was debit cards (63%)

Percent of total

When you buy everyday things, how do you usually pay?

Debit card 62.6%

Cash 56.3%

Someone else buys it 34.5%

Credit card 28.2%

Checks 12.6%

Gift card 12.1%

Prepaid card 6.3%

Use a card; not sure what type 5.2%

Other 4.0%

•  Respondents aged 18 - 40, 51 - 60 use debit cards the most, then cash •  Respondents aged 41 - 50 use cash the most, then debit cards •  Respondents aged 61 - 70 use cash and a variety of cards •  28% of respondents aged 41 - 50 use checks •  48% of respondents aged 18 - 30 have purchases made by someone else •  86% of respondents use a card of some sort (credit, debit, prepaid, etc.)

52% of respondents reported that no one manages their money, while 24% reported that a family member helps

Percent of total

Is there someone, other than you, who manages or controls your money?

Select all relevant.

No one manages or controls my money 51.7%

Family member / friend who is not any of the other answer choices 24.1%

Rep payee 14.9%

Guardian / Conservator 13.2%

Other 5.2%

Trustee 1.7%

POA / Fiduciary 1.7%

Answers were relatively consistent across age groups

The three most common challenges reported were around budgeting and keeping track of spending

Percent of total

What challenges do you face when dealing with money? Select all relevant.

Sticking to a budget 57.5%

Keeping track of how much money I spend or how much money I have left 51.7%

Creating a budget 49.4%

Difficulty keeping track of bills and paying them on time 46.6%

Impulse buying or shopping sprees 40.8%

When sales people pressure me into buying things I don't want or should not buy 24.1%

Being taken advantage of by family, friends, or paid helpers 19.5%

Being a target of fraud, scams, or identity theft 17.2%

Other 16.7%

Not having freedom or control over choices about how my money is spent 9.2%

I do not face any challenges 9.2%

Shopping or gambling addiction 6.9%

•  Top three choices were highly rated across all age groups •  31% of respondents aged 51 - 60 responded, “I do not face any challenges” •  Respondents aged 61 - 70 noted concerns re exploitation and sales pressure •  “Not having freedom” not considered a top challenge with respondents

Respondents noted that their biggest challenge was around keeping track of balances and spending

Percent of total

What is the biggest challenge you face when dealing with money? Pick one.

Keeping track of how much money I have spent or how much money I have left 18.4%


Other 15.5%






When sales people pressure me into buying things I don't want or shouldn't buy 2.3%


Shopping or gambling addition 0.6%

•  “Keeping track of money” and “Sticking to a budget” – All age groups selected one of these as their top challenge

•  “Keeping track of bills” – Consistent second pick across all age groups •  12% of respondents aged 18 - 30 selected “Impulse buying”

In addressing challenges, respondents often get help from family or friends (33%)

Percent of total

How are your challenges with money addressed? Select all relevant.

I get help from family or friends 33.3%

I have automatic payments for bills 24.7%

Other 24.1%

I have a joint bank account with someone I trust 22.4%

I give someone I trust access to my account(s) 16.7%

Someone else controls how much money I can spend 14.9%

I use online tools like Mint.com 8.0%

I have an identity protection service 5.2%

I get help from a professional or paid support person 5.2%

•  “I get help from family or friends” was the top pick for all age groups except 51 - 60 year olds

•  Respondents aged 18 - 30 indicated they are less likely to have auto bill pay

41% of respondents reported that they are “somewhat happy” with how their money is managed

Percent of total

In general, how happy are you with how your money is managed?

Very unhappy 4.0%

Unhappy 19.0%

Somewhat happy 41.4%

Happy 28.7%

Very happy 6.9%

“I want to be a good adult and independent but feel like a failure when I can't remember to pay bills. Then people tell me if I really cared, that I would remember the bills. I do care, but can't remember them.”

“I don't have control over many things in my life. It feels good to be in control of my own money.”

Sample responses 1: In general, how happy are you with how your money is managed?

My spouse manages our money and I trust her judgement. Also we're fortunate to have enough money that we can afford the lifestyle we want.

I feel fortunate to have people around me who can tell me what is reasonable in terms of how much I should have to spend to buy something or how much I should be paid for doing a task. I wish all the people I work for realized that I deserve pay for my work but currently I have financial support from my mom so I can make do with partial work and partial pay. I feel in charge of my money (which is scary sometimes but is a good thing).

I don't miss bills or overspend with the management tools I have. I wish my mother would stop trying to exert control, because she uses leftover money for her own expenses

I am really overwhelmed and one of the big problems for me is many places only allow me to call them on the phone, I do better with writing.

I have short-term memory issues and lose my debit card at least once a month, if not more. This cuts off my access to all of my savings, and it is easy to burn through the little cash I have on hand if there are large bills to pay. I get so stressed out having to beg family members and friends to borrow money, and sometimes they refuse to help me. This is frustrating because I have money in my account, the issue is that I can't access it when I misplace my debit card and my checkbook. I feel like a criminal because I have to board trains without any money. I even got banned from my city's rail (despite the fact I had already purchased TWO monthly passes for that particular month...I just misplaced them both). I sometimes get sick and tired of having to pay for things multiple times because I keep losing the item that I purchased.

i don't like being a burden

It took a lot of freedom and self esteem away to have to have someone keep track of my finances and household budget.


My husband (who is also autistic) is an accountant, and is an excellent money manager. I still have issues with impulsive spending -- especially online -- but knowing that I am accountable to him keeps me from spending like I did when I was single. We also do not have a credit card (because of my history), so I know I cannot spend more money than I have in my checking account at that moment.

Getting money is hard enough. I can't hold down a job, I can't even stay on benefits. So keeping money needs to be a skill I have but its not. I get taken advantage of. Or I get distracted and buy things I shouldn't. Or I get confused and spend more than I meant to. So I run out of money and can't afford to eat and end up having to borrow money from friends and family and then I run out of that and can't afford to eat

I don't have a plan. I feel that I have missed opportunities to build assets because I was looked at- and expected to be and remain- a "government charge". Yes, it should be up to the individual to set their path, seize opportunities, be responsible for their own life planning, but expectations and assumptions play a real part in our beliefs about what we can accomplish. / /

I don't feel I really understand money or value it properly. I worry that this means I will not have money to look after my child in the future. I could use some help with money. I wish I was better at planning, and not always a

source of stress for my wife.

I wish I had some way of getting help but I am considered "too high functioning" for assistance so I don't know what to do.

I have been lucky so far and had the help I needed.

No matter how hard I try I always seem to spend more than I intend to. It is frustrating and tiring how much I have to think about money and try so hard to keep control of spending it.


I feel I should do this but irt is very hard for me to keep up with it. It is overwhelming all the time. I want to buy everything but I know I should not. I want to be on my own but I need money to get what I need. I have trouble getting and keeping a job. I try really hard but I feel no one wants me at the work.

I feel frustrated and out of control

I simply don't have enough money to survive - I'm long-term unemployed, even when working I had difficulty keeping track of my money or making impulse purchases, but it was still easier to keep on top of things than being unemployed and unable to even pay basic bills or struggling so much when an unexpected bill or late payment crops up.

not enough money to get through the month

Because I can't keep track. / / It's a lot better than if someone else was controlling it though. That would be way worse.

I don't have enough money to pay off my education debts, much less save for the future. I'm very afraid of what will happen to me when I'm old, because I'll probably be all alone and I won't have much retirement income. My disability (Asperger's only recently diagnosed) has cost me many jobs, so I haven't been able to create robust retirement accounts.

I have tremendous shame about my inability to do this. I also would prefer to work rather than take benefits which always make my quality of life harder.

Well, I wish I had more money to get through the month, but in general, I am quite happy with the situation on handling money. I am mostly in control of it, with advice and help from my mother. She is someone I can trust, which is a rare thing in my life.

I'm obsessive about making sure I'm on budget/


I prefer to be in control of my money and have been doing it for many years. My challenges are being able to keep up with all my daily needs and important obligations.

Although I sometimes have trouble staying on top of bills, in the cases when I have failed to pay them, the past-due notice is enough to spur me into action. My biggest problems are related to judging how much money I have-- I don't have an inherent "feel" for how much is in my account, how much things cost relative to that, or how the amount due on bills compares to that.

I keep on ruining my credit because I forget to pay bills, and then get too anxious to deal with them. Otherwise my OCD makes me very money conscious, so while there's always an underlying anxiety, and I am awful at depositing pay checks, I am very stingy about what I spend money on.

I appreciate that I have control over my decisions with money, and that I have some tools to help me with managing bills (automatic payments, etc.). However, because I do not make enough money to live completely on my own, I feel insecure and powerless.

Wish I knew how to express to my neuro-typical husband the importance of a budget. We have enough income that we're not hurting, but we're not managing spending or debt

I have enough money and am good at budgeting, but I have limited flexibility in spending it and don't entirely understand the ways in which it is stored and invested.

I have made a lot of improvements over the past several years. Self-advocacy skills and therapy have made it so that I am no longer taken advantage of (theft and scams) and I am much better at saying no to sales people. I have also learned to keep a better budget and stick to it, and plan for purchases including "fun" purchases.

Top reasons for unhappiness included not having enough money and not having the skills or capacity needed

Population Top reasons for unhappiness Top reasons for happiness

#1 #2 #1 #2

Very unhappy

Guilt / shame related to relying on others (17%) N/A N/A

Exploited or mistreated (17%)

Exec functioning issues / lack of skills (17%)

Unhappy Not enough money (19%)

Exec functioning issues or lack of skills (14%)

Someone I trust helps (3%)

N/A

Somewhat happy

Exec functioning issues or lack of

skills (15%)

Not enough money (13%)


Have some control or independence

(4%) Able to budget or manage money

(5%)

Happy Not enough money (9%)

Frustration with benefits (4%)

Someone I trust helps (26.4%)

Needs / wants are met (17%)

Very happy

N/A N/A Have some control or independence

(41.7%)

Needs / wants are met (25%)

ALL

Not enough money (13%)

Exec functioning issues or lack of skills (11%)


Have some control or independence

(7%)

*Didnotincludeifpercentreportedwaslessthan2%.

Results part 2: Reactions to sample financial tool

Imagine that you have a special pre-paid Visa card.

How it works: A certain amount of money is put on the card and then you can use it to buy things. More money can be put on the card. The card has different settings to help you manage your money.

The majority of respondents indicated interest in a prepaid Visa debit card product with customizable limits

Count Percent of

total (174)

Would you be interested

in this card?

Yes 106 60.9%

No 68 39.1%

Top 3 reasons given for not being interested in the card

Don’t have a use for it or doesn’t address needs 28.8%

Already have card with most of these features 21.2%

Mistrust of product 13.6%

Age Percent

interested

18 - 30 75%

31 - 40 74%

41 - 50 32%

51 - 60 31%

61 - 70 67%

Desired product features included text alerts (67%), visual and text aides (60%), and control settings (53%)

Percent of total (106)

What kind of card settings would you want to help you manage your money? Select all relevant.

The ability to set a text alert to let me know important things about my spending 67.0%

The ability to show me pictures, graphs, guides, and other visual or text-based aides 60.4%

The ability to allow someone to help me make decisions about the card's settings, without giving them full control

52.8%

The ability to limit how much money I can spend on different things 45.3%

The ability to block certain types of purchases that I don't want to make 35.8%

Which card setting would be the most important to you? Please pick one.

The ability to show me pictures, graphs, tables, step-by-step guides, and other visual or text-based aids

28.3%

The ability to limit how much money I can spend on different things 22.6%

The ability to receive a text message alert to let me know important things about my spending

22.6%

The ability to allow someone to help me make decisions about the card's settings, without giving them full control

20.8%

The ability to block certain types of purchases that I don't want to make 3.8%

*Totalincludesonlythosewhoexpressedinterestintheproduct.

We asked respondents to select how they wanted to change settings for the card

There was not one landslide winner in terms of how to change card settings and level of cardholder control

Percent of total

(106)

You can decide how to change the settings for your pre-paid Visa / card.

Pick the option you like the best.

Make changes at any time 44.3%

Need approval to make changes 32.1%

Need to wait for changes 23.6%


Age group Make changes

at any time Need approval to

make changes Need to wait for changes

18 - 30 46% 31% 23%

31 - 40 50% 15% 35%

41 - 50 38% 38% 25%

51 - 60 44% 56% 0%

61 - 70 25% 50% 25%

A clear majority of respondents (87%) reported wanting to review their account information online

Percent of total

(106)

How would you like to do things like check your balance or review /

your purchases? Select all relevant.

Online (through a website) 86.8%

On paper 25.5%

Over the phone via an automated system 19.8%

Over the phone while talking to a person 14.2%

I would not want to do any of these things; I would ask someone I trust to

do them for me 5.7%


Appendix

Payment method

Percent of total

When you buy everyday things, how do you usually pay?


Debit card 62.6%

Cash 56.3%

Someone else buys it 34.5%

Credit card 28.2%

Checks 12.6%

Gift card 12.1%

Prepaid card 6.3%

Use a card; not sure what type 5.2%

Other 4.0%

Age First choice Second choice Third choice

18 - 30 69% - Debit card 63% - Cash 48% - Someone else

31 - 40 70% - Debit card 56% - Cash 44% - Credit card

41 - 50 60% - Cash 44% - Debit card 28% - Checks

51 - 60 62% - Debit card 41% - Cash 21% - Credit card

61 - 70 42% - Cash; Debit; Credit; Someone else 25% - Card, not sure what type 17% - Gift card

Managing or controlling money

Percent of total

Is there someone, other than you, who manages or controls your money?


No one manages or controls my money 51.7%

Family member / friend who is not any of the other answer choices 24.1%

Rep payee 14.9%

Guardian / Conservator 13.2%

Other 5.2%

Trustee 1.7%

POA / Fiduciary 1.7%


18 - 30 43% - No one 27% - Family member / friend 22% - Guardian / Conservator

31 - 40 63% - No one 26% - Family member / friend 7% - Rep payee; Other

41 - 50 60% - No one 20% - Rep payee 12% - Family member / friend

51 - 60 62% - No one 17% - Family member / friend 14% - Rep payee

61 - 70 42% - No one; Family / Friend 17% - Guardian / Conservator 8% - Rep payee

Challenges

Percent of total

What challenges do you face when dealing with money? Select all relevant.


Keeping track of how much money I spend or how much money I have left 51.7%




When sales people pressure me into buying things I don't want or should not buy 24.1%



Other 16.7%


I do not face any challenges 9.2%

Shopping or gambling addiction 6.9%


18 - 30 68% - Keeping track of money 58% - Sticking to a budget 56% - Creating a budget; Bills

31 - 40 70% - Sticking to a budget 67% - Keeping track of money 63% - Creating a budget

41 - 50 76% - Sticking to a budget 48% - Creating a budget; Impulse buy 40% - Bills

51 - 60 38% - Sticking to a budget 31% - I do not face any challenges 24% - Creating a budget; Bills

61 - 70 42% - Creating a budget; Being taken advantage of

33% - Sticking to a budget; Keeping track of money; Bills

25% - Sales pressure; Impulse buying; Other

Biggest challenge

Percent of total

What is the biggest challenge you face when dealing with money? Pick one.

Keeping track of how much money I have spent or how much money I have left 18.4%


Other 15.5%






When sales people pressure me into buying things I don't want or shouldn't buy 2.3%


Shopping or gambling addition 0.6%


18 - 30 23% - Keeping track of money 17% - Bills 12% - Impulse buying

31 - 40 22% - Keeping track of money 19% - Bills; impulse buying 11% - Sticking to a budget

41 - 50 24% - Sticking to a budget 16% - Bills; Creating a budget 12% - Keeping track of money

51 - 60 21% - Sticking to a budget 17% - Other 14% - Bills

61 - 70

17% - Keeping track of money; Sales pressure; Other

8% - Sticking to a budget; Being a target of fraud; Being taken

advantage of; Impulse buying; Bills

N/A

Addressing challenges

Percent of total

How are your challenges with money addressed? Select all relevant.

I get help from family or friends 33.3%

I have automatic payments for bills 24.7%

Other 24.1%

I have a joint bank account with someone I trust 22.4%

I give someone I trust access to my account(s) 16.7%

Someone else controls how much money I can spend 14.9%

I use online tools like Mint.com 8.0%

I have an identity protection service 5.2%

I get help from a professional or paid support person 5.2%


18 - 30 44% - Get help 27% - Joint account 26% - Give someone access

31 - 40 37% - Get help; Bill pay 30% - Joint account; Online tools 26% - Other

41 - 50 32% - Get help 20% - Other 16% - Bill pay

51 - 60 31% - Other 24% - Bill pay 17% - Joint account

61 - 70 25% - Joint account; Bill pay; Get help

17% - Someone else controls; Give someone access; Other

N/A

Qualitative analysis: Reasons for unhappiness and happiness

Popula3onTopthreereasonsforunhappiness Topthreereasonsforhappiness

#1 #2 #3 #1 #2 #3

Veryunhappy

Guiltorshame

relatedwithrelying

onothers(16.7%)

Exploitedor

mistreated(16.7%)

Execu3vefunc3oning

issuesordon'thave

skillsneeded(16.7%)

N/A N/A N/A

Unhappy

Notenoughmoney

(19.2%)

Execu3ve

func3oningissues

ordon'thaveskills

needed(13.7%)

Troublewith

budge3ngorspend

toomuch(9.6%)

SomeoneItrust

helps(2.7%)

N/A N/A

Overwhelmedor

stressed(9.6%)

Somewhat

happy

Execu3ve

func3oningissues

ordon'thaveskills

needed(14.8%)

Notenoughmoney

(13%)

Troublewith

budge3ngorspend

toomuch(9.6%)

SomeoneItrust

helps(5.2%)

Havesomelevel

ofcontrolor

independence

(4.3%)

Haveenoughmoney

(3.5%)

Abletobudgetor

managemoney

(5.2%)

Happy

Notenoughmoney

(9.4%)

Frustra3onwith

benefits(3.8%)

N/A SomeoneItrust

helps(26.4%)

Needsaremet

(17%)

Havesomelevelof

controlor

independence(15.1%)

Veryhappy

N/A N/A N/A Havesomelevel

ofcontrolor

independence

(41.7%)

Needswantsare

met(25%)

SomeoneItrusthelps

(8.3%)

Abletobudgetor

managemoney(8.3%)

ALL

RESPONDENTS

Notenoughmoney

(13.2%)

Execu3ve

func3oningissues

ordon'thaveskills

needed(10.9%)

Troublewith

budge3ngorspend

toomuch(7.9%)

SomeoneItrust

helps(8.7%)

Havesomelevel

ofcontrolor

independence

(7.2%)

Needsaremet(5.7%)

Abletobudgetor

managemoney(5.7%)

*Didnotincludeifpercentreportedwaslessthan2%.

money management survey for adults with disabilities · 2016-03-14 · money management survey for...

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