In a first-ever effort the federal Consumer Financial Protection Bureau recently announced a new program called ROADS to Financial Independence. The goal of the program is to provide hands-on assistance to help people with disabilities so they can become more financially independent.
Starting as a pilot program using local partners in six communities across the country, individuals with disabilities who are currently working or transitioning into the workforce will be offered access to financial counseling as well as employment, independent living and other more traditional support services.
Research suggests that many people with disabilities have no savings for emergencies and they are more likely to rely on alternative financial services like payday loans and check cashing.
Those participating in the new program will be given an assessment and then paired with a financial counselor who will help them open a bank account, create a budget and set and achieve goals. Over five years, officials said they expect to assist 14,000 individuals with disabilities.
The Consumer Financial Protection Bureau said it will focus on establishing best practices for helping people with disabilities improve their financial situation that can then be expanded on to other communities. The initial programs will be in Austin, Texas; Birmingham, Ala.; the Finger Lakes region in New York; Seattle, Wash.; the state of Delaware and in the Washington, DC metro area.