Four Money Management Initiatives for People with Disabilities
Published 25 April 2023
2 min read
Globally, 54% of people with disabilities say that a lack of accessible features has prevented them from paying a bill or executing a routine transaction (Mastercard, 2022). Here, we highlight four fintech initiatives making money management more inclusive.
- For Canadians customers, North America's TD Bank introduced in March 2023 a dedicated phone line that deaf consumers can call for assistance with online banking. It allows individuals to use a Video Relay Service to communicate with a teller in either American Sign Language or Québécoise Sign Language.
- Australian fintech start-up SpendAble helps people with cognitive disabilities learn money management, while also letting them track the spending of caregivers who shop on their behalf (preventing financial abuse). To do so, SpendAble offers a bank card that users or caregivers can load with funds, while a companion app can be used to monitor purchases, design budgets, or learn financial skills.
- Ohio-headquartered bank Huntington and New York-based M&T Bank have collaborated with Canadian app Magnusmode to improve accessibility for people with autism or those who are neurodivergent. With Magnusmode, the banks create ‘digital cards’ with audio, text and images that teach users how to operate an ATM, deposit a check digitally, or open an account online (details are bank-specific). See Universal Brand Landscapes: Disability Futures for more.
- US banking app Purple helps Americans with disabilities monitor spending to stay within the net-worth limits ($2,000 for individuals, $3,000 for couples) required to receive government-provided Supplemental Security Income (SSO). After connecting a checking account to the app, users can open a tax-advantaged ABLE savings account, which allows them to save up to $100,000 outside of SSI net-worth limits. If a person’s checking account is set to exceed the mandated limit, Purple automatically moves excess funds to savings.