Unlocking Financial Well-Being for People With Disabilities: The Importance of Financial Knowledge and Socialization Within the Family Context

초록

Improving the financial well-being of people with disabilities is a pressing concern, given the documented lower levels of financial well-being among this population compared to the general population. Limited research, however, offers effective strategies for improving their financial well-being. This study investigates how financial knowledge and family financial socialization can be combined to enhance the financial well-being of people with disabilities. Using data from the 2016 National Financial Well-Being Survey, we employ multivariate analyses and propensity score matching techniques to test the robustness of our results and ensure our population comprised a nationally representative sample of people with disabilities. Our findings show that people with disabilities experience lower levels of financial well-being compared to those without disabilities. Furthermore, we find that self-assessed financial knowledge and financial socialization within the family context are positively associated with the financial well-being of people with disabilities. These findings have important implications for researchers and financial service professionals who work with people with disabilities. This study emphasizes the importance of tailoring financial education to the specific needs of people with disabilities and prioritizing financial education and financial socialization within the family context as critical mechanisms for enhancing their financial well-being. Improving the financial well-being of people with disabilities is a pressing concern, given the documented lower levels of financial well-being among this population compared to the general population. Using data from the 2016 National Financial Well-Being Survey, we employ multivariate analyses and propensity score matching techniques. Our analysis shows that people with disabilities experience lower levels of financial well-being compared to those without disabilities. While we acknowledge that systemic barriers faced by people with disabilities, such as the Medicaid infrastructure and wage-related laws, extend beyond individual impairments and play a significant role in employment prospects, we find a positive association between self-assessed financial knowledge and financial socialization within the family context and the financial well-being of people with disabilities. These findings are important for researchers and people who help with money matters for people with disabilities. They show that we should provide financial education that suits the needs of people with disabilities and also encourage families to discuss money matters with them. These steps can improve their financial well-being.

키워드