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televisionWe call for the full inclusion of people with disabilities in the national financial system.
David Simpson, National Coordinator of the National Financial Literacy Program, also noted at the Barbados Council for Persons with Disabilities Annual General Meeting that targeted support and systemic change are needed to address the unique financial challenges faced by this vulnerable group.
“The essence of financial literacy is to ensure that all of you understand all things to do with finance, especially money, which is the main aspect of finance that all of you will be exposed to,” he said.
“It’s about ensuring you have the knowledge and comfort level to interact with our financial system – whether it’s making money, spending money or accessing money, whether for personal or business use.”
He also made it clear that the ability to effectively manage money is not just a skill, but a necessary component to fully participating in society. However, Simpson did not stop at advocating for financial education; he pointed out that there are many systemic issues that lead to the exclusion of the disabled community from the financial field.
“The harsh reality for you as members of this committee is that you have been largely ignored, intentionally or unintentionally, in our financial and monetary systems,” he said, noting that the challenges faced by people with disabilities are of a dual nature: practical limitations related to disability, and social discrimination that exacerbates their financial exclusion.
Simpson noted that while some financial institutions have made superficial adjustments, such as installing accessible ATMs, these changes do not address the core issue of financial inclusion.
“When I talk about needing to do better in terms of inclusion, I don’t mean installing ATMs that allow people with vision or visual impairments to use them,” he said. “If you can’t get income or loans or anything, what are you going to the ATM for?”
His stinging criticism highlights the need for deeper, more meaningful changes in the financial sector.
His vision for financial inclusion goes beyond accessibility to physical infrastructure, and he calls on financial institutions to actively participate in supporting the financial well-being of people with disabilities.
“As a vulnerable group, my request and suggestion is that any financial institution, whether it is the banking system, the credit union movement, the government, should be proud to set aside a certain amount of funds to support the vulnerable groups,” he urged.
Importantly, Simpson stressed that this support should directly empower individuals, not just provide donations to organizations. “What does donating to associations do? They don’t help you with treatment; they don’t buy you food; they don’t pay your bills.”
He is particularly concerned about the economic challenges that arise from the intersection of disability and poverty. Many people with disabilities face unstable income sources and often rely on government assistance, family support or odd jobs. These situations make budgeting and financial planning even more important, and more challenging.
“My concerns are about the financial management aspects and where your revenues are coming from and the financial support that you have access to to meet the challenges. I think as a country we need to do a better job of that,” Simpson said.
He provided practical advice on budgeting, urging attendees to be disciplined in managing their finances, especially when income is scarce or unpredictable. Simpson acknowledged that many people get frustrated when trying to budget with limited resources, but stressed the importance of mastering this skill.
He quipped, “If you can budget effectively when you have no money, you should be an expert at it when you have money,” and quoted Warren Buffett: “If you can’t manage a dollar, how can you expect to manage $10,000?”
Simpson also addressed the wider issue of financial difficulties faced by the disability community, particularly in terms of access to financial products and services, noting that many disabled people are unable to obtain loans, credit cards or even insurance due to their disabilities.
“Unfortunately, this is not unique to Barbados, but we as humans often see a person’s disability first and then prevent them from getting employment, from getting loans, credit cards, small home mortgages, insurance, everything,” he lamented, calling on financial institutions to change the way they treat the disabled community and advocate for a more inclusive and supportive environment.
Simpson suggests that financial institutions should not only provide loans and grants, but also provide training and support to help people with disabilities successfully manage their finances and perhaps even start a small business.
“Whatever skills you have, you should be able to run your own business from the comfort of your home,” he said, noting that financial institutions should be keen to support such initiatives, overlooking your flaws and focusing on their potential. (RG)
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