Financial Inclusion is Vital for Success

July marks the 34^th anniversary of the Americans with Disability Act (ADA) that was signed into law in July, 1990, to protect the rights of people with disabilities and assure their access to all places open to the general public, including banks.

Safe, affordable banking should be available to everyone, providing access to the banking system and the safety and convenience that comes with a bank account. By prioritizing fairness, equity, and inclusion, banks can provide the expertise to meet the financial needs of everyone in the communities they serve, including those living with a disability. Serving customers with disabilities is vital for financial inclusion.

What is financial inclusion?

Financial inclusion is the effort to make financial products and services accessible and affordable to everyone by removing barriers that can prohibit certain segments of the population from utilizing the financial tools that can improve their lives. One of these segments is people with disabilities who may find it difficult to take advantage of the many benefits banks can offer, leading to relationships with unreliable financial businesses and a lack of financial credit that can impede opportunities like homeownership going forward.

How relevant is safe, reliable banking to people with disabilities?

Over 44 million Americans live with a disability, making them the largest minority group in the country. Nearly 35% of people with disabilities are employed, and half earn less than $25,000. In addition, 25% of working-age people with disabilities live below the poverty line, with most paying 50% or more of their income for housing. Having access to qualified banking professionals can provide alternative products that can improve the financial situation of many people with disabilities.

Why is it important for people with disabilities to consult a banking professional?

As more people with disabilities enter the workforce, their income begins to grow along with the need to understand how to make their income work for them as they enter new facets of life, such as homeownership. However, working people with disabilities are four times more likely to not use reliable, traditional banking, instead choosing unconventional financial services like pawn shops and check cashers that charge high fees for financial services that fail to help people get ahead or build savings and assets.

Why should all companies prioritize financial inclusion?

Understanding what customers want is fundamental to success, both in the world of banking and in business as a whole. As societal shifts point towards greater inclusion of people with disabilities, businesses are recognizing the need to make reasonable modifications to their usual ways of doing things when serving people with disabilities, including taking the steps necessary to communicate effectively with customers with vision, hearing and speech disabilities. Reducing the number of unbanked in the country is the right thing to do. Financial inclusion can lead to greater overall innovation, economic growth, and consumer knowledge.

For more information on Financial Inclusion, contact the local banking professionals at First Keystone Community Bank at 570-752-3671.

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