Money Management - Financial Stability with Expert Assistance
Adults with cognitive disabilities face economic challenges, just like everyone else. White their cognitive disabilities may challenge individuals in different aspects of life, many can learn basic money management concepts to achieve their life goals. Self-sufficient adults require money management skills to function within their community.
While money management is a skill that many Americans take for granted- as it typically was a required course in public education curriculum, according to the National Disability Institute report "Banking Status and Financial Behaviors of Adults with Disabilities" by Nanette Goodman and Michael Morris, people with disabilities include 19% of the U.S population.
The same report, notes that many people with cognitive disabilities face economic challenges related to banking status, access, sustainability, growth, and financial well-being, including affording bass necessities. Additionally, nearly half have no credit, and two-thirds do not save for unexpected expenses.
The Americans with Disabilities Act of 1990 prohibits discrimination against individuals with disabilities in all areas of public life. This includes an equal opportunity to build the knowledge and skills to make informed financial decisions.
Many adults struggle financially due to a lack of income or difficulty managing the complicated benefits available to them. For example, laws related to Supplemental Security Income (SSI) restrict how many assets a person with disabilities can have while continuing to receive benefits, which can make it difficult to manage money. This is why Wynn-Reeth is pleased to offer Money Management to our consumers within our current service portfolio.
Our Money Management services allow us to provide assistance to individuals who need support managing personal and financial affairs by providing financial counseling and helping them manage their Social Security benefits.
One of the first steps to learning about finances is to make a budget. The additional services we offer through our Money Management program address a wide range of individual needs, which include:
· Organizing financial records
· Tracking financial information
· Assisting and educating on budgeting money
· Bill paying
· Maintaining bank accounts
Our Money Management plans are designed specifically to cater to the client’s individual service plan. They also complement other services provided by professionals in the accounting, investment, and social services fields.
Depending on the specific service plan our clients can learn how to balance a checkbook and reconcile bank statements. Maintaining or organizing bank records while completing necessary ledgers are also areas that can be taught in the service.
Paying rent, utilities, and other bills, issuing spending money, and assisting with annual reporting requirements are other areas of concentration for this service.
A wealth of government benefits are available to adults living with disabilities, but the system can be complicated to navigate. Our experienced professionals can assist our clients through this process.
At Wynn-Reeth it is our goal that our clients are included within their communities and an important aspect of being included is money management.
For more information contact us.