Poll for the community: Do you think there is a need for Personal Finance Literacy to be taught to Persons With Disabilities (PWD) in Singapore? - Seedly
 

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Asked by Kenneth Lou

Asked on 18 May 2019

Poll for the community: Do you think there is a need for Personal Finance Literacy to be taught to Persons With Disabilities (PWD) in Singapore?

We actually have an opportunity and grants to work with the community to engage the people with disabilities (Deaf, Sight, Speech and other disabilities) in Singapore. But I'm personally wondering how they currently go about their day to day at present? Anyone with thoughts and experiences to share? What topics would be interesting for this group?

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Kdz
Kdz
Level 4. Prodigy
Updated on 07 Jun 2019

Hi Kenneth,

This is an interesting idea. Having ocassional interactions with them, I feel there may be a need. Here are my 2 cents.

For a start consider a pilot run just for persons with physical disabilities, largely independent and working (I do see a handful of them commuting to work during rush hours). For individuals with intellectual disability we may consider afterwards.

Possible topics:

1) Raising awareness and understanding on available aids:

  • Transport shuttles or cab cards-not just calling a cab every time,

  • Medical subsidy eligibility (eg. 100% vs 30% subsidies),

  • What does means testing means (eg. why are they not eligible for subsidised motorised mobility aid or home modification etc.),

  • Food delivery service comparison (Tingkat etc.)

2) Finance topic:

  • Same financial topics eg. Insurance, CPF top up, SSB, same as the rest of us (what do we want to know if we are/become disable and still earning) + car park label scheme or train discount before 7:45am

  • They may need a bit more emphasis on empowerment.

Engagement:

  • Companies hiring PWD.

  • Community centres.

  • Inviting prominent individual to share their financial managment and how they prepare for future complication/ deterioration/ condition progression eg. Jason Chee or Yip Pin Xiu on Seedly TV?

  • Liaise with association eg: https://www.dpa.org.sg/about-us/our-mission-objectives/

Mode of delivery:

  • Audio + visual (ppt./video) + subtitles +/- hand sign interpreter for Q&A?

  • Short braille pamphlets (now thinking about it. side track: cash has braille how about e-payment, ibanking)

  • If older adults in CC, dialect speakers (hokkien, boyanese etc.).

Moving forward:

  • Talk to social workers who interact with PWD.

  • Apply bigger grants to conduct sessions (home visits) for families of intellectual disability individual.

  • Can be part of Seedly’s giving back to the community initiative, in the future.

Honestly it may be challenging but it’s worth A try then see how. Hope this helps. BW.

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Kenneth Lou
Kenneth Lou

22 May 2019

Solid man thanks bro :) Thanks for your thoughts and appreciate it!
Shun Oh
Shun Oh
Level 4. Prodigy
Updated on 07 Jun 2019

A lot of times, engaging with person with disability, will also means interaction with their caregivers, and the different networks in their life(therapist,social workers, special education teachers,etc).

Caregivers need to plan so much more in terms of personal finance, Trust, Insurance, CPF, etc. How can we grow caregiver's limited amount of money? How can caregiver's do long-term care planning for person with disability infusing with financial planning and personal finance?

(Check out Special needs Trust Company Ltd-even though it is funded by Ministry of Family and Social Development, are there better trust funds/investment/insurance that are available out there for caregivers?)

If there is a need to have a sum of money for persons with disability that are unable to take care of themselves due to the severity of their disabilities when they aged, then caregivers have to really plan even earlier.

Caregivers of person with disabilities from the underprivilaged families require so much more resources to be pumped in the family, and when resources are really pumped in to assist, then there is a need for personal finance literacy.

Different people have different routine throughout their life stage day to day. Some goes to a fix workshop for activities, some goes to day care centre, others are just like all of us working in open employment at offices, restaurtant.

I feel the the general society perception for Persons with Disabilities(PWD) has not been positive. Ever wonder why PWD are hardly sighted in the society? Could it be because our society does not have the space and thoughts to be inclusive enough?

I am social-work trained and was once in the disability setting. I am interested in this topic and open for more discussion, I would love to assist in every way I can. Would like to find out more from you and have the opportunity to contribute in any ways. I can link you up with people from the sector too @kennethlou.

Thank you!

2 comments

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Kenneth Lou
Kenneth Lou

22 May 2019

Thank you for sharing your thoughts Shun! :D
Kenneth Lou
Kenneth Lou

22 May 2019

And will do, I will reach out if we're moving towards the planning of such an event or activity in this space! thanks! Really appreciate it!
Steph Yeo
Steph Yeo
Level 6. Master
Updated on 07 Jun 2019

Wondering:

1) if PWDs have different types of insurance,

2) if banks have staff fluent in sign language or documents in Braille,

3) how equipped are social workers at disability associations to handle personal finance matters?

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Kenneth Lou
Kenneth Lou

22 May 2019

Thanks Steph for sharing your thoughts :)
Lok Yang Teng
Lok Yang Teng
Level 8. Wizard
Updated on 07 Jun 2019

I feel it depends on a plethora of factors and whether to teach and its efficacy is not binary. To be able to learn and effectively demonstrate what they were taught, the PWD needs to have rational thinking, reasonable degree of income and their age. Allow me to explain.

If a PWD was diagnosed with dementia or stroke or even depression, it is very likely financial literacy, a concept which many adults are unable to grasp, is beyond their capacity. Contrast this to a person with hearing impairment. While yes, the effort needed to instill the knowledge will be tremendous, it is still feasible.

As ironic as it sounds, one needs to have a certain threshold of wealth before they can achieve 'money-mindedness'. As shown in CNA's Dont Call Us Poor, we see that the families are stuck in a vicous cycle. Earning minimal wage deprives them of cost saving oppportunities such as buying in bulk. Price discrimination renders these families to paying premium for a necessity. As the law of physics dictate - without an external force, the inertia continues. Changes need to be brought in to arrest the cycle and reduce population of the working poor.

Some are less fortunate and are born with these conditions. It is absurd to have the children standing on their own whilst the parents egg on from behind. It is paramount that we educate the parents on the essential life skills so that in turn, they can positively influence their child and inculcate them the right skills.

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Kenneth Lou
Kenneth Lou

19 May 2019

Thanks for sharing your thoughts @Yang Teng! Appreciate it and yes your points are definitely valid.