Preparing for the harsh winters ahead

Financial independence is a fundamental right, but is it for millions of people with disabilities in India? Sadly, it remains an uphill battle. While discussions around financial literacy, wealth creation and savings are becoming more mainstream, there is one critical aspect that is often overlooked: the additional cost of disability.

The hidden costs of disability

Let me try to be vulnerable here and decipher the cost of disability through my own example:

  • Per month running cost of a powered wheelchair, assuming it lasts 5 years: Rs. 2,000
  • Per month helper or caregiver cost: Rs. 19,000
  • Extra health insurance premium per month because of disability: Rs. 2,000
  • Extra term life insurance premium per month because of disability: Rs. 5,000
  • Other expenses related to disability, including medicals: Rs. 5,000

Total expenditure because of disability, for me, per month: Rs. 32,000

(Please note the health and term life insurance premiums I mentioned are only the extra amount I pay owing to my disability.)

And this cost is only going to increase as I age, and most certainly it will increase faster than my income.

Why financial inclusion matters

Financial independence goes beyond simply earning money. It involves managing, saving and investing it well. Unfortunately, most mainstream financial planning advice overlooks the unique challenges faced by persons with disabilities.

  1. Limited access to employment. Despite their talents and qualifications, persons with disabilities often struggle to secure well-paying jobs due to workplace biases, a lack of accessibility and limited flexible work opportunities.
  2. Limited access to growth opportunities. Many feel stagnant in their roles because of inadequate support systems, such as mentoring and coaching, combined with workplace biases.
  3. Higher cost of living. Daily living expenses can be significantly higher, covering medical costs and assistive technology. Studies indicate these expenses can account for nearly 20.32% of a household's monthly expenditure.
  4. Lack of disability-specific financial products. There are very few investment and insurance products designed for the needs of persons with disabilities, which makes long-term financial security hard to achieve.
  5. Inaccessible banking and insurance services. Many financial institutions still lack basic accessibility, which stops persons with disabilities from managing their finances independently. Health and term life insurance are either not available or come at an exorbitant premium.

What needs to change?

  • Tailored financial planning. Financial advisors and educators must build personalised strategies that fully account for the additional costs of disability.
  • Disability-specific investment and insurance products. Banks and insurance companies should design policies that meet the real financial needs of persons with disabilities, so they can secure their futures.
  • Accessible banking and digital inclusion. Digital banking, fintech apps and financial literacy resources must be fully accessible to everyone.
  • Policy-level support. Governments should strengthen incentives, tax benefits and social security schemes to create a more inclusive environment.

Let's remember that when individuals thrive, regardless of ability, it enriches our economy as a whole. That's a win-win for all of us.

Rahul Rawal is the founder of Thrive & Include. This post first appeared on the old Thrive & Include website in February 2025.

Comments

Post a Comment

Popular posts from this blog

Hereby, I declare

Throughout my life, I have viewed my disability as a source of strength, something that helps me navigate any obstacle. But recent research on disclosing disabilities at work opened my eyes to the fact that many people feel uncomfortable revealing their disability. As someone with a visible disability, I have never had to face this dilemma myself. To go deeper, we first have to acknowledge invisible disabilities. These include mental health conditions, ADHD, diabetes and other conditions that others can't see but that still affect a person's health. While there are laws in place to prevent disability-based discrimination, not all discrimination is obvious. The culture and values of an organisation play a big role in creating an inclusive environment. Employees with disabilities may worry about how colleagues and managers will see them if they disclose, and how that could affect their relationships and opportunities at work. There is also an inner voice that tells us we are supe...
Read more

Calling a spade a spade

Yesterday someone asked me, "How can specially-abled people be given the right to live equally in society?" It might sound controversial at first, but let's start by calling a spade a spade. That means we stop calling people with disability special, inspirational, Divyang and so on. Those labels put them in a separate section, and they create a divide. The first step is to see disability as disability, not as a superpower and not as something to pity. All of us, with or without a disability, have our own battles to fight. If we treat disability like any other challenge, it puts everyone on the same spectrum and makes them equal like anyone else. Do we say "people with anxiety" or "people with broken hearts" or "people with financial troubles"? No, we don't. When we bring everyone together, we can look at each person's needs, strengths and weaknesses, and give them the support, resources and skills to lead an equal life. Remember, step...
Read more