The National Co-ordinator for the National Financial Literacy Programme, David Simpson, during the annual general meeting of the Barbados Council for the Disabled, also pointed to the need for targeted support and systemic changes to address the unique financial challenges faced by this vulnerable community.
“Financial literacy essentially is making sure that all of you can understand all things to do with finance, especially money, which is the major aspect of finance that you all interact with,” he said.
“It’s about making sure you have the knowledge and the comfort to interact with our financial system — whether it is earning money, spending money, or accessing money, whether it is personally or for a business venture you may have.”
He also made it clear that the ability to manage money effectively is not just a skill but a necessary component of full participation in society. However, Simpson did not stop at advocating for financial education; he suggested there were a number of systemic issues that have led to the exclusion of the disabled community from the financial sector.
“The harsh reality for you as members of this council is that in large part, in our financial and money system, you are intentionally or unintentionally not included to the extent that you should be,” he stated, pointing to the dual nature of the challenges faced by people with disabilities: practical limitations related to their disabilities and societal 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 better needs to be done in terms of inclusion, I don’t mean putting in ATMs that allow you, if you have sight or vision issues, to be able to access the ATM,” he said. “You can’t access income or loans or anything, what are you going to the ATM to do?” T
his pointed critique underscored the need for deeper, more meaningful changes within the financial sector.
His vision for financial inclusion goes beyond accessibility to physical infrastructure, and he has called for financial institutions to actively engage in supporting the financial wellbeing of disabled individuals.
“As a vulnerable group, my plea and my suggestion is whether it’s the banking system, the credit union movement, the government, any financial institution should take great pride in earmarking a certain amount of funds to support the vulnerable community,” he urged.
Importantly, Simpson emphasised that this support should directly empower individuals rather than merely providing donations to organisations. “Donations to the associations do what? They help you in terms of treatment; they don’t help buy food for you; they don’t help pay bills for you.”
He was particularly concerned with the financial challenges that arise from the intersection of disability and poverty. Many people with disabilities face irregular income streams, often relying on government assistance, family support, or sporadic work. These circumstances make budgeting and financial planning even more critical yet also more challenging.
“My concern for you is in terms of managing finance [and] is the source of income and the financial support that you are able to get to work through your challenge. And I think collectively, as a country, we need to do better where that is concerned,” Simpson said.
Ever heard the saying “it’s better to give than to receive” well that also applies to time. By volunteering we support an organization or cause and make a great difference in our communities. It’s also a great way to meet new people and learn about the challenges they face daily. Consider giving more than just money, give your time !
