Barriers and Facilitators of Using ABLE Accounts and Characteristics of Newly Eligible ABLE Users

• In Event: Disability, Policy, and Financial Hardship

Abstract

ABLE Accounts are an underutilized financial tool to support economic security and mobility for disabled people. ABLE accounts can be particularly helpful for Supplemental Security Income (SSI) recipients who tend to have limited asset building capacity due to SSA asset caps of $2,000 for individuals and $3,000 for couples. Despite nearly ten years of availability across the U.S., guidelines for asset protection for disabled persons, and a legal pathway to saving above asset limits, the uptake of ABLE accounts has been limited. ABLE accounts can be leveraged to counter the “disability squeeze.” Qualitative methods were used to explore barriers and facilitators of using ABLE accounts amongst SSI recipients, including knowledge, perceptions, and benefits of ABLE accounts. Data was collected through in-depth semi-structured interviews of four target populations. The results can facilitate improved outreach and education programs, and support for people receiving SSI, supporting savings for a stronger financial future. Understanding the barriers and facilitators to ABLE account participation allows professionals (service providers, financial advisors, social workers, etc.) to provide more tailored support to disabled people. Additionally, researchers and advocates can leverage these findings to advance more inclusive and progressive financial policies.

Author

• Kelly Nye-Lengerman, University of Maryland, College Park
  Presenting Author