The Consumer Financial Protection Bureau announced an initiative Wednesday to develop ways of improving the upward mobility of working disabled adults through financial counseling.
ROADS (Reach Outcomes. Achieve Dreams. Succeed) also includes employment, independent living and other support services.
Beginning as a pilot program in six communities, ROADS is designed to develop best practices that can be applied across the nation, said CFPB Director Richard Cordray.
The need for financial training of the disabled is particularly great because their 28.7 percent poverty rate is more than double that of the general adult population, he said.
Financial counseling will begin with a professional providing a full assessment of how much money and other assets a participant has.
From there, the counselor will work with the client to reduce debt, increase savings and improve his or her credit score.
In addition, participants will be shown how to open bank accounts, create budgets and set and achieve personal financial goals.
“With enhanced financial capability and concrete plans of action, consumers with disabilities will be empowered to take further steps to become more financially stable,” Cordray said.