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STATISTICS SPECIAL NEEDS & REASONS FOR FINANCIAL PLANNING
- Nearly 54 Million Americans cope with special needs and the rising associated expenses, according to the National Organization on Disability (2007).
- Nearly one-fifth of all Americans—more than 54 million men, women and children— have a physical, sensory or intellectual disability, according to the National Organization on Disability (2007).
- More than 41 million Americans, or almost 15% of the population age 5 and older, have some type of disability; according to 2007 Census survey data. Some 6.2% of children ages 5 to 15, or 2.8 million kids, have disabilities, the Census Bureau found.
- The U.S. Census Bureau says about 10% of Americans between the ages of 16 and 64 suffer some form of physical, mental or emotional impairment. Many of them are outliving their parents thanks to improved care medical technology.
Following statistics are from “Disability and American Families: 2000”, US Census Bureau July 2005 Report
- One out of 9 children under the age of 18 in the US today receive special education services
- Out of 72.3 million families included in the 2000 Census, about 2 in every 7 reported having at least one member with a disability
- 20.9 million families have members with a disability
- Of the 20.9 million families reporting at least one member with a disability, 5.5 percent have both adults and children with a disability
- One in every 26 American families reported raising children with a disability
- One in every three families with a female householder with no husband present reported members with a disability
- An estimated 2.8 million families, 1.3 percent, reported raising two or more children with a disability
Following Statistics are from the MetLife’s survey “The Torn Security Blanket: Children with Special Needs and the Planning gap”
- 88% of parents who have children with special needs have not set up a trust to preserve eligibility for benefits such as Medicaid and Supplemental Social Security
- 84% have not written a letter of intent outlining an agreement for the future care of the child
- 72% have not named a trustee to handle the child’s finances
- 53% have not identified a guardian for their child.
- The survey found that 32% of parents spend more than 40 hours per week with their special needs child, or time equal to a second full-time job
- Parents spend an average of $326 per month, or just under $4000 per year, on out-of-pocket medical expenses on their special needs child
Statistics from Trends in Consumer Behavior: What every Financial Planner Should Know. This research on consumer behavior and financial planning was complied by First Command Financial Services in Fort Worth Texas
- People with a financial plan are more optimistic about their financial future than those without a plan
- The majority of middle-income Americans have a positive perception of the value with financial planning
- 88% of the people who have a financial plan believe the benefits outweigh the costs. In 2008 it is 95%
- Ingraining simple, positive financial behaviors like saving money and limiting debt can have a significant impact on people’s financial outlook and a sense of security
- People with a financial plan are more likely to stay the course and exhibit disciplined financial behavior
A financial plan and the ongoing guidance of a committed advisor can help people accomplish long-term goals, but also frequently offers immediate emotional benefits.
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