Project Nemo Demands Better Banking for Adults With a Learning Disability

Banking for learning disabilities remains a critical challenge in today’s digital economy. Project Nemo, a grassroots initiative advocating for disability inclusion in fintech, has released a major new report revealing how the financial sector continues to exclude adults with learning disabilities from safe and independent money management. With transformational changes to the financial landscape over the last 18 years, in particular with the significant move away from cash (60% of all transactions by volume in 2008 to 12% in 2023, according to UK Finance) the learning disability community have been forced into a digital payments system that has not been designed with their needs in mind. ‘Safe Spending for Adults with a Learning Disability: A Call to Action for Financial Services’ launches this morning at a Project Nemo event bringing together fintechs, banks, trade bodies, disability charities and advocacy groups at Nationwide Building Society headquarters. Attendees include The Rt Hon Sir Stephen Timms MP, Minister of State for Social Security and Disability. It reveals the findings of the most comprehensive research to date into the barriers faced by adults with a learning disability and those who support them when managing money.  Banking for learning disabilities requires tools that balance independence and oversight, something most banks overlook. The challenges of managing bank accounts for everyday spending have resulted in 87% of adults with a learning disability and their supporters turning to informal work arounds, often without disclosed statutory authority such as Lasting Power of Attorney or Deputyship. These workarounds, such as family members pretending to be the user while on the phone to the bank, or sharing bank card PIN numbers, introduce unnecessary risks. Whilst there are some dedicated fintech supported payments solutions, these don’t appear to be particularly well known. Helpfully, the new report also suggests banking features that this user group would find most beneficial. The research, sponsored by Nationwide Building Society, also found that 32% of people with a learning disability don’t have a bank account in their own name; and 61% say banks don’t always do enough to meet their needs. The report shines a light on the fact that many of the recent advances in payments have actually made it significantly more difficult to make, receive, and manage payments for the 1.5 million people in the UK living with a learning disability and their supporters. Digital payments are a particular concern, as cash offers a physical sense of value and control that digital methods struggle to replicate. The increase in self-service terminals, decrease in physical bank branches and growth of shopping online have all reduced human interaction, which this community can be more reliant upon to help with understanding and completing purchases. Meanwhile increasingly sophisticated fraud tactics including exploiting identified vulnerabilities also make managing everyday money riskier for this underserved group.   New fintech solutions could transform banking for learning disabilities, but awareness and adoption remain low. The research explored a range of potential money management features to aid safer spending for adults with a learning disability, and identified that:

• • To aid independent user understanding, any features should use clear and simple language, supported by visual explanations where possible.
  • The ability to customise to suit individual needs is critical to success of any products built for this community.
  • Notifications or settings that give supporters oversight of spending and the opportunity to intercept risky purchases provide reassurance for both supporters and users and have potential to enable greater independence.

 

• Accessible and specialist customer support must be available to boost confidence and support longer term independence goals.
• Priority features for products built for this community include saving pots, the option to turn on a Calm Mode that reduces overwhelm, and wearable alternatives to payment cards.

Kris Foster, Co-Founder of Project Nemo, who has a learning disability, comments: “Too often, people speak for us, about us or in front of us and it’s never our voice. This project, including this research report, for the first time, has centered adults with learning disabilities and seeks to understand what we want and need from financial services. Now, it’s up to banks to take action. I want to see them break down the existing barriers and ensure that others don’t have to fight the same battles for financial independence that I did.” Joanne Dewar, Co-Founder and Project Lead, Project Nemo, says: “Safe Spending for Adults with a Learning Disability: A Call to Action for Financial Services shows how trends in payments, which many of us think of as improvements, are compounding challenges for an already vulnerable community. This comprehensive research gives voice to the learning disability community whose needs are often overlooked even within the context on disability inclusion or financial inclusion. This Learning Disability Week, I hope that UK banks use these new insights to re-evaluate the solutions that they offer to this vulnerable community, which would benefit many other consumers groups too. With the current focus on the National Payments Vision and Financial Inclusion Strategy, I hope this report ensures the needs of this community are better understood and prioritised.” Project Nemo has joined forces with Kathryn Townsend, Government Disability & Access Ambassador (banking sector) and Nationwide Head of Customer Vulnerability & Accessibility to launch four separate workstreams to improve financial inclusion of adults with a learning disability. The new report is a key deliverable of the Research & Insights workstream, delivered in partnership with organisations including Mencap, the learning disability charity and Dosh, the financial inclusion organisation. Members of this working group are primarily those working in the financial services industry who are parents of young adults with learning disabilities, so are highly attuned to their needs and the gaps in service provision.  Inclusive design must be at the heart of banking for learning disabilities to avoid forcing risky workarounds. Kathryn Townsend, Government Disability & Access Ambassador (banking sector) and Nationwide Head of Customer Vulnerability & Accessibility, adds: “Everyone deserves to manage their money with confidence, dignity and independence but for the 1.5 million people in the UK living with a learning disability that basic right is often denied. At Nationwide we are continuously looking at ways we can improve support for those with vulnerabilities. However there is so much more we can all do and I am calling on my peers in the banking industry to not just remove the potential pitfalls and potholes for those with a learning disability, but to consider the opportunity to build services with these users in mind.” Jon Sparkes, Chief Executive of learning disability charity Mencap, comments: “People with a learning disability tell us that they can struggle to make payments safely because of complex banking systems, inaccessible payment options and a lack of easy read information. Because of these barriers, many worry about being more vulnerable to financial abuse and not being able to spend their money in the way they want to. Project Nemo’s work is a hugely important step towards ensuring the 1.5 million people with a learning disability across the UK can make their financial choices safely and independently.” Improving banking for learning disabilities is a win for both accessibility and innovation in financial services. This Project Nemo report is part of a wider project to help banks and fintechs improve solutions for adults with a learning disability. Download Safe Spending for Adults with a Learning Disability: A Call to Action for Financial Services here.