About 41% of parents have extra expenses associated with their child’s disability, according to an Australian Institute of Health and Welfare study, and over one-third say that they need extra financial support.
Sometimes a family raising a child with a disability might need one parent to cut back on working hours or quit altogether in order to care for the child. According to research, this is usually the mother. A family dealing with reduced income and extra expenses can find it difficult to make ends meet.
The financial impact of raising a child with a disability will vary depending on the disability. The more severe the disability, the more it will cost you to care for your child.
You may need to pay for the following services:
Many therapy services, such as physiotherapy, occupational therapy or speech therapy, are free but may have long waiting lists, and if you want additional services you may have to pay
Looking carefully at your financial situation will put you in a good position to make sure you have enough money to cover your costs.
When you’re thinking about anything to do with money:
Financial advice helps you make decisions about your money. Good advice from an experienced, well-informed financial adviser might help you save money and become more financially secure.
Generally, the only people permitted by law to give you personal financial advice are those who work for, or represent, a financial advisory business that holds an Australian financial services (AFS) licence.
Licensed advice covers superannuation, insurance, shares and managed funds, as well as many basic banking products. Advice about loans and buying real estate does not require an AFS licence.
An advisory business that gives personal advice must:
Australian Institute of Health and Welfare (2004). Children with disabilities in Australia. Retrieved May 12, 2007 from http://www.aihw.gov.au/publications/dis/cda/cda.pdf.
Australian Securities & Investment Commission (2005, November). Getting advice: A practical guide to personal financial advice. Finding the right financial adviser and advice that works for you. Retrieved May 22, 2007, from http://www.fido.gov.au/fido/fido.nsf/byHeadline/Getting%20good%20advice#booklet
Bairbre, R. & Richardson, V. (2003). Just getting on with it: exploring the service needs of mothers who care for young children with severe/profound and life-threatening intellectual disability. Journal of Applied Rresearch in Intellectual Disabilities, 16, 205-218.
Carers Australia (2004). Managing money. Retrieved May 23, 2007, from http://www.carersaustralia.com.au/index.php?option=content&task=view&id=71
Parish, S., Seltzer, M., Greenberg, J., & Floyd, F. (2004). Economic implications of caregiving at midlife: comparing parents with and without children who have developmental disabilities. Mental Retardation, 42, 413-426.
Content funded by NSW Department of Ageing, Disability and Home Care