SpendAble improves financial independence for people with intellectual disability
SpendAble is an Australian banking app founded with the goal to improve the financial independence of people with an intellectual disability.
As stated by the company itself, SpendAble is a “purpose driven FinTech” on a mission to give National Disability Insurance Scheme (NDIS) participants more control over their money in a safe, secure, and supported way.
The FinTech is based in Adelaide, but also operates outside of Victoria and South Australia and has about 600 NDIS currently using the alternative friendly money management app.
How Spendable works
SpendAble is a VISA debit card program connected to a mobile app. This app allows users, and their support workers, to make smart and safer payments, using the NDIS participant wallet.
SpendAble also allows Supported Independent Living (SIL) Supporters to use one card and synchronize it with the same account.
It can also be a great tool to improve the transacting skills of NDIS participants.
Empower independence and finance stability
For people with intellectual disability, especially those who are isolated or live alone, having a third party in control of their funds often results in a lack of independence.
SpendAble gives them the chance to benefit from an alternate banking process with removed numeracy and budgeting elements.
This no-numeracy process is at the heart of the FinTech mission, as it gives supporters the chance to teach mentally disabled people how to safely make a purchase, without the need for numeracy or calculations.
SpendAble also features customizable budgets, that provide full transparency for everyone involved. This means, SILs’ can set up budgets that define what money can be spent on, and the proof of evidence and receipts are collected and safely stored in SpendAble app.
The assistive technology app works by connecting to a digital wallet that can be allocated to various budgets for everyday outgoings.
It gives people with intellectual disability the freedom to spend their own money without having a third-party controlling funds, which usually tends to lack independence.
The money management app creates a learning experience using visual cues to represent alternative banking activities by removing numeracy and budgeting elements.