Startup ideas in your inbox (The Rainforest #2)
Thanks for your feedback from the last number. I’m putting all myself into this :)
Now, let’s go!
The Problem
I found a report from the American Institutes for Research (AIR). It says there are about 64 million people with at least one disability in the United States, and approximately 35% of working age (ages 16–65). They earn income through employment or supplemental support and benefits.
Their total disposable income is $490 billion! The discrectionary part (the money remaining after deducting taxes, other mandatory charges, and spending on necessities, such as food and housing) is about $21 billion.
To make an analogy, these numbers are comparable with those of Hispanics and African-Americans.
According to the National Disability Institute, they have issues with financial planning, budgeting and financial literacy.
The Idea: Budgeting and FinEdu app for disabled
I would go for these pain points to test first:
Meeting financial needs for retirement;
Avoiding “bad debts” due to medical bills. Disabled are twice as likely to have past due medical bills and much more likely to forgo medical care because of costs;
Tailored content (or even better a community?) to increase their financial knowledge. They have fewer correct responses on a test of basic financial concepts, while having similar access and use of financial education, so the problem is the user experience.
The Resource
Warren Buffett, Chairman, Berkshire Hathaway Investment Group | Terry Leadership Speaker Series:
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Read you next week, Francesco - @francetisci