Many people with ADHD experience symptoms which can make financial management more difficult. Let’s have a look at why this is and what you can do to help.
Why ADHD Can Make Financial Management Harder
Many people with ADHD experience symptoms such as:
- Procrastination
- An inability to focus or prioritise tasks
- Continually starting new tasks before finishing old ones
- Disorganisation
- Impulsivity
All of these symptoms can make financial management that much harder. ADHD affects the executive function of the brain, which is the part we use for planning, organising, focussing, and so on, which are all key areas that help us manage our finances.
In fact, research commissioned by Monzo and conducted by YouGov found that 60% of respondents with ADHD said that it directly impacts their financial lives.
They also found that those with ADHD were:
- 4 times more likely to frequently impulse spend
- Almost 3 times more likely to miss bill payments
- Twice as likely to experience anxiety as a result of managing personal finances
This research helps to demonstrate some of the difficulties that people with ADHD may experience when managing their money. So, if you have ADHD, what are some things you can do to help with this?
Tips for Managing Money with ADHD
- Break financial tasks down into smaller, more manageable steps… this can help tasks feel less overwhelming and allows you to focus on just one thing at a time. Catherine Morgan suggests deciding which task feels most important to you, making this a priority, adding a deadline to it, and then adding it to your calendar so that it’s more likely to get done
- Try out time management techniques- click here for inspiration
- Keep a regular routine… Catherine Morgan suggests having a weekly money day where you dedicate a few hours of a certain day each week to spend time working on your finances
- Automate your savings where possible, so that saving becomes an automatic priority without you having to actively think about putting money away
- Set realistic goals and expectations… for more help setting financial goals, our sister company has a free mini-course you can enrol in here
- Go clutter-free… with ADHD, it can be easy to get distracted, so reducing any clutter or distractions can help you to remain focussed on managing your money
For extra help with successful money management, CHADD (a non-profit organisation helping those with ADHD) has some fact sheets that you can check out here.