Why does having ADHD make it hard to manage your money?

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According to ADHD UK, approximately 2.6 million people in the UK have a form of ADHD. While the understanding of this condition is growing over recent years, there are still many invisible fights that neurodivergent people go through every day.

Of those battles, the relationship between people with ADHD and money is one with one of the largest impacts on day to day life. Monzo, in collaboration with YouGov compiled a survey of 506 people living with ADHD in the UK, as well as a shorter survey of 2068 neurotypical UK adults to compare answers.

Here’s a list of 10 facts that you may not have known about what it’s like to manage your money with ADHD.

It’s also great to know these facts if you are neurotypical as it can help you to understand what someone may be going through and reasons for some behaviours that you may not have understood!

65% of people with ADHD found managing their finances more difficult because of the condition.

48% of people with ADHD often impulse spend, which is FOUR times higher than nuerotypical people (12%).

81% of people with ADHD believe that their bank does not provide them with the necessary resources to manage their finances.

Those with ADHD are twice as likely (76%) to suffer from anxiety linked to their finances compared with the general population (38%).

By the age of 30, people with ADHD had a lower monthly income, less money in savings and regularly received more financial support from others than neurotypical people aged 25.

Debt is THREE times more common amongst people with ADHD (31%) compared to neurotypicals (11%).

50% of People with ADHD find it difficult to stick to a budget – over THREE times more common than with the general public (15%).

They are almost three times more likely to miss bill payments (49%) than someone without the condition (18%).

The majority (60%) of those surveyed who are living with ADHD said they believe it has a direct cost implication for them because of its impact on day-to-day money management, which they estimated amounted to just over £1,600 a year on average.

According to those with the condition, spending impulsively (58%), struggling to budget (51%) and struggling to save money (49%) are the biggest issues they face.

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