For most of us, going to the supermarket is a simple job, but for Hannah Crawford, it’s a task that can fill her with horror. “The supermarket is a nightmare,” said the 24-year-old, who described buying food as “like being a three-year-old in a pastry shop.”
Crawford says it can be a startling, frustrating and exhausting experience. One of the main challenges is to “get away without spending twice as much as you intended,” she says, which means making thorough lists and resisting the constant urge to buy.
She is far from alone in this way. She was diagnosed with Attention Deficit Hyperactivity Disorder (ADHD) last summer and is one of the growing number of adults in the UK with the condition. The total number is estimated at millions, although most have not been diagnosed.
Research shared exclusively with the Guardian Money reveals the challenges many people with ADHD face when it comes to their personal finances.
The majority (60%) of respondents living with ADHD say they believe it has a direct impact on their costs.
A study commissioned by digital bank Monzo and conducted by YouGov found that people living with ADHD are four times more likely to expend impulse costs than those who do not.
The majority (60%) of respondents living with ADHD say they believe it has a direct impact on their spending because of its impact on day-to-day money management, which they say amounts to just over £ 1,600 a year. . average.
The findings prompted charities to say that with the raging cost of living crisis and the growing number of people with the disease, banks need to do more to support this community.
A Guardian article published earlier this month examined the increase in diagnoses in adults in the United States. A Guardian article published on June 18 said one in four prisoners in Britain was believed to have one. Videos tagged with #ADHD have been viewed more than 12 billion times on TikTok.
But so far, relatively little research is thought to have been done on the links between ADHD and people’s finances.
Monzo says he was prompted to order some of the jokes from customers.
As a result, YouGov spoke to 506 people living with ADHD to find out their experience in managing their personal finances, with a short survey of 2,068 adults in the UK to provide comparative answers. There were a number of key findings.
Two-thirds (65%) of people with ADHD say the condition makes managing their finances more difficult.
People with ADHD are twice as likely (76%) to suffer from anxiety related to their finances as the general population (38%).
According to those with the disease, impulsive spending (58%), budget difficulties (51%) and the struggle to save money (49%) are the biggest problems they face.
People with ADHD are almost three times more likely to struggle with debt (31%) than the general population (11%).
They are almost three times more likely to miss payments on bills from time to time or often (49%) than someone without a condition (18%).
They are more than three times more likely to find it difficult to stick to a budget (50%) than the general population (15%).
People with ADHD are four times more likely to expend impulses (48%) than those who do not (12%).
The study also found that less than one in five (19%) people with the disease believe that the bank gives them all the tools they need to manage their finances.
Crawford, who lives in London, has had a private diagnosis – the waiting time at the NHS is known to be long – and pays £ 130 a month for prescriptions and medicines.
She says the problems she and others face with ADHD are “definitely not something to talk about – I don’t see or hear much about ADHD and money management.”
Hannah Crawford describes buying food as “like being a three-year-old in a pastry shop.” Photo: Keris Hughes
Crawford, who works in the theater as a producer, says she feels that most people have a “background program spinning in their head – a constant awareness of what’s in their bank account, how much they’ve spent that day and the upcoming accounts or subscription payments. I don’t have any of these background programs. Every time I open my bank account, it’s a complete surprise to me. “
As a result, she spends a lot of time living in her overdraft by mistake, which creates stress and anxiety.
She has had a Monzo account since 2017 and says: “I try to automate as much as possible in terms of accounts, direct debits and so on. You can easily put things in pots to plan payments and upcoming bills. ”
Things like parking tickets and payment deadlines can be especially difficult
She likes to be able to label and categorize her expenses, which makes budgeting more interesting by providing the “dopamine strokes” her brain needs to pay attention to, and she likes the fact that she receives push notifications with reminders of how much she spends during the day.
Things like parking tickets and payment deadlines can be especially difficult. She says that there are regular cases when she is overwhelmed by a ticket or due date and then the price jumps. “It’s pretty scary to feel out of control,” she says.
Crawford says there is “quite a lot of stigma” around this whole area. “I really need to remind myself that this is not something to be ashamed of – it’s just about finding ways to make financial things easier and more accessible to people like me.”
Monzo says digital banking tools designed to give consumers more control and provide greater “visibility” for their finances are widely praised by many in the ADHD community.
The most useful banking functions identified by the study include notifications of upcoming accounts and places to set aside money, such as savings banks.
Xian Lee says she signed up for things late at night and then forgot she did. Photo: Sian Leigh
Xian Lee, 27, who was diagnosed with ADHD in September 2021, says one problem she had was “registering for things late at night” and then forgetting that she did.
Lee, who lives in Cheshire and works as a digital marketing teacher, adds that he needs visual reminders of things – he needs to be able to “see” his finances.
“I never realized it was something I needed. With Monzo [which she has been with since 2018]everything is colorful, everything feels captivating… I am a person focused on colors – this is how I perceive information. ”
Taarik Fry, 22, who is currently awaiting a specialized diagnosis but has been evaluated by his personal doctor, says one of the main problems for him is impulse spending. “Especially when I was younger – I just spent so much all the time.
This in turn makes it difficult to save and means that sometimes he does not have the money he needs to pay for things.
He likes to receive instant notifications that tell him what he has just bought, plus ones that let him know how much he has spent in one day. “[They] help me master it, ”he says.
Fry says his advice to banks and financial companies to support people with ADHD is that they should “just try to make their applications better.” Many of them are just so traditional. ”
Henry Shelford of the charity ADHD UK says the study “shows the scale of the challenge that people with ADHD face with their personal finances, and it’s something I hear anecdotally every day.”
He added: “It is more important than ever for banks to take this community into account and create products and services that are inclusive. Banking tools that give people control and transparency are great for everyone, but they are crucial for people with ADHD.
The three main characteristics of ADHD are impulsivity, inattention and hyperactivity.
People with it may look restless, may have difficulty concentrating and may act impulsively, says the NHS.
They may also have additional problems such as sleep and anxiety disorders.
In the UK, the prevalence of ADHD in adults is estimated at 3% to 4%, according to the National Institutes of Health and Care. That would mean about 1.8 million adults in the UK. Meanwhile, there are claims from some circles that up to 8% of people in the UK can have it.
It is traditionally seen in school and is diagnosed more often in boys than in girls.
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