Rewind 30 or so years and it’s likely the average person had never really heard of ADHD. People who had it might have been described as ‘hyperactive’ or ‘the one who couldn't sit still in class’. But thankfully things have gotten a lot better over time.
Around 1 in 7 people are estimated to be Neurodivergent (1), making it quite common to bump into someone who is. And Attention Deficit Hyperactivity Disorder (ADHD) is one of the most common types. ADHD is characterised by a range of traits, which can include inattention, hyperactivity and impulsivity. And it affects both children and adults.
This year the theme of ADHD awareness month explores ‘The Many Faces of ADHD’. ADHD isn’t a one-size-fits-all condition, it looks different across genders and ages. And it’s a condition that affects an estimated 3 million people in the UK (2).
Individuals experience different types of ADHD:
- Predominantly inattentive
- Predominantly hyperactive-impulsive
- Combined type
ADHD can affect people’s lives in different ways, it can bring unique traits, abilities and strengths. But it can also come with some challenges, one of which can be difficulties managing money. So, if ADHD impacts you, either directly or indirectly, gaining knowledge is a powerful tool in helping better understand the differences in the way the ADHD brain works.
Esme’s experience with ADHD
One of the many faces of ADHD is Esme, who works in our wealth management team supporting advisers. Esme was diagnosed with ADHD, dyspraxia and autism when she was 30. She self-referred after watching a documentary that made her re-think everything. Esme has the combined type of ADHD, she describes it as “my brain is active, but my body isn’t”. People with combined ADHD experience traits of both inattentive and hyperactive-impulsive ADHD. They often experience difficulties with attention and focus, as well as impulsive behaviours and heightened levels of activity.
Before her diagnosis, Esme struggled with these traits in her life, particularly with managing money, which caused her a lot of stress and anxiety. Impulse spending was a big challenge. She would chase a dopamine hit from binge buying and wound up with lots of new gear from a hobby that’s interested her for a short duration before deciding she no longer has that interest and immediately wanting to get rid of these items.
Since Esme’s diagnosis her perspective has changed, “I no longer needed to put pressure on myself to keep up with and be like everyone else”.
Money managing tips for every type of ADHD
Inattentive ADHD
If someone has inattentive ADHD, it can make it harder to focus, organise and stay on top of everyday tasks, which can lead to missing details and forgetfulness. Helpful strategies - some of which Esme currently practices - include:
- Use more than one bank - when you get paid, move your money into multiple different bank accounts. One for bills, one for spending, one for saving. This organises your money for different purposes and helps you see what’s safe to spend and what’s already spoken for.
- Track with apps - a spending tracker app can show you what’s left after bills, highlighting spare money to avoid overspending. Some apps can remind you of payment due dates and help you tick off bills you’ve paid, reducing the chance of missed payments.
- Do it all on payday - if you allocate your salary into different pots or accounts aim to do this straight away when you get paid. This way you know what's available for spending and what's reserved, reducing the temptation to dip into essential funds.
- Be disciplined with debts - If you are using a credit card, try and only make a purchase on the basis you know you have the money available and can pay it off immediately. And it might be better using a debit card for day-to-day spending.
Hyperactive-impulsive ADHD
The traits for hyperactive-impulsive ADHD differ. These can show up as restless energy and impulsive actions, making it hard to sit still, wait, or think things through before acting. When it comes to dealing with finances hyperactive-impulsive individuals may also struggle with planning and impulse spending. Some strategies to help include:
- Set goals and create a budget - set up short and long-term financial goals to provide motivation and direction for spending and saving. Create a budget linked to these goals to manage your income and expenses effectively.
- Automate payments and transfers - schedule automatic payments for bills to avoid late fees. Automatic transfers into an ISA, pension or other savings accounts can help build your savings without you having to think about it. But remember, the value of investments can go down as well as up, so you may get back less than you invest.
- Reduce exposure to triggers - both social media and marketing emails encourage impulsive buying, to avoid temptation unsubscribe from marketing emails that might encourage this and limit time on social media that encourages spending.
- Control impulse spending - Implement strategies to make spending more difficult, such as removing saved payment info from websites or waiting 24 hours before making non-essential purchases to see if the impulse passes.
Combined ADHD
Combined ADHD involves both inattentive and hyperactive-impulsive traits. Often causing individuals with this type of ADHD to face challenges in various settings, such as at school, work, and in social situations. This can affect academic performance, workplace productivity, and relationships.
When managing your finances you might find that using a mix of the strategies listed under the other headings is the most effective way.
Support at Fidelity
We want to make managing money easier for everyone. Our client services team is there to answer any questions or provide support with completing forms and online journeys. We also know that documents can be tricky to read so we provide a variety of formats to suit different needs. You can choose the background colour, tinted overlay colour and font (colour and text size) that works best for you.
We also offer tools and calculators to simplify financial planning and quick finance education sessions - like Workplace Workout. Our mobile apps, including PlanViewer, helps you easily view your pension and investment information on the go so you're less likely to lose track.
Finding wider support
If you’re struggling to deal with ADHD, consider building a support system by talking to family or friends about your goals and seeking advice from a financial adviser or workshop. Break down big tasks into smaller, manageable steps like paying bills one at a time and updating your budget regularly. And consider seeking professional support or a diagnosis to help build coping strategies. Above all, remember to be kind to yourself.
If you, your child or someone you know has ADHD, there are a variety of organisations and charities that offer help and information.
A UK-based charity offering help and resources to those affected by ADHD.
The NHS provides an information page aimed at both adults and children and young people who either have ADHD or think they might have it.
For more information on ADHD awareness month.
Sources:
(1) The University of Edinburgh: https://equality-diversity.ed.ac.uk/disabled-staff-support/neurodiversity-support
(2) ADHD UK charity: https://adhduk.co.uk/about-adhd