Did you know that an estimated 15-20% of the population is neurodivergent? This means their brains work differently from the average or “neurotypical” person. Neurodiversity includes individuals with autism spectrum disorder, attention deficit hyperactivity disorder (ADHD), dyslexia, dyscalculia, and more. Interestingly, 27% of neurodivergent people feel less confident about managing money, compared to 18% of neurotypical (or non-neurodivergent) people. However, there’s plenty we can do to change this!
Yish Koh, MD of Kit, sat down with Kate Halpin, mother of two and MD and Founder of NeuroEdge. Kate combines her professional expertise with her personal experience to help build neuroinclusive workplaces. With two neurodivergent children, she’s put her expert knowledge into practice and shared it with us.
How does neurodiversity impact the way children learn about and manage money?
Learning to manage money is important for everyone, but for neurodivergent children, it can come with unique challenges. Their brains work differently, which means they may face obstacles in some areas, while excelling in others when it comes to finances. For instance, some children may have incredible strengths, such as attention to detail, pattern recognition, or analytical skills, that can help them manage money well. However, challenges like dyscalculia or ADHD, along with executive function differences, can make financial decisions harder to navigate.
- Dyscalculia can make numbers, arithmetic, and mathematical concepts tricky.
- Research also shows ADHD can lead to impulsive spending and difficulties with saving, making it harder for children to stick to a budget.
Top tips for teaching neurodiverse kids about money
While every child’s journey is unique, there are a few key strategies that can make teaching financial skills easier for neurodivergent kids. Here are some simple and effective tips.
- Start early. The earlier you introduce money conversations, the better. Neurodivergent children may need additional time to grasp mathematical concepts, so laying the foundation early is key.
- Use visual aids. Many neurodivergent children are visual learners. Incorporate graphs, tools, mind maps, and chore charts. For example, colour coding spending categories can help them better retain and understand financial concepts.
- Set achievable goals. Goals can be overwhelming for some neurodivergent kids. Help them break larger goals into smaller and more achievable steps. That way, they will stay motivated and feel a sense of accomplishment as they reach each milestone.
- Use real life as learning opportunities. Use everyday situations to teach your kids about money. For example, have your kids join you when writing the shopping list, accompany you to the supermarket, and help find and compare items by cost. Turn it into a fun challenge: “Can we get everything on the list and stay within our budget?
Kate’s personal experience: Teaching neurodiverse kids about money
As a mother of two neurodivergent children, Kate has hands-on experience when it comes to teaching financial literacy. Here’s how she does it.
- Allowance and chores: Tasks and chores are required to earn an allowance. Her family is big on goal setting and uses this to teach her kids how to earn and manage money. Half of the allowance goes into a savings account, while the other half needs to be budgeted when spending.
- Her 9-year-old's experience: A manifestation of her 9-year-old son's neurodivergence is his keen interest in stocks and trading, fuelled by his $4.50 weekly pocket money and a savings goal to purchase shares. This early foray into the market, marked by both a losing and a winning stock, provided valuable opportunities to discuss risk, reward, and asset diversification.
- Her 12-year-old’s experience: Kate supports her 12-year-old daughter, who earns $6 weekly and works weekends cleaning a pilates studio, by helping her budget for social outings and future purchases, fostering critical spending habits. Kate felt proud when her daughter independently saved to buy an iPhone, a purchase that has instilled in her a strong understanding of money's value due to the responsibility of ownership.
Note: We’re using person and identity-first language interchangeably in this article to reflect the diversity of identities within this space.
Kate Halpin (she/her) is the Managing Director and Founder of NeuroEdge, a social impact organisation driving neuroinclusion in the workplace. A respected thought-leader and champion for change with over 12 years of experience in the Neurodiversity employment space, Kate leverages her lived experience to educate workplaces and to build their capacity to understand, value and embrace neurodivergence. Kate guides organisations to embed inclusive, strength-based practices and to remove barriers so that neurodivergent employees can thrive.