financial tips for autism Navigating personal finances can be challenging for anyone, but for adults living with autism spectrum disorder (ASD), the task can sometimes feel overwhelming. From budgeting effectively to setting up a bank account, there are unique considerations to keep in mind when managing your money.

Whether your loved one is planning on moving out or has already made this transition, here are some financial tips specifically tailored for people living with autism to help them achieve greater financial security and independence.

Common Challenges Surrounding Finances for Adults Living with Autism

One of the largest financial challenges for adults living with ASD is a lack of education of the basic components of financial wellness. Acquiring the necessary money management and financial planning skills also tends to be much harder to learn for people with autism.

According to a study, most youth (ages 16-25) with ASD recognized that the ability to manage money is needed in order for them to live independently. However, they are worried about their lack of financial skills and are looking for more education to help them before attempting to live on their own.

The autistic population also faces difficulties in decision-making and decision avoidance at a higher rate than the neurotypical population. This leads to difficulties when financial decisions need to be made quickly, when decisions will include a change of routine, and when it involves talking to others. Additionally, changes to the economic and financial landscape could be an issue given the autistic population’s difficulty in dealing with unstable contexts.

Lastly, even though more young autistic adults are entering the workforce and higher education, poor outcomes in adulthood are still common for many. Challenges include issues completing higher education, finding employment, integrating into the community, living independently, and addressing their health needs.

With these challenges in mind, we dive into some tips and resources for autistic adults to better manage their finances.

Budgeting

Individuals with ASD can learn budgeting skills at any time through planned practice at home or by using resources available online (see “Additional Resources” section at the bottom).

Creating a monthly budget in the form of a checklist can greatly help individuals living with autism manage their finances effectively. After each month, compare the planned amount vs what was actually spent for each checklist item to see where adjustments can be made.

In addition, the use of visual supports to aid individuals with ASD in learning and memory is very common. By visually representing income, expenses, and savings goals, it becomes easier to track progress and stay on top of financial responsibilities.

Setting Up A Bank Account

Setting up a bank account is an anxiety-provoking experience for many individuals with ASD. To make it easier, ensure to bring along a close friend or relative who already has experience setting up bank accounts.

Some banks have even started creating ASD-friendly spaces and processes within their institutions. Online banking is another option if no nearby banks are explicitly ASD-friendly or if transportation is a barrier to banking in person.

Regardless of how the bank account is set up, a multitude of benefits comes along with creating an account:

keep your money safe
pay bills more simply
own a debit card, making it easier to pay for purchases and shopping online
earn interest on the money you have

Be Cautious of Credit Cards

Credit cards seem like a great option to build credit, but it can be easy to fall behind on payments and accumulate debt for those who are not educated on how to use them. People living with ASD are more susceptible to spending more when owning a credit card than they are with owning just a debit card because they cannot physically see the money leave their hands.

Additional Financial Resources for Adults Living with Autism

We must recognize the need for financial education materials that are accessible to everyone in the special needs community – money management isn’t a skill that anyone learns overnight.

Here are some tools to help get adults living with autism started on managing their finances: