Financial Management for Adults with Autism
Financial literacy is essential for independent living
Two recent studies found that autistic adults face financial challenges due to their income levels and money management skills. Those who can save money and avoid borrowing for daily expenses feel more secure. The studies also showed that autistic adults have lower financial literacy and greater uncertainty about financial issues, feeling less confident in managing daily finances.
To improve their financial wellbeing, we need to help autistic individuals find and keep well-paying jobs and teach them essential financial skills.
What is financial literacy?
- Budget: Make a plan for how to spend your money each month.
- Save: Put money aside for future needs or emergencies.
- Invest: Use your money to make more money, like putting it in a bank or buying stocks.
- Manage Debt: Borrow money responsibly and pay it back on time.
Being financially literate helps someone make smart choices, avoid problems, and feel more in control of their finances. Here are some suggested skills needed to become more independent with money management:
- Budgeting: Learning to plan and track income and expenses.
- Accessing banking and financial services and facilities: Opening a bank account, using ATMs, debit cards etc either independently or with support from trusted persons.
- Paying for purchases and daily expenses: Using cash, contactless payments such as e-wallets and debit, online banking
- Paying for bills and subscriptions: Learning to pay utility, phone, internet, rent/mortgage on time helps build credit history
- Saving money: For emergencies, long-term savings and other things such as vacations, gifts for friends and family, replacing smartphones and other digital devices, and occasional self-indulgence.
- Loans and credit: Understanding loans and credit, including the importance of maintaining a good credit score.
- Tax knowledge: Understanding how taxes work, filing taxes and receiving tax benefits.
- Protecting their money: Learning how to protect against scams, online banking safety.
- Insurance: Understanding how different types of insurance like car, life and medical provides a safety net against uncertainties.
How Autism Affects Money Management
Although it is different for each person, many autistic individuals struggle with executive functioning. This means they might lack the motivation to achieve goals and prepare for everyday tasks like managing money. They often find it difficult to learn skills such as organisation, planning, and reasoning without guided learning experiences. Despite these challenges, autistic individuals can still learn to manage money effectively
Practical Steps to Teaching Financial Literacy to Adults with Autism
Teaching financial literacy to autistic individuals requires a long-term plan, ongoing support, and practical tools. It’s important to start as soon as possible.
Here are some practical steps for teaching financial literacy to adults with autism. Adapt these steps based on personal needs, preferences, skills, and behaviours:
1. Encourage hands-on practice with managing money
It’s never too late or too early to start discussing the role of money in daily life. Look for opportunities to practise using money. For example, encourage the person to pay for small items at the supermarket or when buying food. Practice using different payment methods, including cash, e-wallets, or debit cards. Another example is to encourage the person to use the ATM at a bank or make an over-the-counter deposit.
Choose familiar shops where the person feels comfortable and knows the cashier. To avoid sensory overload and reduce pressure, pick off-peak hours when the store or bank is less crowded.
• Banks, Bank Accounts and Online Banking
• Debit and Credit Cards, Online Payments and E-Wallets
2. Discuss peer pressure and scams
Many adults with autism want to please others and fit in socially. This can lead to being manipulated into lending money or spending more than they can afford. Salespeople, whose main goal is to sell, might also take advantage and give misleading information. In addition, it’s essential to teach them how to protect themselves from online and in-person scams.
3. Make a monthly budget and use visuals to track spending
Each month, create a budget checklist. Check off high-priority transactions (e.g., rent, utilities, telco subscription) as they are made. For example, if the budget for food was RM50 per week but RM80 was spent, review to understand why. Use visuals like pie charts to track spending. Bank apps, such as Maybank’s MAE, also offer visualisation tools to see where money is spent.
4. Explain financial concepts like credit/debit, interest rates, insurance and investing
Money management and a basic understanding of financial concepts is crucial for independent living. Explain financial concepts in simple, clear terms that the autistic individual can understand. Use concrete examples and visual aids to help illustrate these concepts.see where money is spent.
For tips on how to teach a young person with autism money management skills, go to
Teaching Your Child about Managing Money