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Strengths and Weaknesses of Everyday Financial Knowledge and Judgment Skills of Adults with ADHD

Author

Listed:
  • Janneke Koerts

    (Department of Clinical and Developmental Neuropsychology, University of Groningen, 9712 TS Groningen, The Netherlands)

  • Dorien F. Bangma

    (Department of Clinical and Developmental Neuropsychology, University of Groningen, 9712 TS Groningen, The Netherlands
    Novicare, 3542 AB Utrecht, The Netherlands)

  • Christian Mette

    (Department of Social Work and Education, Protestant University of Applied Sciences Bochum, 44803 Bochum, Germany
    LVR Hospital Essen, 45147 Essen, Germany
    Faculty of Medicine, Department of Psychiatry and Psychotherapy, University of Duisburg-Essen, 45147 Essen, Germany)

  • Lara Tucha

    (Department of Psychiatry and Psychotherapy, University Medical Center Rostock, 18147 Rostock, Germany)

  • Oliver Tucha

    (Department of Clinical and Developmental Neuropsychology, University of Groningen, 9712 TS Groningen, The Netherlands
    Department of Psychiatry and Psychotherapy, University Medical Center Rostock, 18147 Rostock, Germany
    Department of Psychology, Maynooth University, National University of Ireland, W23 F2K8 Maynooth, Ireland)

Abstract

Adequate financial capability is crucial in everyday life. This capability might, however, not be given to adults with ADHD. The present study aims to determine strengths and weaknesses regarding everyday financial knowledge and judgment skills in adults with ADHD. In addition, the impact of income is explored. Forty-five adults with ADHD (M age = 36.6, SD age = 10.2) and 47 adults without ADHD (M age = 38.5, SD age = 13.0) were included and were assessed with the Financial Competence Assessment Inventory. Adults with ADHD showed decreased scores regarding awareness of the arrival of bills, knowledge of own income, having a reserve fund for unexpected expenses, the ability to state long-term financial goals, own preferences for estate management, understanding of assets, legal action for debt, access to financial advice/counseling, and the ability to compare medical insurance plans as compared with adults without ADHD (all p < 0.001). However, no effect of income was found. In conclusion, adults with ADHD have difficulties with many aspects of everyday financial knowledge and skills, which might result in a plethora of personal and legal consequences. It is, therefore, of the utmost importance that professionals who support adults with ADHD proactively ask about everyday financial functioning so that assessment, financial support, and coaching can be provided.

Suggested Citation

  • Janneke Koerts & Dorien F. Bangma & Christian Mette & Lara Tucha & Oliver Tucha, 2023. "Strengths and Weaknesses of Everyday Financial Knowledge and Judgment Skills of Adults with ADHD," IJERPH, MDPI, vol. 20(5), pages 1-15, March.
    • Handle: RePEc:gam:jijerp:v:20:y:2023:i:5:p:4656-:d:1089004
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    References listed on IDEAS

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    1. Daniel Fernandes & John G. Lynch & Richard G. Netemeyer, 2014. "Financial Literacy, Financial Education, and Downstream Financial Behaviors," Management Science, INFORMS, vol. 60(8), pages 1861-1883, August.
    2. Debjani Das & Nicolas Cherbuin & Peter Butterworth & Kaarin J Anstey & Simon Easteal, 2012. "A Population-Based Study of Attention Deficit/Hyperactivity Disorder Symptoms and Associated Impairment in Middle-Aged Adults," PLOS ONE, Public Library of Science, vol. 7(2), pages 1-9, February.
    3. Beauchaine, Theodore P. & Ben-David, Itzhak & Bos, Marieke, 2020. "ADHD, Financial Distress, and Suicide in Adulthood: A Population Study," Working Paper Series 2020-25, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
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