As keen eyes would have spotted over the weekend, there was an article in the Guardian detailing that we worked with YouGov to commission a survey of people living with ADHD across the UK, to learn more about the extra costs caused by their condition.
The majority (60%) of people told us it directly impacts their financial lives because of issues with money management, costing them on average an estimated £1,600 per year .
On the back of that we’ve published a blog on our site to detail some of the further findings from that study which you can all take a read of below.
On the back of this being shared on our social channels, we’ve had customers reach out about the experiences they’ve had managing finances whilst being diagnosed with ADHD. Obviously we want to offer the same platform here on the Community with no obligation to share, just wanting to help highlight this hidden cost and the other implications,
That’s significantly lower than what I’d thought it’d be to be honest.
Situations I’m personally aware of are all (several thousands) higher than that.
Nope! It’s probably quite old now relative to the length of Monzo’s existence! You’re a regular so I’m very surprised it’s the first you’ve heard of it! It gets spoken about quite a bit on here!
I might have heard the words but I probably thought it was a generic get in touch rather then a tool that makes sure it won’t show up in your in app chat.
That being said it should make clear on the help article or the next page that your messages won’t show up in app, because there’s no mention on those 2 pages.
Super interesting - love the concept, though not super sure how A Bank can influence some of the “highly likely to impulse spend” bit, as All Of Marketing is basically designed to optimise people toward buying things. Monzo’s own included.
Could this result in a version of the app which is “low” on flashy upgrade buttons or loan offers or flex offers?
It’s an interesting publication for sure, but whats the substatiative do different that Monzo will action for it’s nuerodivergent customers who may be more likely to impulse upgrade, or take a flex, etc?
(And don’t get me wrong, knowing this is super interesting and I wish more research was done on nuerodivergent bits and bobs in relation to … well so many bits of life. But whats the ‘so what’ to take here)
Thanks for this, really interesting article and also what Monzo’s doing to help.
Personally speaking, I’d say Monzo stopped me from impulse spending by telling what I had there and then. I’ve always struggled with the whole available/pending balance and I often overspent as a result.
Clear in-app budgeting also helped keep down the impulse spending.
Thank you for commissioning this study. I am autistic and have also recently been diagnosed with ADD. I know first hand the challenges these conditions can bring with them, particularly when it comes to things like money management.
I personally struggle with impulsivity, sticking to a budget and not prioritising my spending at all. I can go from building up an emergency fund of £2000, to spending it all in a month on trips away and theatre tickets. After a long time of thinking I was just bad with money, it was quite a relief when I finally understood why I find these kind of things so difficult.
Studies like this are really refreshing to see, and anything that increases awareness of the impacts neurodiversity has on things like money management, is a real positive in my eyes.
I haven’t actually got a Monzo account myself, so opening one is going to be next on my to do list. Hearing about the tools offered to help people manage their money, makes me think they could really make a difference to me. I look forward to becoming a Monzo customer.
Thank you again for raising awareness and providing solutions that really do make a difference to people like me.
What I find interesting about this study is that its conclusions about the things that combat impulsivity are mostly things that didn’t help me with the same problem.
Pots (and the ability to schedule payments into them) were a massive game changer for me to get out of the bottom of my overdraft. Not having the money against the main account to spend is hands down the most effective way for me to keep myself from spending; keeping track of an entire balance and the committed outgoings is a lot harder than just… moving the money out of reach lol
can influence some of the “highly likely to impulse spend” bit, as All Of Marketing is basically designed to optimise people toward buying things. Monzo’s own included.