Why Is Financial Literacy Important?
Financial literacy, or the ability to understand and use personal finance skills effectively, can be a key factor in improving quality of life for many autistic adults. The ability to earn, save, manage spending, and avoid debt can significantly improve economic outcomes and increase a general sense of well-being and independence. Unfortunately, this is an area often neglected in education and transition planning, leaving autistic individuals at a disadvantage as they enter adulthood. Although early education in financial literacy is preferred, it is never too late to learn these skills and improve outcomes. Neurodiversity-affirming life coaching can support clients in identifying and achieving goals related to a wide range of areas, including financial literacy, so autistic adults can achieve greater independence and live the lives they want to lead.
What Are the Barriers?
There are many potential barriers to financial literacy and independence in autistic adults. A primary consideration may be finding productive and gainful employment that provides a living wage sufficient to meet the increasing cost of living. According to many estimates, the unemployment rate for autistic adults ranges from 40%–85%. The National Autism Indicators Report, published by Drexel University in 2015, noted that only 58% of autistic young adults worked outside the home between high school and their early 20s.
Even with well-paying employment, autistic adults often struggle with financial independence. One stumbling block may be gaining an understanding of financial concepts such as interest, debt, the components of a paycheck, or the difference between a credit card and a debit card. Many individuals benefit from a non-judgmental review that includes financial topics such as gross vs. net pay, taxes, and deductions. This knowledge can help adults better understand how their income on paper may or may not support their actual living expenses. When there is a mismatch between an individual’s income and their expenditures, a discussion of budgeting is often helpful. Life coaches and clients together can identify expense areas such as rent, utilities, insurance, food, and leisure. They can collaborate to map out specific spending plans that respect client needs and priorities while supporting responsible financial decision-making.
Additionally, executive functioning, sensory overload, anxiety, and even communication needs can all pose significant challenges to financial well-being. A client may struggle to remember to pay bills on time, which could result in overdraft charges, cessation of services, and/or a lower credit score. Individuals may have difficulty traveling to a bank for in-person services due to a lack of a driver’s license or challenges using public transit. Other obstacles may include navigating crowded or noisy bank environments, or managing conversations with financial professionals. Dealing with general overwhelm in the process — perhaps not knowing where to begin or what sequence of events to follow — can also impact a client’s financial well-being. These are all issues that must be considered and factored into any life coaching plan to increase financial independence.
How Life Coaching Supports Financial Literacy
Many autistic individuals seek out a life coach due to a desire to improve their financial outcomes and increase their independence. Some coaching programs are based on the development of SMART (specific, measurable, achievable, relevant, and time-bound) goals. SMART goals provide structure and clarity to the coaching process. With SMART goals, the coach and client know what the expectations are and whether the goal has been achieved. If someone has the goal of creating a workable budget, for example, this may involve a process of ensuring a basic understanding of financial concepts, identifying existing barriers, and crafting a personalized plan to suit their needs within a specified timeframe.
Neurodiversity-affirming life coaches collaborate with clients to trial different strategies that support their particular needs and play to their strengths, ultimately arriving at the most effective personalized approach. There is no one-size-fits-all in life coaching with autistic adults. Each client is unique. Successful life coaching programs take the time to explore with each client what works best for them, given who they are, what is happening in their life, and what they want to achieve. For example, if a client is seeking strategies to support executive functioning needs around financial decision-making, the client and coach may try color-coded charts, graphs, financial apps such as NerdWallet, or automatic payment systems. Sensory needs can be managed by identifying bank branches with fewer crowds and less noise, or by using online banking platforms. Identifying the right mix of tools and strategies can serve to reduce anxiety and overwhelm around financial decision-making and promote follow-through and success generally.
Beyond issues of budgeting and general money management, it is important to note the relevance of safety skills in the financial realm. With the prevalence of online scams and vulnerability of many autistic adults, any discussion of financial literacy should also incorporate a review of financial safety strategies. This may include tools for recognizing common scams and understanding the risks associated with lending money to others. Through the coaching process, autistic individuals can become well equipped to identify red flags, navigate these issues effectively on their own, and know when they should reach out for additional support.
Once a foundation of financial understanding and safety is in place, some clients may want to take the next step to put aside money for the future. This incremental approach values the client’s priorities and supports greater financial independence and improved quality of life. This is the heart of neurodiversity-affirming coaching — helping clients achieve what matters to them, in the financial realm and across other aspects of their lives.
Sarah Lynch Perkins, MS, CCC-SLP, is a LifeMAP Coach and Onboarding Clinician, and Jessica Cohen, JD, is Associate Director of LifeMAP, both at the Association for Autism and Neurodiversity (AANE). LifeMAP is AANE’s individualized coaching program for neurodivergent adults and older teens. For more information, visit www.aane.org/lifemap, call (617) 393-3824, or email [email protected].
