Neurodivergent Individuals Face Major Financial Challenges, Study Finds
StepChange Debt Charity, backed by Equifax UK, has exposed findings from a study emphasizing the financial hurdles faced by neurodivergent individuals. The research, spearheaded by Vikki Brownridge, StepChange's Chief Executive, and Sue Owen-Bailey, Head of ESG at Equifax UK, underscores the necessity for tailored support and comprehension of neurodiversity in finance services and debt advice.
The study revealed that nearly all neurodivergent respondents (97%) grappled with debt management due to their neurodiversity. Common challenges comprised impulsive spending, tracking income, missed payment deadlines, and navigating creditor communications, particularly among those with ADHD, autism, or both. Only 36% sought help from creditors due to feelings of overwhelm, anxiety, and stigma.
To enhance financial inclusion, clear messaging about neurodivergent support, staff training, and simplified information are vital. Less than a third (32%) of those who sought debt advice disclosed their neurodiversity, indicating a need for more open dialogues and understanding. Direct assistance with tasks, regular reminders, and exploring 'body double' support can aid neurodivergent individuals in better managing their finances and debt. Flexible and responsive communication options were also favored when interacting with finance services or debt advice.
The study underscores the urgent need for tailored support and understanding of neurodiversity in finance services and debt advice. StepChange and Equifax UK commit to reviewing services and promoting better understanding of neurodiversity to improve financial inclusion and support neurodivergent individuals in managing their finances and debt.
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