Financial literacy among autistic adults

• Published date: 01 October 2023
• Author: Monica Galizzi,Ashleigh Hillier,David Schena
• Date: 01 October 2023
• DOI: http://doi.org/10.1111/joca.12564

RESEARCH ARTICLE

Financial literacy among autistic adults

Monica Galizzi

1

|Ashleigh Hillier

2

|David Schena II

2

1

Department of Economics, University of

Massachusetts Lowell, Lowell,

Massachusetts, USA

2

Department of Psychology, University of

Massachusetts Lowell, Lowell,

Massachusetts, USA

Correspondence

Monica Galizzi, Department of

Economics, University of Massachusetts

Lowell, 113 Wilder Street, Lowell,

MA 01854, USA.

Email: monica_galizzi@uml.edu

Abstract

Financial literacy is highly correlated to long-term

positive economic outcomes. Research examining the

financial literacy of autistic adults is virtually nonex-

istent which is concerning given the implications of

financial decision-making for quality of life. This

study assessed conceptual understanding and finan-

cial behaviors of autistic adults compared with a mat-

ched group of nonautistic adults. An online

questionnaire assessed income, use of financial tools,

feelings toward finances, use of financial literacy pro-

grams, financial knowledge, and preference for

receiving financial education. The findings indicated

that autistic adults showed lower financial literacy

and greater uncertainty around many financial

issues. They were less confident in their financial

knowledge and ability to deal with daily financial

matters. The autistic group showed less liking for

some specific learning tools for receiving financial

education. Our findings inform efforts to design spe-

cific curricula to improve the financial knowledge

and understanding of autistic and other neurodiverse

populations.

KEYWORDS

autism, disability, financial literacy

Received: 7 March 2023Revised: 14 August 2023Accepted: 30 September 2023

DOI: 10.1111/joca.12564

This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits

use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or

adaptations are made.

© 2023 The Authors. Journal of Consumer Affairs published by Wiley Periodicals LLC on behalf of American Council on Consumer

Interests.

1650 J Consum Aff. 2023;57:1650–1683.

wileyonlinelibrary.com/journal/joca

1|INTRODUCTION

Financial literacy is a form of investment in human capital that has been found tobe highly

correlated with positive economic outcomes and high quality of life (Amonhaemanon &

Isaramalai, 2020; Lusardi & Mitchell, 2014). The Organization for Economic Co-Operation and

Development (OECD) defines it as the “A combination of awareness, knowledge, skill, attitude,

and behavior necessary to make sound financial decisions and ultimately achieve individual

financial well-being”(OECD INFE, 2011, p. 3).

The financial knowledge of all individuals is of great concern but particularly among young

people. In the United States, one third of adolescents and young adults have demonstrated very

low financial literacy (Cameron et al., 2013; Lusardi et al., 2010). By itself, this result is not that

surprising, as typical young adults who enter adulthood with limited financial knowledge

would increase that knowledge over time with life and work experience. However, what is wor-

risome is that the level of financial literacy remains very low even among adults. Recent esti-

mates by Yakoboski et al. (2022) show that about half of American adults demonstrate a low

working financial literacy. Even more troublesome, since 2009, the general self-perception of

financial literacy has increased as actual financial literacy has decreased (Lin et al., 2019). This

trend is reflected internationally. On average across OECD countries 15% of students continue

to attain low levels of proficiency in financial literacy (OECD, 2020).

Differences in levels of financial literacy have been discovered across many demographic

variables (i.e., ethnicity, income, gender, immigrant status; Lusardi & Mitchell, 2014). One

largely unexamined factor, however, is that of neurodiversity. Most adults with intellectual and

developmental disabilities (including autism) include economic independence and self-

sufficiency among their goals, but struggle to achieve them (Nord et al., 2013; Suto

et al., 2005a). Still, research addressing their financial literacy and financial independence is

extremely limited (Fitch et al., 2007; Suto et al., 2005a), despite the evidence that also within

this community those who are financially independent experience greater well-being, earn

more money, and experience greater independence in other areas (Abbott & Marriott, 2013).

Reduced dependence on others puts them at lower risk for financial abuse and allows for

greater agency. Therefore, an increase in their financial literacy, perhaps even more so than

for neurotypical individuals, offers positive implications both for them and for their households'

well-being and legal decisions.

In this study, we address this gap of knowledge and focus on a specific group: autistic young

adults. Autism spectrum disorder (ASD) is a developmental disability that is estimated to affect

1 in 36 children in the United States (Maenner et al., 2021). Autism is primarily diagnosed

based on social and communication difficulties alongside restricted and repetitive interests or

behaviors (American Psychiatric Association, 2013; Lever & Geurts, 2016). Supporting an autis-

tic individual can be notably expensive. Cakir et al. (2020) revised previous estimates by

Buescher et al. (2014) and Leigh and Du (2015) to conclude that the average individual lifetime

costs of autism in the United States is $3,566,881 (in 2019 dollars). These costs mainly come

from lost productivity and adult care. Given this amount, and the prevalence of autism, there is

an urgency to identify areas of intervention that may increase the independence and quality of

life of autistic individuals.

In this analysis, we sought to assess conceptual understanding and financial behaviors of a

group of autistic adults compared with a matched group of nonautistic individuals. We antici-

pated recruiting a fairly independent group of autistic adults, given both the nature of the topic

and self-selection to participate (rather than recruiting via caregiver networks). We used

GALIZZI ET AL.1651

established tests of financial literacy and explored preferences of autistic adults in receiving

financial education. The goal was to inform specifically designed services to deliver future cur-

ricula and interventions to improve the financial resiliency of autistic and other neurodiverse

populations.

1.1 |Financial challenges and literacy of autistic individuals

Autistic adults achieve independence at lower rates than their neurotypical peers (Hume

et al., 2014). While increasing numbers of young autistic adults are entering the workforce and

higher education (Ashbaugh et al., 2017; Hensel, 2017), many continue to experience poor out-

comes in adulthood such as challenges completing higher education (Alverson et al., 2019;

Hillier et al., 2020; White et al., 2017), gaining employment (Hillier & Galizzi, 2014), integrating

into the community (Howlin et al., 2013), living independently (Billstedt et al., 2005), and

attending to their health-related needs (Hillier et al., 2017; Mason et al., 2018). These individ-

uals have reported anxiety about the future (Cheak-Zamora et al., 2015) and lower quality of life

compared with their neurotypical peers (Beck et al., 2020; Gerhardt & Bahry, 2022; Mason

et al., 2018). Parents also note that several issues keep their autistic child from attaining full

independence, such as a lack of planning and organizing skills (Carter et al., 2013; Olde

Dubbelink & Geurts, 2017). They are also concerned about their child needing continued assis-

tance to achieve high quality of life in adulthood (Cheak-Zamora et al., 2015; Morrison

et al., 2009), and they are worried about their child's future after parental death (Cribb

et al., 2019). This concern is even true among adults who have achieved traditional measures of

independence; a longitudinal study of 140 autistic adult males (Cederlund et al., 2007) found

that while 64% lived away from their parents, 100% depended upon their parents for support.

Siblings also worry about the impact on them, their families, and their careers (Moss

et al., 2019).

Some of the obstacles faced by the autistic population stem from the fact that they face more

difficulty in decision-making and exhibit higher decision avoidance compared with their neuro-

typical counterparts. They face more challenges when they have to make decisions quickly,

when the decision will include a change of routine and when it involves talking to others (Luke

et al., 2012; Vella et al., 2018). Some of their additional characteristics—their more logical and

less emotional approach to decisions, and their lower susceptibility to the framing effect

(De Martino et al., 2008; Vella et al., 2018), could however, potentially serve them well in finan-

cial choices. At the same time, the continually changing economic and financial landscape

could pose a problem given the autistic population's difficulty in dealing with unstable contexts

(Robic et al., 2015).

We know that in the general population financial choices and economic outcomes are

heavily affected by financial literacy, but our knowledge about the sources of information and

financial capabilities of autistic individuals is extremely limited. To our knowledge, the most

prominent study was conducted by Cheak-Zamora et al. (2017). The authors asked a cohort of

27 autistic youth about their views of their own financial literacy and its impact on their lives.

They found that this population associated adulthood and independence with their ability to

manage finances but were worried about their lack of financial skills and desired more educa-

tion to bolster their financial literacy skills. More recently, Caria et al. (2019) studied the money

management skills of six teenagers with autism. The participants showed difficulties in master-

ing a sense of the monetary value of things as well as difficulty in applying some general

1652 GALIZZI ET AL.