Dyscalculia can significantly impact on individuals’ understanding and use of money.
People with dyscalculia often struggle to understand the concept of numbers, which affects their ability to grasp the value of money. Children may be confused about the difference in numerical value of a 50p coin compared to a £1 coin, after all, why is a coin that is smaller and labelled “1” be worth more than a large coin labelled “50”? This can result in difficulties in understanding different amounts, estimating prices, or understanding saving. This can have serious consequences for adults with dyscalculia, as they are more likely to make poor financial decisions or become more vulnerable to being overcharged or scammed (Kaufmann et al., 2020). As we transition into being a cashless society, dyscalculic children’s struggles with the value of money appears set to continue.
Basic arithmetic (addition, subtraction, multiplication, and division) is often a struggle and this in turn can lead to difficulties in comparing or calculating costs, working out change, tipping appropriate amounts, understanding discounts and interest rates on loans (Butterworth et al., 2019). I was told by a very capable office manager that she tipped 100% of her restaurant bill once because she didn’t realise she’d included an extra 0 when calculating the intended 10% tip on her calculator.
Budgeting can also be affected by dyscalculia: managing expenses over time and planning for future financial needs can be difficult, which in turn can result in difficulties paying bills on time or avoiding debt (Schwenk et al, 2018; Skagerlund et al, 2019).
Sadly, struggles with money management also lead to stress and anxiety. Feeling anxious can make it more difficult to think clearly about maths-related problems and may result in an individual avoiding checking bank balances or delaying bill payments (Cueli et al, 2018)
My apologies for using numbers to illustrate this point, but The Prison Reform Trust (2008) noted that 65% percent (that is, six to seven out of every ten) of prisoners have levels of numeracy at or below that of a 10-year-old. This is compared to 48% (about five out of every ten) who have similar levels of literacy. Before reading this data, I genuinely thought that literacy numbers would be worse than maths, but I was wrong!
In conclusion, dyscalculia can profoundly affect an individual’s ability to manage and understand money, through difficulties in basic arithmetic, understanding numerical values, financial planning, and overall financial literacy. These challenges can result in poor financial decisions, vulnerability to fraud, and increased stress and anxiety related to money management.
Given the importance of financial literacy in everyday life, individuals with dyscalculia may require targeted support and interventions to develop their financial management skills and cope with these challenges. If you feel you are impacted by any of the issues raised in this blog and would like advice about how you can be supported, get in touch using the contact form.
References:
Butterworth, B., Varma, S., & Laurillard, D. (2019). Dyscalculia: From brain to education. Science, 332(6033), 1049-1053.
Cueli, M., González-Castro, P., Rodríguez, C., & Álvarez-García, D. (2018). Executive functioning and math performance: From the specificity of cognitive impairments to the diagnosis of dyscalculia. International Journal of Environmental Research and Public Health, 15(6), 1268.
Kaufmann, L., Vogel, S. E., & Wood, G. (2020). A developmental perspective on numerical and mathematical difficulties. Developmental Review, 55, 100878.
Schwenk, C., Göbel, S. M., & Roesch, S. (2018). Mental number line training for children with and without mathematical learning difficulties. Frontiers in Psychology, 9, 1311.
Skagerlund, K., Lind, T., Strömbäck, C., Tinghög, G., & Västfjäll, D. (2019). Financial literacy and the role of numeracy–How individuals’ ability to process numbers influences financial literacy. Journal of Behavioral and Experimental Economics, 83, 101475.
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