At Monarch House we work with children of all ages. When it comes to teens, we change our focus from some of the more basic fundamentals to find other ways to empower young adults with autism. For instance, we help set them up so they’re ready to find jobs, work on their daily living skills, educate them on cybersecurity, and foster their independence so they can be thriving adults. However, in order to be out on their own completely, they are going to need to know how money works. Financial literacy is an integral life skill that helps people make informed decisions about money. At Monarch House, when we teach teens with autism about financial literacy, we introduce a structured, visual, and hands-on approach, and we bring in the parents and caregivers as much as possible too. With a concentrated group effort, we can teach your teen how to be financially independent. 

Here are ten effective ways that we can introduce financial concepts to teens with autism in Toronto.

1. Use Role-Playing Activities

Before setting your child loose on the real world with a handful of bills, it’s advisable to walk through a few scenarios first to make sure that they are competent with money handling. At Monarch House, we find that role-playing is a great way to teach financial decision-making. We can set up scenarios where teens can practice shopping for new items, paying for groceries, calculating discounts, adding up tax, and managing unexpected expenses like vet or dental bills. At our clinics, we can provide a script and visual cues which can make role-playing more comfortable for your child. 

2. Encourage Goal-Oriented Saving

Money can burn a hole in your pocket. Kids are even worse at spending everything they have in the first store they go in. Teach your teen to slow down and think of the big picture. What is something specific they can save their money for down the road? It might be a new gadget, a special outing, an item of clothing, or a car. Get them used to the idea by incorporating visual trackers like progress bars or sticker charts to make the process motivating and tangible.

3. Teach the Value of Money Through Earning

There are so many benefits of having your child take on some simple employment as a teen. A job helps them understand the connection between work and money. It teaches them the value of a dollar. When they earn their own income, they suddenly become more mindful of how much things cost, and they learn how to save for the bigger items that they want. Start small with allowances for completing chores. Then help them walk around the neighbourhood with a stack of resumes to find a part-time job. Here they will learn responsibility and gain some financial independence.

4. Use Visual Supports

Do you find that you need to show your child how things work, as they just don’t seem to listen when you tell them? Many teens with autism are visual learners. Use pictographs, charts, graphs, and infographics to explain financial concepts such as saving, budgeting, and spending. It’s easy to illustrate money management with the right apps and videos, also our therapists can work wth your child one-on-one to enhance their understanding.

5. Create A Structured Budgeting System

If your child gravitates towards routines and rituals, saving and tracking money in a consistent, orderly way will come naturally to them. We find that a structured approach to budgeting can help teens with autism better grasp financial planning. We can make use of a simple template with categories like expenses, income, and savings. Adding in some colour-coded charts and digital budgeting tools makes the process even more engaging, fun, and easier to follow.

6. Practice Real-Life Shopping

There are community outings that can greatly benefit your teen when it comes to learning how money works. Consider taking your child on supervised shopping trips where they can practice finding what they want in a store, comparing prices with other brands, calculating totals, tabulating tax, and managing a budget at the till. We suggest using cash instead of credit cards (especially if it is right after your child has received their allowance or money from work). This can provide a tangible experience with money handling and introduce the realities of what something actually costs. 

7. Introduce Digital Banking Tools

Your child may know where their local bank is, but the reality is, they are rarely open the hours that you need them, and it’s simply faster and more convenient to move your money around online. Because most of their financial transactions will occur digitally, it’s important to familiarize your teen with how online banking works. You can show them how to login and out, change their password, check their account balance, set up savings goals, and track spending through banking apps in a secure environment.

8. Break Down Complex Concepts into Simple Steps

Once your child is making some money on their own, they are going to take more of an interest in some of the more complicated aspects of finance. Gradually introduce concepts like how interest rates work, get them familiar with taxes, and let them know the significance of credit scores and remaining debt-free. To do this, you can break this information into into small, manageable lessons. For example, you can explain interest by demonstrating how money grows over time using a simple savings jar full of pennies. 

9. Teach Smart Spending Habits

Your child might adopt a ‘make hay while the sun is shining’ attitude toward money. Again, here is an opportunity to get them to think things through, put their money aside, and really think about how much they need this shiny new thing, right here, right now. Discuss the difference between needs and wants. If you can encourage your teen to think critically before making every purchase, they will become savvy spenders and savers their whole life. One suggestion we have is implementing a “wait-and-think” rule where you encourage your child to wait a day before buying non-essential items.

10. Provide Consistent Guidance and Encouragement

It can be hard delaying the gratification of a new, fun toy, or a yummy treat for a bigger goal down the road, or a small bump in your savings account. When your teen learns how to do this easily, they’ll thank you for it one day. Financial literacy is a lifelong skill that requires continuous reinforcement. If it’s not the purchase, think of the savings. Celebrate your child’s financial choices and support them to keep going with each small success. Encouragement and positive reinforcement can help build their confidence in managing money and make them financially competent their whole lives. 

With a little time and patience, your teen will soon be on their way to having their own bank account, saving a little each month, and knowing the value of the things that they buy. By using these ten strategies and working with Monarch House, teens with autism can develop financial literacy skills in a way that suits their learning style and needs. At Monarch House we have a professional, interdisciplinary staff of occupational therapists, behavioural therapists, psychotherapists, and speech pathologists that are here to help customize your child’s learning to the style that suits them best. With diligence, structure, and consistent practice, children with autism in Toronto can gain the confidence to manage their finances effectively and be one step closer to independence.