People with ADHD traits tend to take bigger financial risks but see lower returns, study finds

People who show signs of attention-deficit hyperactivity disorder tend to take greater financial risks when trading online, but these decisions may come at a cost. A new study published in Scientific Reports suggests that individuals with higher levels of inattention and impulsivity tend to exhibit riskier trading behavior and experience lower investment returns. The findings raise questions about how psychological traits might affect real-world financial decision-making, especially in environments that encourage fast-paced or speculative trading.

The study was motivated by growing evidence that attention-deficit hyperactivity disorder is linked not only to academic or social difficulties, but also to serious financial challenges in adulthood. Adults with this condition are more likely to report impulsive spending, difficulty saving money, and a higher reliance on debt. Previous research has associated ADHD with a stronger preference for immediate rewards, lower income levels, and less stable employment histories. These patterns suggest that ADHD traits, even when subclinical, may interfere with long-term financial planning and self-regulation.

While earlier studies have focused on diagnosed individuals, this new research aimed to assess how a broader spectrum of ADHD traits might be related to financial behavior, especially in high-risk contexts like online trading. Financial risk tolerance, a person’s willingness to take investment risks, tends to be influenced by factors like age, income, and gender. But little is known about how psychological traits such as inattention and impulsivity might also shape a person’s approach to investing. This study aimed to fill that gap by looking at how ADHD traits relate to trading patterns and portfolio outcomes.

“In our outpatient clinic at the University Hospital Bonn, I noticed that many patients with ADHD shared negative experiences with financial decision making, especially in stock trading,” said study author Max Witry. “Some reported losing large amounts of money due to loss of control and even addictive patterns. This inspired us to investigate further, and we conducted a survey through Getquin, a social media platform where traders communicate.”

The study was conducted using an online survey completed by 945 active online traders, mostly from Germany. The researchers recruited participants through financial platforms such as Getquin, online investment forums, and ADHD-related websites. The median age of participants was 34, and about three-quarters were male. Most had above-average income and education levels, and many reported substantial personal assets. This sample reflected a financially engaged and relatively high-income group of traders.

To assess ADHD traits, participants completed a self-report questionnaire based on diagnostic criteria from the American Psychiatric Association. While the study did not involve clinical diagnosis, it classified participants as “ADHD-positive” if they endorsed a high number of symptoms linked to inattention or hyperactivity, especially if these symptoms reportedly began in childhood and caused impairment in daily life. About 5.7 percent of participants met these criteria.

The survey also included standardized measures of financial risk tolerance. These measures captured how likely someone was to take financial risks in speculative settings, gambling-like situations, and long-term investments. Other questions examined the participants’ actual trading behavior, including how frequently they traded, what kinds of assets they invested in, how often they checked their portfolios, and how well their investments had performed.

The researchers found several notable patterns in the data. First, participants with higher ADHD trait scores were more likely to score high on measures of financial risk tolerance, particularly in the area of speculative risk-taking. This suggests that people with traits such as inattention or impulsivity may be more drawn to short-term, high-variance investments, which often carry higher levels of uncertainty and potential loss.

Second, ADHD traits were associated with lower actual portfolio returns. In other words, the same individuals who showed a stronger appetite for financial risk also tended to see weaker outcomes from their investment strategies. This connection was statistically modest but consistent across several analyses.

When the researchers conducted regression analyses to look at specific predictors of ADHD traits, they found that more frequent trading, greater speculative risk-taking, and more optimistic expectations about investment returns were all linked to higher ADHD trait scores. On the other hand, individuals who reported stronger performance in their investment portfolios and who scored higher on investment knowledge and emotional control were less likely to report ADHD traits.

The data also pointed to some surprising findings. While impulsivity is often thought to drive risk-taking behavior, the researchers found that inattention was more strongly linked to financial risk tolerance. The researchers suggest that inattention may interfere with a person’s ability to follow through on strategic plans or to filter out distractions, which could lead to impulsive or ill-timed investment decisions.

“You don’t necessarily need a formal ADHD diagnosis for ADHD-related traits to affect financial decision making,” Witry told PsyPost. “Interestingly, we found that inattention—rather than impulsivity—was more strongly linked to financial risk-taking and poorer portfolio outcomes. This may seem counterintuitive, but inattention can lead to mistakes and difficulties in executing strategies, which may be more harmful than expected.”

There were also notable gender differences. Men reported higher financial risk tolerance and stronger investment returns overall. But among women in the sample, ADHD traits were linked to lower financial risk tolerance and poorer outcomes. This suggests that ADHD traits may influence financial behavior in different ways depending on gender, possibly due to differences in how men and women approach trading or respond to financial stress.

As with all research, there are limitations. Because the research used a cross-sectional design, it cannot show cause and effect. Longitudinal studies that follow individuals over time will be needed to better understand these relationships. Another limitation is that the study relied on self-report questionnaires rather than clinical assessments. While the tools used were based on validated diagnostic criteria, they cannot replace a full evaluation by a trained professional.

“The cross-sectional design of our study means we cannot draw conclusions about causality, and future studies are needed,” Witry said.

Despite these limitations, the findings suggest that ADHD traits may have meaningful consequences for financial decision-making, especially in fast-paced or high-risk environments like online trading. Traits such as inattention and impulsivity may increase susceptibility to behavioral biases, such as overconfidence, loss aversion, or chasing short-term gains.

The researchers plan to build on these findings with future studies that include controlled simulations. “Our next step is to compare individuals with a confirmed ADHD diagnosis to control participants in a laboratory setting,” Witry explained. “They will complete questionnaires and participate in stock trading simulations, which will allow us to better understand the mechanisms at play.”

“It’s important for physicians and psychotherapists to be aware of the potential risks related to financial decision making in ADHD. Raising awareness and taking preventive measures could be a first step in helping those affected.”

The study, “ADHD traits and financial decision making in stock trading,” was authored by Max Witry, Marcel Schulze, Niclas Braun, Henrik Rohner, Johannes Weller, Philipp Müller, Alexandra Philipsen, and Markus Kölle.