The term “dysmorphia of money” recorded a dramatic increase in online surveys over the past year. But what does it mean exactly, to suffer from this financial anxiety? And why is it a concern for so many people?
The phenomenon refers to disconnect between the real financial reality and the person’s perception of his wealth. Although not a clinically recognized condition, it can lead to very real significant financial suffering and unhealthy habits.
The dysmorphia of money consists of a poor assessment of the financial situation. It reaches us when we believe we have less money-or more-than we really have. Brings us feelings of anxietyand can lead to bad spending choices and even avoid making any financial decisions.
“We all have that fear of checking bank accounts,” explains finance expert Christie Cook to. “There are expenses at my bank that I don’t want to see, check them and see the money out leaves me in a panic,” says an expert client.
“With social networks to feed unrealistic comparisons and constant negative news about the cost of living crisis, it is no surprise that many people are feeling financial anxiety,” he says.
And the rich are not immune: some people may think they have more money than they really have, so they spend too much.
The three culprits for the dysmorphia of money
Although the exact causes of money dysmorphia are not yet clear, experts believe there are several factors that contribute to the phenomenon.
One of the main causes is the cost of living crisiswhich has led many people to save, in panic. “People may feel more in control if they keep every cent, even if they already have enough savings to cover unexpected costs,” Cook explains.
Another factor is the financial environment during childhood. Growing up in an environment where financial difficulties predominate can influence financial mindset in adulthood.
For some, past financial trauma – such as bankruptcy or fraud – can also contribute to feelings of financial anxiety, even when the current financial situation is stable.
Money dysmorphia can be difficult to recognize, especially since your signs can vary greatly. But there are key indicators to be aware.
“The most obvious way of recognizing whether it suffers from money dysmorphia is to note that it cares too much about money when there is no immediate danger, such as losing goods or going bankrupt,” said the expert. “If the verification of your bank balance causes you stress or panic, or if you feel guilty of what you earn or save, it may be a characteristic,” he added.
“In the same way, if bank extracts or deal with financial issues, then it may be denial about how much it is spending-ignorance is not always a blessing, especially if it means that it is paying interest or delay rates when ignoring them,” he said.
How to manage this panic
For those who recognize these or some of the symptoms, there are strategies to help manage the condition.
1. Follow your spending
By maintaining a record of your financial habits, you can get a clearer image of your financial situation – it can help relieve concerns about excessive spending or that you don’t have enough money.
2. Avoid comparisons
Avoid comparing your financial situation with others, especially with that of influencers on social networks – you can distort your perception and lead to unnecessary financial anxiety.
3. Set savings goals
Organizing savings for different purposes, such as emergencies or future goals, can give you a greater sense of control over your finances and reduce feelings of insecurity.
4. Look for professional help
If money dysmorphia continues to affect your well-being, consider talking to a therapist or financial consultant who can help you deal with these emotions and improve your relationship with money.
