Did you just picture your hard-earned money crawling down a dimly lit stairway on all fours after a botched exorcism? Money dysmorphia is a much darker threat, here is all you need to know.
Do you feel increasingly insecure about your financial situation, no matter what the reality is? Is it too hard to shrug off this gnawing sense of financial inadequacy? Then you’re not alone. Among the various money-related mental health issues, money dysmorphia has sunk its claws into our generation. This article explores money dysmorphia and other money-related mental health problems that are on the rise.
What is Money Dysmorphia?
Money dysmorphia is a psychological condition where individuals develop a distorted perception of their financial situation. Like body dysmorphia, where a person may obsess over perceived flaws in their appearance, money dysmorphia involves an unhealthy obsession with one’s financial status. People with this condition often feel inadequate or anxious about their finances, regardless of their actual financial situation. Constantly worrying and whining about not having enough money, even when they are financially stable, is a telltale sign of money dysmorphia.
Symptoms of Money Dysmorphia
- Constant Worry: Individuals with money dysmorphia are perpetually anxious about their financial future. This anxiety can be triggered by several factors such as past financial trauma, societal pressures or a general fear of the unknown.
- Distorted Perception: Individuals may believe they are poorer than they actually are. As a result, they might needlessly strive to earn more money despite being financially independent and even cut down spending on basics.
- Obsessive Behaviour: Checking bank balance, investments, and Credit Score all too frequently? Triggered by financial anxiety or a general fear of unexpected expenses, many individuals slip into this cycle of worry that they obsessively keep track of all their financial metrics.
Additional Reading: 6 Obvious Reasons To Check Your Credit Score Regularly
Causes of Money Dysmorphia
Several factors can contribute to the development of money dysmorphia:
- Societal Pressure: The societal emphasis on wealth and success can lead to inflated financial expectations. Dance to this tune and you’d be neck deep in high-interest loans and EMIs.
- Personal History: Past financial struggles, upbringing in a financially unstable environment, pre-existing mental health conditions such as anxiety or depression can exacerbate money dysmorphia.
- Social Media: Celebrity home tours, expensive vacations, dinners at Michelin-star restaurants and what not… Such unrealistic standards set by social media influencers under the pretext of ‘you need to pamper yourself’ are not doing any good.
Other Money-Related Mental Health Issues
While money dysmorphia is a significant concern, it is not the only mental health issue that revolves around money. Here are some other common money-related mental health problems:
- Financial Anxiety
Financial anxiety is a pervasive feeling of worry and stress related to money. It can hit you in various ways, including fear of losing a job, inability to pay bills, or concern about future financial stability. It can even result in physical symptoms such as headaches, insomnia, and high blood pressure.
- Compulsive Spending
Compulsive spending is a behavioral disorder where individuals feel an uncontrollable urge to spend money. Compulsive spenders often use shopping to cope with emotional distress, leading to a vicious cycle of spending and regret. If left unchecked, it can lead to significant financial problems, including debt and bankruptcy.
- Debt Stress
Debt stress occurs when you feel overwhelmed by your financial obligations. High levels of debt can lead to feelings of hopelessness and despair. This stress can affect all areas of life, including relationships, work performance, and overall well-being.
- Financial Hoarding
Financial hoarding is the excessive accumulation of money and financial assets. Unlike saving, which is a healthy financial habit, hoarding involves an irrational fear of spending money. This can lead to a poor quality of life, as individuals may deprive themselves of basic needs and pleasures.
Additional Reading: Pay No Heed To These Money Management Myths
Coping Strategies and Solutions
Addressing money-related mental health issues requires a multifaceted approach. Here are some strategies that can help:
- Financial Education: Improving financial literacy can empower individuals to make informed decisions thus reducing anxiety. Start with setting a budget, tracking monthly expenses, and exploring investment options.
- Mindfulness and Stress Management: Techniques such as meditation, yoga, and deep breathing can help manage stress and anxiety. Restricting screen time and social media usage can also help.
- Support Networks: Building a strong support network of friends, family, and community resources can provide emotional and practical assistance when needed.
Like all other problems in life, understanding these conditions and their impact is the first step towards addressing them. By promoting financial education, providing access to mental health resources, and fostering supportive communities, we can help individuals manage their financial stress and lead healthier, more fulfilling lives. Take the first step towards financial well-being by checking your Credit Score for FREE!