In a world where wealth is often equated with success and happiness, and social media distorts reality, our perception of money can become distorted. While many people know about body dysmorphia (a condition in which individuals perceive flaws in their appearance that are invisible to others), few know about its counterpart, financial dysmorphia. Yet many of us struggle with it.
What is money dysmorphophobia?
Financial dysmorphophobia, also known as financial dysmorphophobia or asset dysmorphophobia, is a psychological condition characterized by an unhealthy and distorted perception of one’s financial situation. Similar to body dysmorphia, people with money dysmorphia may perceive themselves to have significantly less or significantly more wealth than they actually possess.
There is a disconnect between economic reality and perception.
And this distorted perception can lead to harmful financial behaviors and emotional distress.
Almost half of young people report financial dysmorphia
new the study Credit Karma found that money-related dysmorphia is prevalent among young people. Approximately 43% of Gen Z and 41% of Millennials struggle with comparisons and feel financially behind.
And certainly many young people are economically backward, and the feelings they have about how far behind they are are worse than the reality.
According to the survey, many people who say they feel left behind also report being financially stable. There is a distortion between their perception and the reality of the situation.
Money dysmorphia affects everyone to some degree, regardless of age or wealth
Money dysmorphia can affect people of all ages and socio-economic backgrounds. There is no discrimination based on age, wealth or income level. According to a study by Credit Karma, 29% of all Americans have financial dysmorphic disorder, 25% of Gen I understand.
But perhaps everyone has blind spots in the way they think about money, which can manifest in different ways.
wealthy person
Even people with considerable wealth can experience money dysmorphia. They may feel constantly anxious about losing their wealth, perceive themselves to be financially unstable, or engage in excessive hoarding behavior.
It is very common for people with large retirement savings to be very afraid of depleting their savings. This anxiety can be considered a type of financial anxiety.
Some of the most popular articles on the NewRetirement website address these types of concerns. check out:
middle class
In a way, financial anxiety is a more scientific way of expressing the concept of “keeping up with the Joneses.” Middle-income people often compare themselves to people who appear to have more, leading to feelings of inadequacy and financial insecurity.
The reality is that it’s almost impossible to actually know your coworker’s financial situation. Appearances can be very deceiving, so it’s best to focus on making good financial decisions for yourself and your family.
economically disadvantaged people
People who are struggling financially can develop money dysmorphia by idealizing wealth and believing it is the solution to all problems. This can lead to unrealistic financial decisions, such as taking out high-interest loans or participating in risky investments.
Why money dysmorphia is on the rise
The study suggests that the rise in money dysmorphia may be due to people’s obsession with wealth now that getting ahead in the career feels increasingly out of reach. It suggests.
On the other hand, the CFPB’s research on financial health suggests that financial health is a relatively simple formula. It is not achieved by becoming rich, but by:
- Manage daily and monthly finances
- have the ability to absorb economic shocks
- Being on track to achieve reasonable financial goals
- Have financial freedom and be able to make choices to enjoy life
How to deal with money dysmorphia
Recognizing and addressing money dysmorphia is critical to improving your financial well-being and overall mental health. Here are steps individuals can take:
introspection
Start by reflecting on your attitudes and beliefs about money. Ask yourself if your perception matches reality or if you are influenced by social pressure or personal insecurities.
Here are some articles to help you evaluate your financial beliefs.
partition
Financial dysmorphia is a disconnect between reality and emotion. Once you’re in control of your finances, it’s easier to accept reality (and take action to get better if you want).
NewRetirement Planner helps you manage your money and build financial confidence. you can:
- organize
- set goals
- Assess your financial strengths and weaknesses
- Make better (and more informed) financial decisions
- Increase your financial know-how
- Monitor your progress and stay on top of your finances
practice gratitude
It may seem like a new age, but gratitude is scientifically proven to be a panacea for many emotional woes, including money dysmorphia.
Cultivating gratitude for what you have instead of focusing on what you lack allows you to embrace abundance and bring positivity into your life. Take time to appreciate not only your material things, but also the non-physical aspects of life, such as relationships, experiences, and personal accomplishments.
set realistic goals
Set achievable financial goals based on your personal circumstances and values. Try not to compare yourself to others. Feelings of inadequacy and dissatisfaction can linger.
Do you really want something like a yacht or a designer wallet? Focus on setting goals that represent your true priorities in life.
Limit exposure to triggers
If money dysmorphia is a serious problem, you may need to pay more attention to media and advertisements that promote unrealistic standards of wealth and success. Limiting exposure to these triggers can help reduce feelings of inadequacy and dissatisfaction.
conclusion
Financial dysmorphic disorder is a complex psychological condition that can have a significant impact on an individual’s financial well-being and overall quality of life. By recognizing the signs of money dysmorphia and taking proactive steps to address them, you can take back control of your money and develop a healthier relationship with it.
Remember, true wealth does not lie in material possessions, but in the satisfaction and fulfillment that comes from living a life aligned with your values and priorities.
