Nearly half of young adults have 'money dysmorphia,' survey finds. Here are the symptoms (2024)

FAQs

What are the symptoms of money dysmorphia? ›

People with money dysmorphia may engage in compulsive spending, hoarding, or debt, and may experience feelings of shame or guilt related to their financial behaviour. The financial stress and stresses that come with this disorder can be overwhelming, affecting various facets of one's life.

Exposure to glorified lifestyles online has left many people, especially young adults, feeling financially inadequate, even if they're doing relatively well, reports show.

“On average, Americans believe it takes approximately an additional $284,000 above feeling wealthy to really be 'worry-free. ' This 'wealth delta' depends greatly on where you are in life, with the difference being highest for those in their 30s and 40s — peaking at nearly $1 million.

Overspending or not spending enough.

On the other end of the spectrum, some people may not spend at all, not even on basic necessities due to fear of depleting financial resources. Either extreme can indicate issues with money dysmorphia.

A recent survey conducted by the American Psychological Association indicates that as many as 8 out of 10 Americans are stressed because of money concerns. In addition: 50% are stressed about their ability to provide for their family's basic needs. 56% are concerned about job stability and workload.

This behavior often results from deep-rooted emotional or psychological factors, such as a fear of financial scarcity or a need for emotional security through material possessions.

On average for a comfortable retirement, an individual will spend £43,100 a year, whilst the average couple in retirement spends £59,000 a year. This means if you retire at 55 with £300k, an individual will run out of funds in approximately 7 years, and a couple in 5 years. So, on paper, it doesn't look like enough.

$80,000 is about $5,000 higher than the U.S. median household income, so many people would consider it very good for a single person. “Good” is always a relative term when it comes to salary; whether or not the amount you earn covers your expenses is a highly personal dynamic.

Matthew 19:24 "And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God." Proverbs 23:4 "Do not weary yourself to gain wealth, Cease from your consideration of it."

How do I train my brain to stop spending money? ›

Money anxiety is a persistent fear that can leave you feeling overwhelmed and powerless over your money. Financial stress can deeply impact your life, but by identifying money anxiety, you can seek out strategies and support systems to improve your financial wellbeing.

There are many causes to a person developing this belief system. One of the most prominent ones is growing up with scarcity, leading individuals to think that there is not enough money for them and that they need to save as much as possible to be financially secure.

There are some tell-tale signs of a hoarder: Inability to give away money to anyone else; anxiety while spending money; difficulty in organising and keeping track of money saved; indecision about what to do when encountered with money decisions; deep suspicion of others when it comes to money matters; and obsessive ...

The signs that you might be experiencing financial anxiety include: Rumination about your financial situation regardless of your ability to cover bills. This may interrupt your sleep, or distract you from other aspects of your life. Fear that your financial situation could change for the worse.