Money Dysmorphia: A Modern Social Problem
In the interconnected world of always-on information and social networks, money dysmorphia is an emerging phenomenon that keeps gaining attention. Money dysmorphia is a condition where a person has a distorted perception of their financial status. It can lead to stress, anxiety and unhealthy behaviors. In this article, we’ll examine what it is and how it can be managed.
What is Money Dysmorphia?
Money dysmorphia is similar to the more commonly understood body dysmorphia. In body dysmorphia, an individual has a distorted self-image of what their body looks like compared to their actual size, shape and build as it is measured by objective means. Individuals experiencing money dysmorphia may believe themselves to be financially inadequate or unsuccessful, regardless of their actual financial status. The distorted view can lead to chronic dissatisfaction and feelings of insecurity.
Causes of Money Dysmorphia
Several factors may influence the extent to which one may experience money dysmorphia:
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Social Media Influence
Constant exposure to curated lifestyles and purported success stories on social media can create unrealistic expectations for income or financial status.
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Comparison Habits
Comparing oneself to peers or celebrities can exacerbate inadequate feelings.
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Economic Uncertainty
Fluctuating job market conditions and economic swings could heighten anxiety about one’s financial situation or future.
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Fear of Missing Out
Commonly called FOMO, individuals may fear that others may be enjoying life experiences while their window of time to experience them passes by.
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Personal History
Past financial struggles or an upbringing in a financially challenged family can leave lasting emotional impacts that affect money and spending habits later in life.
Managing Money Dysmorphia
Tackling the issue of money dysmorphia involves practical and psychological strategies:
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Mindfulness and Self-Awareness
Practicing mindfulness can help individuals become more aware of their thoughts and feelings. To know how to deal with emotions, one must first be aware of what they’re experiencing.
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Financial Education
Everyone can benefit from a better understanding of personal finance, regardless of financial status. Being more financially savvy can empower people to make informed decisions and stay in better control of their financial future.
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Limiting Social Media Exposure
Reducing time spent on social media and placing boundaries on the kinds of accounts you follow can help mitigate how much impact your social media feeds have on your psyche.
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Setting Financial Goals
Realistically achievable financial goals can provide a sense of accomplishment and empowerment, helping you reduce feelings of inadequacy.
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Seeking Professional Help
Consulting with a financial advisor or therapist can provide personalized guidance and support.
Money dysmorphia may be a modern challenge affecting many, but you are not powerless to do anything about it. By understanding what causes it and using effective management strategies, you can work toward a healthier relationship with your finances. Financial well-being isn’t just about your account balances. It’s also about your mindset and plan for the future.
You can get started empowering yourself with more financial education today. Check out the articles, insights and tools located on the Cadence Bank website.
Sources:
https://www.cnbc.com/2024/03/13/nearly-half-of-young-adults-have-money-dysmorphia-survey-finds.html
https://www.nytimes.com/2024/06/28/business/what-is-money-dysmorphia.html
https://money.usnews.com/money/personal-finance/family-finance/articles/money-dysmorphia-what-to-know-and-who-it-impacts
This article is provided as a free service to you and is for general informational purposes only. Cadence Bank makes no representations or warranties as to the accuracy, completeness or timeliness of the content in the article. The article is not intended to provide legal, accounting or tax advice and should not be relied upon for such purposes.
