1.People with an unhealthy preoccupation with money and finances may suffer from “money dysmorphia”, which can lead to poor and ill-informed financial decisions, according to experts.
2.Money dysmorphia, also known as money disorder, is a term used to describe an insecurity over one’s financial situation, even if it is stable. The problem is more pronounced among younger generations, who are more likely to compare themselves with their peers on social media, said experts.
IMPACT ON ONE’S WELL-BEING
3. Mr Garett Lim, head of partnerships in Asia at SIX Financial Information, said there is a need to educate young people on what debt really means. “Getting them to turn off social media is going to be very, very difficult. There’ll be situations where they’re going to be under pressure socially,” he added.
4. “We need to make a change right now, because social media is not going away. Keeping up with the Joneses is never going to go away. “But I think the one thing that we can change is to increase the level of education, the understanding of money, I think that’s very key.”
5. In the United States, 29 per cent of Americans suffer from money dysmorphia, according to a study by personal financial firm Credit Karma. The survey found that, in particular, 43 per cent of Gen Zers and 41 per cent of millennials experience money dysmorphia.
6. While money dysmorphia is not an officially recognised clinical condition, it has a direct impact on one’s well-being. Sufferers with a distorted view of their financial situation could feel constantly broke or anxious about running out of money, even if they have the financial stability.
7.This flawed perception of their finances causes them to constantly worry about unexpected expenses or the future, said observers. People then develop an unhealthy relationship with money, and might feel intense guilt whenever they spend or avoid spending altogether, even on basic necessities.
8.Unrealistic displays of wealth, particularly on social media, can worsen money dysmorphia, pointed out observers, adding that those with this condition constantly compare themselves to others and feel inadequate.
9. The exact causes of money dysmorphia are still being explored, but it is likely a combination of factors. For instance, financial vulnerability or instability during childhood can leave a lasting impact. Family attitudes towards money as well as societal messages that link wealth to success and happiness can also contribute to the distorted views, said observers.
