Money stress is a constant issue, especially under the current economic conditions.
One less commonly understood issue, money dysmorphia, is also more prevalent now.
Low/stagnant wages, relative to skyrocketing rents, inflation, and overall cost of living, are hitting everyone. Money dysmorphia is a big problem for those that suffer from it, and healthcare professionals are taking notice.
What is the definition of money dysmorphia?
The definition of money dysmorphia is analogous to the definition of body dysmorphic disorder:
Switch “appearance” for “finances” and you have a very poignant definition.
Essentially, what separates financial stress from financial dysmorphia is:
- With stress, you can stop thinking about your finances, with dysmorphia you cannot
- With financial dysmorphia, issues that others would see as minor are made extreme in your mind
Consistency is the biggest indicator of a dysmorphic disorder, but shame, persistent anxiety, and extreme feelings are also a part of the picture.
Is money dysmorphia real?
Money dysmorphia is not a clinically (officially) recognized mental health disorder. Therefore, we cannot recommend treating it as one. However, the extreme and pervasive symptoms associated with the term are reported by many people.
Financial stress, as a specific type of stress, is far better understood by governmental healthcare organizations.
So, we have defined money dysmorphia along the lines of body dysmorphic disorder. But it is important to note that we are just trying to better illustrate the phenomenon, not provide mental healthcare.
What we do know for sure is that stress about finances is serious.
Like stress stemming from other serious areas of life, it can lead to the deterioration of your mental and physical health. Known symptoms of depression caused by financial stress cited by reputable sources include:
- Difficulty sleeping
- Tiredness
- Mood swings
- Social withdrawal
- Chronic guilt surrounding financial decisions
- Aches and pains
Do I have money dysmorphia?
If you suffer from the above symptoms, you may have a disorder related to your finances.
But money/financial dysphoria is not a psychological disorder that you can be diagnosed with. However, the mental health implications should not be brushed off or ignored. Much like dietary habits slowly affect your health over time, your mental health may similarly deteriorate with the wrong inputs.
But it’s important to note that deteriorating mental health leads to deteriorating physical health in a relationship that is well-understood.
If you engage in compulsive financial decisions you may also be suffering from poor mental health. Such compulsive behaviors include:
- Hoarding
- Overspending
- Extreme debt
- Chronic guilt or shame
What causes money dysmorphia?
Causal factors that lead to a general situation we may refer to as money dysmorphia may include:
- Psychological factors, including genetic predispositions
- Social factors, as your mental state is influenced by those close to you
- Cultural factors, insofar as your financial state is judged by prevalent cultural standards
Some financial and data experts cite past experiences. These can include childhood experiences such as poverty or bullying related to finances.
Having experienced financial instability may be a cause of financial dysmorphia in the future.
However, cultural factors are a highly subjective area of focus that is even less well understood. For example, some experts in other fields have pointed out that societal messaging about money and material success can cause many to experience stress.
Regardless of the cause(s), money dysphoria can wreak havoc on people’s lives. You can find many news reports on the topic, to say nothing of the endless posts on many online forums. Struggling to maintain important relationships or feel at ease are the more widely discussed issues.
How do you overcome money dysmorphia?
Ultimately, personal wellness, psychological support, and a proactive and positive approach to finance can help you fight back.
As with clinical classifications of dysmorphia, it’s possible that cognitive behavioral therapy can help. But where outside help is out of reach, there are aspects of personal wellness and financial planning that can be achieved alone. However, reaching out to NGOs may provide you with free financial counseling.
In terms of personal wellness, try:
- Challenging your own negative thoughts
- Engaging in self-compassion, or treating yourself as you would a loved one in need of compassion
- Engaging in positive activities
- Spending more time around positive people in your life
- Mindful consumption of media and avoiding overly negative triggers
- Physical exercise and well-being
Conclusions: What to do About Money Dysmorphia
Money dysmorphia may not be a recognized psychological condition.
But it candidly describes an issue that many people are reporting. Given the rough economic times we are living through, it’s no surprise that mental health is suffering due to financial situations.
When suffering through money stress, it’s important to remember that your financial situation is not who you are. Finances are important, but your well-being must be put first if you are to live a decent life.
Surrounding yourself with positive forces and engaging in healthy activities may help improve your situation. But a positive and proactive approach to money is also important.
Photo by Elisa Ventur on Unsplash