Do You Have “Money Dysmorphia”?

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You've probably heard of body dysmorphia, the condition that makes a person fixate on perceived flaws with their appearance, but this article in The Huffington Post focuses on something called “money dysmorphia.” Almost a third of Americans (!) deal with this problem, according to a Credit Karma survey cited in the story. Do you feel like you have money dysmorphia? Do you feel richer or poorer than you actually are?

What to Know About Money Dysmorphia

An expert explained to The Huffington Post that someone with money dysmorphia has developed a warped view of their financial situation. This can be caused by, she said, “past money trauma, societal pressures, economic crisis, or could be deeply rooted in childhood upbringing.”

Here's some more info from the story:

1. Money dysmorphia affects younger generations the most, including 43% of Gen Z.

2. Common signs include “obsessively checking bank balances, avoiding financial discussions, comparison to others, having a distorted perception of wealth, fear of financial ruin, being overly critical of your financial decisions, and stressing over future finances.”

3. Money dysmorphia can also lead to overspending, a reluctance to ask for help, and damaged relationships.

Examples of Money Dysmorphia

When I first heard this term, it reminded me of some Personal Money Snapshots we've received in which readers who are now doing fine financially still find it hard to spend money because of how they grew up. Here are a couple of examples:

My parents were constantly panicking about money. It was a huge source of anxiety in the home. I grew up determined that I would be the family member who made some money — not to get rich or buy things, but simply to alleviate the constant stress of not having money and being afraid of the next money crisis. I still feel like part of a lesser caste than most of my peers which has created social isolation as I “moved on up.” — Nicole

I’ve always been a saver. … We didn’t have a lot of extra money so I’m used to living lean. I struggle with the urge to pile up our money in a corner just for a rainy day. My husband (whose parents made more) is always after me to give away more money to charity. — Reader A

P.S. We'd love to get more submissions for our Money Snapshot series, by the way! Share them here — and here's a PDF preview of the form.

Readers, please share: Have you experienced money dysmorphia? What do you think the reasons were? If it's something you overcame, how did you tackle the problem?

Stock photo via Deposit Photos / Krakenimages.com.