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You may be familiar with the concept of body dysmorphia, a psychological condition where individuals obsess over perceived flaws in their appearance. However, a recent article in The Huffington Post introduces a related phenomenon known as “money dysmorphia.” Alarmingly, nearly one-third of Americans experience this issue, as highlighted by a Credit Karma survey referenced in the article. Do you find yourself questioning whether you are wealthier or poorer than your financial reality suggests?
Understanding the Complexities of Money Dysmorphia
An expert interviewed by The Huffington Post elaborated on the complexities of money dysmorphia, explaining that individuals affected by this condition often possess a skewed perspective regarding their financial circumstances. This distorted view can stem from various factors, including past financial trauma, societal expectations, economic downturns, or even deep-seated issues rooted in childhood experiences. Recognizing these underlying causes is crucial for those who wish to address their financial perceptions effectively.
Additionally, the article provides essential insights into the prevalence and implications of this condition:
1. Generational Impact: Money dysmorphia predominantly affects younger generations, with approximately 43% of Gen Z reporting symptoms associated with this issue.
2. Identifying Symptoms: Signs of money dysmorphia are varied and can include behaviors such as obsessively monitoring bank account balances, avoiding discussions about finances, comparing oneself to others, having a distorted sense of wealth, fearing financial instability, critically evaluating personal financial choices, and worrying excessively about future financial needs.
3. Consequences of Money Dysmorphia: This condition can lead to problematic behaviors like overspending, hesitance to seek financial assistance, and strained relationships due to a pervasive fear of financial inadequacy.
Real-Life Illustrations of Money Dysmorphia
The first time I encountered the term money dysmorphia, it brought to mind various Personal Money Snapshots that we have received from readers. Many individuals, despite achieving financial stability, struggle with spending due to their formative experiences. Below are a couple of poignant examples illustrating this phenomenon:
“My parents were perpetually anxious about finances. This created a tense atmosphere at home. I grew up with the resolve to be the family member who earned money—not for luxury, but to relieve the constant stress of financial insecurity. Even now, I often feel as if I belong to a lower class compared to most of my peers, which has led to a sense of social isolation as I have progressed in life.” — Nicole
“I have always been a saver. Growing up, we didn’t have much disposable income, so I’m accustomed to living frugally. I struggle with the desire to hoard our savings for ‘a rainy day.’ My husband, whose family had a higher income, often encourages me to donate more to charitable causes.” — Reader A
P.S. We would love to receive more contributions for our Money Snapshot series! If you’re interested, please share your experiences here. Additionally, here’s a PDF preview of the submission form.
We invite our readers to share their thoughts: Have you encountered money dysmorphia? What do you believe were the underlying causes? If you have successfully navigated this challenge, what strategies did you employ to overcome it?
Stock photo via Deposit Photos / Krakenimages.com.
Here you can find the original article; the photos and images used in our article also come from this source. We are not their authors; they have been used solely for informational purposes with proper attribution to their original source.