This disorder makes the sufferer always feel as if he is bankrupt or anxious because he is afraid of running out of money. Even though their finances are stable.
Observers say this misperception will ultimately make them worry about unexpected expenses or their future fate.
They will then have an unhealthy relationship with money, and feel very guilty when they have to spend money, even to buy daily necessities.
Flaunting wealth, especially on social media, exacerbates this dysmorphia, observers say. Sufferers will compare their lives with that person, and always feel like they are not enough.
The exact cause of money dysmorphia is still being researched, but it is possible that this disorder occurs from a combination of various factors.
For example, this disorder occurs because the sufferer experienced a lack of money or economic instability in his childhood.
His family’s attitude towards money, as well as the social view that the key to success and happiness is a lot of money, is also the cause of this disorder.
BUILD A HEALTHY RELATIONSHIP WITH MONEY
Although money dysmorphia is real, it is not incurable, financial experts say.
The way to do this is by questioning one’s own negative beliefs about money, setting realistic goals, and recording income and expenses to get a clearer picture of their financial condition.
Lim said that setting aside 20 to 30 percent of your income is a good way to save.
“Things are expensive now. The money set aside is not just for emergencies, but also future savings.”
Financial advisory consultant Grayson Hung of investment and wealth management firm PhillipCapital said: “There’s a lot of information out there, and I think you might have a hard time deciding what is truly relevant to your current financial situation.”
