Reported 12 months ago
Financial anxiety is a common struggle for many, leading to a distorted view of finances known as 'money dysmorphia.' Factors like past money trauma, societal pressures, and upbringing contribute to this phenomenon. A study by Credit Karma reveals that 29% of Americans, particularly younger generations, experience money dysmorphia. This skewed perception can result in habits like excessive saving, overspending, emotional reactions to others' financial milestones, and obsessive behaviors. Social media exacerbates the issue by fueling the desire to 'keep up with the Joneses.' Overcoming money dysmorphia involves assessing finances honestly, setting goals, creating a plan, and avoiding comparisons with others.
Source: YAHOO