Study Reveals 43% Gen Z And 41% Millennials Suffer From Money Dysmorphia, All You Need To Know About It
Never afraid to rebrand an existing condition, millennials and their Gen Z counterparts are admitting to having "money dysmorphia" ¨C a sense of worry about their financial situation even when the true picture shows little cause for concern.?
What is Money Dysmorphia?
A recent Credit Karma study found that 43% of Gen Z and 41% of millennials had a distorted view of their finances. While it may appear to be just another sort of TikTok-induced anxiety, money dysmorphia is a serious issue that can lead to bad or ill-informed decisions.
Having a financial viewpoint based on fear rather than fact is nothing new. Those of us with grandparents from the Greatest Generation will recognize the Depression-era shortage mentality.?
A scarcity mindset is a valid way of viewing the world. A low-income childhood will have a long-term impact on how one thinks about and interacts with money. Money dysmorphia has the potential to affect the thinking of someone whose life experience has been one of stability rather than shortage.
Why are people suffering from Money Dysmorphia??
The constant availability of information, both in the news and on social media, is a significant change for both generations in comparison to earlier ones.?
Gen Z, in particular, has never known a world without a 24-hour news cycle, as well as social platforms and search engines that allow you to fact-check anything in an instant.
The eldest members of Generation Z were only 10 years old when Apple released the first iPhone. The oldest millennials were 26 years old; I had just recently graduated from high school.?
It's easy to see why 45% of millennials and Gen Z respondents to the Credit Karma survey acknowledged being obsessed with becoming wealthy. When you begin with a gloomy outlook on your own future, it's difficult to think that your finances will improve over the course of your life and profession.?
How can you help yourself, if you think you are suffering from Money Dysmorphia??
Instead of being constantly uneasy, millennials and Generation Z can ground themselves by calculating how much money will allow them to sleep better. Fixating on a generic objective such as "getting rich" is ineffective when compared to placing figures on a paper and establishing a timeframe.?
Anyone who admits to having dysmorphia recognizes that their perceptions of their own money are not always accurate. This is a good first step.?
However, there is no simple remedy for this mentality, which might last for a lifetime. Financial therapy or employing a reputable financial planner could be beneficial.?
However, other people may choose a more dramatic step and cease paying attention to the social media platforms that caused their unfounded concern in the first place.?
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