Money Dysmorphia Is the Latest Trend You Don’t Want to Participate In

We’ve all had that upsetting experience of checking our bank account to see that we’ve already spent all our money. The worst part is when you can’t even recall what you’ve spent it all on. That’s not to say you literally don’t remember making purchases or someone hacked your account, we’re talking about when you truly spent the money but didn’t realize how much you were draining your account. If you experience that regularly, you may have money dysmorphia.

The Research

In 2013, Qualtrics conducted a survey which revealed that 44% of Generation Z and 46% of Millennials admit they are “obsessed with the idea of being rich,” compared to the average of 27% among other age groups. Those numbers would explain why so many people seem to have money dysmorphia. Money dysmorphia has been described as “having a distorted view of one’s finances that could lead them to make poor decisions.” Essentially, it means buying a bunch of stuff you can’t afford due to a lack of understanding about finances or simply getting caught up in trying to appear wealthy. Another survey found that 59% of Millennials and 48% of Gen Z are behind on their financial goals. Needless to say, these phenomena are causing one another.

The Reason

Mo​​ney coach ​​Lisa Chastain blames social media for money dysmorphia. She explains that social media users are “unconsciously sold to, 24 hours a day.” She continues, “Social media has convinced 22-year-old kids that they should have vacations on the Amalfi Coast, Louis Vuitton Bags, and an HGTV kitchen before they’ve earned it.” Of course, the rising cost of living doesn’t help the situation either.

That said, there are social media influencers who teach money management tips. So, if you’re really unwilling to log off – we don’t blame you – that may be the solution.