More More More: What Is Money Dysmorphia?

Do you ever worry that you don't have enough money, even though your bank
account suggests you're doing fine?

You might be experiencing "money dysmorphia."

It's a term for when a person has a distorted view of their financial situation —
particularly when a wealthy person believes they don't have enough money to
be secure.

The idea is similar to body dysmorphia, where a person agonizes about flaws
they perceive in their body, even if they aren't noticeable to others.

American lawyer and financial expert Ali Katz may have been the first to use the
term, having written about money dysmorphia extensively in 2016. But it wasn't
until late 2023 that it started trending.

Because, as it turns out, the feeling is pretty common — especially among young
people.

In August 2023, Bloomberg published the results of a survey of over 1,000

Americans making over $175,000 a year. And while earning this much would put
these people among the 10% richest in the country, a quarter of them said they
felt "very poor," "poor," or that they were just managing to get by.

And a December 2023 survey for Intuit Credit Karma found that, out of 1,006
Americans, 29% experienced money dysmorphia — which the survey defined as
"having a distorted view of one's finances that could lead them to make poor
decisions."

That figure rose to 41% among millennials, who are usually defined as those
born between 1981 and 1996. And it was 43% among Generation Z, typically
considered to have been born between 1997 and 2012.

Some believe social media is to blame. With Instagram and TikTok full of
influencers flaunting lavish lifestyles, it's understandable that young people
might feel insecure about their own financial situations.
And as well as causing stress, money dysmorphia might make people stay in
jobs they don't like, or choose work over spending time with their families.

Speaking to Business Insider, Katz said it's important to actually calculate how
much is enough for you — and "know the difference between what you need
and what you want."