Money dysmorphia refers to a distorted perception of one's financial status, influencing behavior such as excessive saving or overspending based on comparisons with peers. Individuals may experience feelings of sadness, anxiety, or overconfidence that lead to financial decisions detrimental to their wellbeing. Symptoms include obsessive bank balance checks and avoidance of financial discussions. Younger generations may be particularly affected by social media representations, exacerbating their financial anxieties. Ultimately, money dysmorphia presents barriers to enjoying financial achievements and making informed financial decisions.
"Money dysmorphia can often make people believe they're doing financially worse or better than they actually are," Ayoola said.
"People may find themselves living lifestyles they can't afford," Ayoola explained.
"Some people might be scared to spend money, even on the things they actually need," Kennedy said.
"For younger generations in particular, there's also a temptation to tie their feelings about their financial situation to what they see and present on social media, even if it's not reality."
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