"Money dysmorphia can often make people believe they're doing financially worse or better than they actually are," Ayoola said. "This can manifest as saving excessively because you feel you're behind in comparison to your peers. Likewise, it can show up as overspending because you feel you're financially secure when that's not the case."
"People may find themselves living lifestyles they can't afford," Ayoola explained. "In the reverse, people who are financially secure may not be living full and abundant lives because they believe they don't have enough, even though their financial reality may say otherwise. Ultimately, money dysmorphia can hinder people from achieving their financial goals or enjoying their achievements."
"Some people might be scared to spend money, even on the things they actually need," Kennedy said. "Others might constantly worry about their finances, regardless of what their actual situation is. They may feel anxious or guilty when making purchases, including necessary ones."
"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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