Financial freedom is possible, but money dysmorphia can certainly make it difficult. Money dysmorphia is a distorted perception of your finances. It occurs any time what you see in your bank account and how you perceive it differs from reality. This financial fixation can cause you to avoid checking your bank account or obsessively think about money.
For those under 40, accumulating wealth has been an uphill battle, marked by a global pandemic and multiple financial crises. It’s no surprise that millennials and Gen Z feel anxiety toward their finances. This anxiety can affect their outlook on the future, their money habits and their relationships.
Here’s a look at money dysmorphia and how it affects young people.
The Stats on Money Dysmorphia
A recent Credit Karma survey found that 43 percent of Gen Z and 41 percent of millennials experience this altered perception of money. Less than half (48 percent) of Gen Z’ers say they feel behind financially, and almost 60 percent of millennials feel the same. Roughly 45 percent of Gen Z and millennials are obsessed with the idea of being rich.
Research shows that money dysmorphia affects younger generations more so than older generations. A quarter of Gen X experiences money dysmorphia. Baby Boomers experience it even less with just 14 percent having a distorted view of their finances.
What Might Have Caused It
Money dysmorphia is a real thing that uniquely impacts Gen Z’ers and Millennials. This is likely because both generations experienced unique, “generation-defining” moments.
Collectively, both generations have experienced historic and some might say “catastrophic” coming-of-age events. The list includes the pandemic, the housing crisis, numerous financial crises, rising student loan debt, record-high inflation, dormant minimum wages and outstanding childcare expenses.
Gen Zers and Millennials also have grown up in an Internet-first and social media-driven world. With information at their fingertips, there is a constant information overload of job cuts, rising housing prices, increasing childcare costs and rising student loan debt.
The Impact of Money Dysmorphia
When you have a false perception of your finances, it can easily cause you to make poor financial decisions. You might save aggressively, yet still worry every time you swipe your card. You might avoid looking at your bank account for fear of seeing zero dollars.
The best way to uproot this fear is to base your financial mindset on reality. Fact-based financial decision-making is always best.
Create better money habits by starting with a monthly budget. Assess what you have in all your accounts and what your monthly expenses are. Then, ground yourself in knowing the reality of your money and what amount of money you’d like to have. Set clear, measurable goals of how much you’d like to save and invest.
Financial freedom is possible, but money dysmorphia can certainly make it difficult. Money dysmorphia is a distorted perception of your finances. It occurs any time what you see in your bank account and how you perceive it differs from reality. This financial fixation can cause you to avoid checking your bank account or obsessively think about money.
For those under 40, accumulating wealth has been an uphill battle, marked by a global pandemic and multiple financial crises. It’s no surprise that millennials and Gen Z feel anxiety toward their finances. This anxiety can affect their outlook on the future, their money habits and their relationships.
Here’s a look at money dysmorphia and how it affects young people.
The Stats on Money Dysmorphia
A recent Credit Karma survey found that 43 percent of Gen Z and 41 percent of millennials experience this altered perception of money. Less than half (48 percent) of Gen Z’ers say they feel behind financially, and almost 60 percent of millennials feel the same. Roughly 45 percent of Gen Z and millennials are obsessed with the idea of being rich.
Research shows that money dysmorphia affects younger generations more so than older generations. A quarter of Gen X experiences money dysmorphia. Baby Boomers experience it even less with just 14 percent having a distorted view of their finances.
What Might Have Caused It
Money dysmorphia is a real thing that uniquely impacts Gen Z’ers and Millennials. This is likely because both generations experienced unique, “generation-defining” moments.
Collectively, both generations have experienced historic and some might say “catastrophic” coming-of-age events. The list includes the pandemic, the housing crisis, numerous financial crises, rising student loan debt, record-high inflation, dormant minimum wages and outstanding childcare expenses.
Gen Zers and Millennials also have grown up in an Internet-first and social media-driven world. With information at their fingertips, there is a constant information overload of job cuts, rising housing prices, increasing childcare costs and rising student loan debt.
The Impact of Money Dysmorphia
When you have a false perception of your finances, it can easily cause you to make poor financial decisions. You might save aggressively, yet still worry every time you swipe your card. You might avoid looking at your bank account for fear of seeing zero dollars.
The best way to uproot this fear is to base your financial mindset on reality. Fact-based financial decision-making is always best.
Create better money habits by starting with a monthly budget. Assess what you have in all your accounts and what your monthly expenses are. Then, ground yourself in knowing the reality of your money and what amount of money you’d like to have. Set clear, measurable goals of how much you’d like to save and invest.
Financial freedom is possible, but money dysmorphia can certainly make it difficult. Money dysmorphia is a distorted perception of your finances. It occurs any time what you see in your bank account and how you perceive it differs from reality. This financial fixation can cause you to avoid checking your bank account or obsessively think about money.
For those under 40, accumulating wealth has been an uphill battle, marked by a global pandemic and multiple financial crises. It’s no surprise that millennials and Gen Z feel anxiety toward their finances. This anxiety can affect their outlook on the future, their money habits and their relationships.
Here’s a look at money dysmorphia and how it affects young people.
The Stats on Money Dysmorphia
A recent Credit Karma survey found that 43 percent of Gen Z and 41 percent of millennials experience this altered perception of money. Less than half (48 percent) of Gen Z’ers say they feel behind financially, and almost 60 percent of millennials feel the same. Roughly 45 percent of Gen Z and millennials are obsessed with the idea of being rich.
Research shows that money dysmorphia affects younger generations more so than older generations. A quarter of Gen X experiences money dysmorphia. Baby Boomers experience it even less with just 14 percent having a distorted view of their finances.
What Might Have Caused It
Money dysmorphia is a real thing that uniquely impacts Gen Z’ers and Millennials. This is likely because both generations experienced unique, “generation-defining” moments.
Collectively, both generations have experienced historic and some might say “catastrophic” coming-of-age events. The list includes the pandemic, the housing crisis, numerous financial crises, rising student loan debt, record-high inflation, dormant minimum wages and outstanding childcare expenses.
Gen Zers and Millennials also have grown up in an Internet-first and social media-driven world. With information at their fingertips, there is a constant information overload of job cuts, rising housing prices, increasing childcare costs and rising student loan debt.
The Impact of Money Dysmorphia
When you have a false perception of your finances, it can easily cause you to make poor financial decisions. You might save aggressively, yet still worry every time you swipe your card. You might avoid looking at your bank account for fear of seeing zero dollars.
The best way to uproot this fear is to base your financial mindset on reality. Fact-based financial decision-making is always best.
Create better money habits by starting with a monthly budget. Assess what you have in all your accounts and what your monthly expenses are. Then, ground yourself in knowing the reality of your money and what amount of money you’d like to have. Set clear, measurable goals of how much you’d like to save and invest.
Financial freedom is possible, but money dysmorphia can certainly make it difficult. Money dysmorphia is a distorted perception of your finances. It occurs any time what you see in your bank account and how you perceive it differs from reality. This financial fixation can cause you to avoid checking your bank account or obsessively think about money.
For those under 40, accumulating wealth has been an uphill battle, marked by a global pandemic and multiple financial crises. It’s no surprise that millennials and Gen Z feel anxiety toward their finances. This anxiety can affect their outlook on the future, their money habits and their relationships.
Here’s a look at money dysmorphia and how it affects young people.
The Stats on Money Dysmorphia
A recent Credit Karma survey found that 43 percent of Gen Z and 41 percent of millennials experience this altered perception of money. Less than half (48 percent) of Gen Z’ers say they feel behind financially, and almost 60 percent of millennials feel the same. Roughly 45 percent of Gen Z and millennials are obsessed with the idea of being rich.
Research shows that money dysmorphia affects younger generations more so than older generations. A quarter of Gen X experiences money dysmorphia. Baby Boomers experience it even less with just 14 percent having a distorted view of their finances.
What Might Have Caused It
Money dysmorphia is a real thing that uniquely impacts Gen Z’ers and Millennials. This is likely because both generations experienced unique, “generation-defining” moments.
Collectively, both generations have experienced historic and some might say “catastrophic” coming-of-age events. The list includes the pandemic, the housing crisis, numerous financial crises, rising student loan debt, record-high inflation, dormant minimum wages and outstanding childcare expenses.
Gen Zers and Millennials also have grown up in an Internet-first and social media-driven world. With information at their fingertips, there is a constant information overload of job cuts, rising housing prices, increasing childcare costs and rising student loan debt.
The Impact of Money Dysmorphia
When you have a false perception of your finances, it can easily cause you to make poor financial decisions. You might save aggressively, yet still worry every time you swipe your card. You might avoid looking at your bank account for fear of seeing zero dollars.
The best way to uproot this fear is to base your financial mindset on reality. Fact-based financial decision-making is always best.
Create better money habits by starting with a monthly budget. Assess what you have in all your accounts and what your monthly expenses are. Then, ground yourself in knowing the reality of your money and what amount of money you’d like to have. Set clear, measurable goals of how much you’d like to save and invest.