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Gen Z, millennials struggle with money dysmorphia

10 1
01.12.2024

If you find yourself constantly worrying about money, obsessively checking your bank account, comparing your net worth to others,and feeling inadequate even though you’re on solid financial footing, you might have money dysmorphia.

Long story short, money dysmorphia is when you develop an unrealistic and distorted view of your finances, making you believe that your financial situation is worse than it actually is.

According to a Credit Karma survey, around one-third of Americans experience a distorted view of their finances. However, Gen Z and millennials seem to struggle with it more than other groups. Credit Karma found that around 43% of Gen Z and 41% of millennials feel behind financially even though they actually have above-average savings. And approximately 45% of them are obsessed with the idea of becoming rich.

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Kristie Tse, psychotherapist and founder of Uncover Mental Health Counseling, believes it stems from the deep-seated beliefs about worth and the narratives we heard about money, success and failure as children.

“In my experience with clients, cultural narratives and family dynamics profoundly influence these beliefs,” she said. “As a psychotherapist, I see how societal pressures and generational teachings about money can distort one’s financial self-image. Specifically,........

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