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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.” This is 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 are not 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 can be 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.

In addition, 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."

Adapted from: https://engoo.com.br/app/dailynews/article/more-more-more-what-is-moneydysmorphia/eMBHgsr7Ee6RxDeDj30Epw

Read Text I and answer question.

Text I

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.” This is 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 are not 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 can be 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.

In addition, 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."

Adapted from: https://engoo.com.br/app/dailynews/article/more-more-more-what-is-moneydysmorphia/eMBHgsr7Ee6RxDeDj30Epw