Money, Money, Money, Must Be Funny in the Rich Man’s World
If there’s a serious disconnect between how much money you have in the bank and how much money you feel like you have, you may be dealing with money dysmorphia. And according to Ashley Franklin, VP of Branches at SchoolsFirst Federal Credit Union, it's hitting younger generations the hardest. Forty-three percent of Gen Zers and 41% of millennials say they struggle with money dysmorphia, and of those, 95% say it's actively hurting their finances. But here’s where the disconnect comes in: Over a third of people struggling with money dysmorphia have more than $10,000 saved. The culprit, Franklin explained, is "social media and lifestyle inflation” which can warp the baseline and push people into saving less and spending more.
Franklin's advice to banish money dysmorphia is as follows:
Give yourself permission to spend (yes, really). "Over-saving can be just as much a symptom of money dysmorphia as overspending," she said. So, build breathing room into your budget because "a financial plan that feels like punishment won't last."
Separate facts from feelings. Before any money move, Franklin suggests asking, "Is this based on my actual numbers, or my anxiety?" Pull up your balance, check your savings, and "let the data talk first, because fear and social media feeds aren't reliable financial advisors."
Build your financial Board of Directors. Step away from the Instagram Reels and curate "a small circle of trusted people, like a financial advisor, your especially financially grounded friend, or maybe a mentor, who knows your real situation and can give you an honest, personalized perspective."
At the end of the day, Franklin’s advice is pretty basic. "If you're doing the right things and still feel behind, the problem probably isn't your finances. It's your feed."
