Almost One Third of Americans Have Money Dysmorphia

Is social media to blame?

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If you’ve never heard of money dysmorphia, you’re not alone. The term seems to be a relatively recent phenomenon, although the concept is not. It’s a modern-day take on the age-old idea of feeling pressure to “keep up with the Joneses”. Except now we all think we know exactly how much money the Joneses have, because they tend to flaunt it online.

We more commonly hear the word dysmorphia — generally used by mental health practitioners — as part of the phrase “body dysmorphia”, defined as a disorder where patients see their own bodies as significantly worse than they objectively are, and tend to constantly compare their own body with that of others who, to their mind, have a much more attractive appearance.

“Money dysmorphia” then, can be defined as a situation where an individual has a self-perception around their finances (including a constant comparison with other people’s finances) that doesn’t tie in with objective reality. You may be money dysmorphic if you’re convinced that all your friends and family members are doing better than you financially. And that’s an understandable belief to have.

Browse your social media feed and you’ll see friends, relatives, colleagues and perfect strangers doing fun — and often very expensive — things…