Money is a big cause of stress for many….People suffering from financial problems are three times more prone to mental issues. They are at greater risk of developing depression and psychotic illnesses. They may indulge in alcohol and substance abuse or become prone to committing suicide.
Money-related issues do not arise only when you are sinking in debt. They may show up in several other forms too. For example, some people may work multiple jobs not because they need to, but out of the sheer thrill of getting paid more.
People with financial disorders show self-destructive and self-limiting financial behaviours. A few of the broad categories are:
1. Money avoidance disorder: People suffering from this, tend to obsesses about money. They are excessively risk averse and live in financial denial.
2. Money worshipping disorder: They are prone to pathological gambling. People suffering from this disorder are workaholics, spendthrifts, and tend to hoard things, and buy compulsively.
3. Relational money disorder: This disorder is mostly seen in relationships, where people are financially dependent on each other. An example of this is adults who are financially dependent on their parents. Financial cheating (lying about where or how the money was spent) is common in people suffering from this disorder. Excessive giving — buying whatever a loved one (spouse, kid) asks for in order to keep them happy in the relationship — is also an indicator of this disorder.
People with low self-esteem and self-confidence may also seek comfort in money and are at risk of being perpetual debtors. For example, they may shop to feel better about themselves.
People who grow up lacking financial security, despite being successful adults, tend to be extremely careful with their money. They may even be overly careful to safeguard or invest their earnings.
Money should be used for all your needs and some leisure. The only time your alarms should go off is when you are spending more than you are saving.
Came across this article by Susan Jose in Hindustan Times and graphic on the net.