Worrying trend ‘money dysmorphia’ could be disastrous for young people

'Money dysmorphia' is the new trend that you may not have heard of despite being well and truly part of it.

On what is genuinely the bane of our lives, money might be posing us more problems than you might think.

We've all been there, checking our bank accounts and wondering 'where did it all go?'

Things start to pile up, small purchases accumulate and all of a sudden you're in Tesco actively searching out yellow label deals.

It's brutal.

But the answer behind this serious problem might finally have been explained, and its to do with a new trend that's plaguing young people.

Young adults are the most likely demographic to admit that they are 'obsessed' with chasing the high life.

This is according to a survey conducted by Qualtrics on behalf of Intuit Credit Karma back in December 2013.

Findings showed that 44% of Generation Z and 46% of Millennials say they are 'obsessed with the idea of being rich,' compared to the average of 27% among other age groups.

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A similar number of young adults that admitted to being obsessed with being rich also admitted experiencing money dysmorphia.

Money dysmorphia was described in the survey as 'having a distorted view of one’s finances that could lead them to make poor decisions.'

59% of Millennials and 48% of Gen Z also feel behind on their financial goals, though social media is partly responsible for all of this.

Shock.

Because Millennials and Gen Z were the first adults to grow up on social media and were being 'unconsciously sold to, 24 hours a day,' according to money coach, Lisa Chastain, who says they have a desire to aim for more.

The desire to reach a higher social status is nothing new, but 'influencers' have skewed what younger generations desire, as they aspire to have what social media stars have.

And I can shamelessly admit, I do.

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Chastain went on to explain that young people's value systems 'align with less work and more free time', not wanting to 'work their lives away' and still experience financial hardships like their elders.

The idea of freedom is what these generations want, and that ultimately means making a lot of money, 'causing financial dysmorphia of this generation,' as Chastain puts it.

CEO of oXYGen Financial, Ted Jenkin, attributed the problem to the luxurious lifestyles of social media influencers.

“Social media has convinced 22-year-old kids that they should have vacations on the Amalfi Coast, Louis Vuitton Bags, and an HGTV kitchen before they’ve earned it,” Jenkin stated.

It's very true when you think about it: why do we think these are the ultimate goals?

The cost of living crisis is a factor too, with rising living costs and increases in almost everything making it hard to get through each day.

It looks like the tide might be turning in 2024 though, with several influencers spreading tips on how to save money.

Let's all make it a late new year's resolution, if it wasn't one of yours already.