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Do You Suffer From Financial Phobia?

Do You Suffer From Financial Phobia?

If you avoid checking your bank account, leave bills unopened or generally tend to put off dealing with your finances and even feel slightly ill when doing so, you are not alone! According to the Guardian, Researchers at Cambridge University have discovered a psychological condition they are calling financial phobia, which affects more than 9 million people in the UK. In other words, it’s excessive fear of dealing with finances – which often interferes with everyday life. The sufferers experience some of the following negative symptoms when facing the need to manage their finances:

45% – have their heart racing
12% – feel physically ill
11% – experience dizziness
15% – become immobilised
Other symptoms may include feeling guilty or bored, anxiety and a lack of control

According to Daily Mail, Dr Brendan Burchell, of the faculty of social and political sciences at the Cambridge University, said: “Financial phobes can be intelligent people who are high achievers in most areas of their lives – they are not irresponsible, feckless or spendthrifts.They have become entwined in this psychological syndrome which makes it very difficult for them to deal efficiently with their personal finances.”

But besides those annoying and slightly worrying symptoms, a fear of your having to sort out your money matters can put you in an even worse place financially: and some of the reasons for this are the complexity of many financial products, too much personal debt and sufferers’ lack of confidence in dealing with money matters.

Face the reality, admit the fear and try to find what causes it: was there a particular event that started the phobia, can you pin-point it? Do you think you have been living beyond your means?

From there, start doing one small thing every day that might help you overcome your fears: for example, put 2 minutes aside each day for checking your current account balances, writing down any expenses you could have avoided, and plan for the day(s) ahead.

We say this all the time, but: create a budget! It should definitely help you feel more in control of your finances, therefore, hopefully, getting rid of the unpleasant symptoms associated with financial phobia.

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Disclaimer: The above information is general in nature and not intended to be advice. You should consider seeking professional advice before following any suggestions in this blog/website.