They may have rizz, but they can’t handle their biza.
Gen Z is suffering from a trending phenomenon of financial insecurity known as money dysmorphia, an expert claims.
Financial therapist Amanda Clayman defined distress as “a negative and unrealistic perception of one’s financial well-being or financial position.”
Moreso, it’s “pervasive anxiety, vigilance — like an internal sense of insecurity with money,” she told Business Insider.
Young people, who coined the phrase “loud budgeting” to publicly flaunt frugal practices, may really be in over their heads. However, those who easily feel overwhelmed “think money is something that’s very easy to worry about,” the professional said.
The theory is catching on as more than half of Zoomers say they are relying on their parents’ financial help to save for marriage, raising a family or heaven for a home.
There was “a different environmental context” for older generations doing these things, Clayman contends, in a time long before the age of cyber payments and social media pressures.
It’s too common to think everyone around you is living the life of luxury with a quick scroll through Instagram, she said.
“We can never know all the intimate details of a person’s financial picture and their history,” she said.
“We’re creating a model that tells a story based on the incomplete information we’re getting.”
In addition, there are many financial unknowns to face as a young person compared to those older people who have already passed it.
“Once you’re at a later stage in life, you have a little more information that you can access,” Clayman said.
Meanwhile, older techniques such as relying on pensions to retire are becoming obsolete these days. The cost of living, combined with inflation, is just digging the hole even deeper.
The pressure all this puts on young people to hyper-save may be “an attempt to feel better and to calm the level of anxiety we’re experiencing,” according to Clayman.
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