Introduction

In a nation renowned for its prosperity and high standard of living, why do many Singaporeans still feel financially insecure? Despite stable jobs and steady incomes, a growing number of individuals are grappling with a distorted perception of their financial reality—a phenomenon some refer to as “money dysmorphia.”

What Is Money Dysmorphia?

While not a clinical diagnosis, money dysmorphia describes a condition where individuals have a skewed perception of their financial status. Similar to body dysmorphia, where one might obsess over perceived physical flaws, money dysmorphia causes people to worry excessively about their finances, often feeling poorer than they actually are.

In Singapore, where the cost of living is high and societal pressures are intense, it’s easy to fall into the trap of constantly comparing oneself to others. The relentless pursuit of material success can lead to anxiety, stress, and unhealthy financial behaviours.

Signs You Might Have Money Dysmorphia

1. Persistent Financial Anxiety: You constantly worry about money, even when your financial situation is stable.

2. Underspending or Hoarding: You deprive yourself of basic comforts or necessities to save money, despite being able to afford them.

3. Chronic Comparison: You frequently compare your financial status to friends, colleagues, or social media personalities, often feeling inadequate.

4. Avoidance of Financial Discussions: You shy away from conversations about money, fearing judgment or exposure of your perceived financial shortcomings.

5. Obsessive Monitoring: You check your bank accounts or investments multiple times a day, fixating on every fluctuation.

Why Is It Prevalent in Singapore?

The competitive environment in Singapore contributes significantly to money dysmorphia. There’s immense pressure to project an image of financial success—owning a private property, driving the latest car models, and embarking on luxury holidays are often seen as markers of achievement. The desire to live in a nice house in a prime location adds to this pressure.

Social media amplifies these expectations by showcasing curated snapshots of extravagant lifestyles. When your feed is filled with friends dining at upscale restaurants, vacationing in exotic locales, or flaunting high-end purchases, it’s easy to feel like you’re not measuring up.

Moreover, the culture of comparing oneself to others is deeply ingrained. Conversations often revolve around career advancements, property investments, and the latest gadgets, inadvertently fostering a sense of inadequacy among those who feel they haven’t achieved the same level of success.

How to Overcome Money Dysmorphia

1. Assess Your Financial Reality

   Take a comprehensive look at your finances. Create a detailed budget, list your assets and liabilities, and understand your net worth. Sometimes, seeing the numbers in black and white can help realign your perception with reality.

2. Set Personal Goals

   Establish achievable financial goals based on your circumstances, not societal expectations. Whether it’s saving for a home, investing for retirement, or planning a vacation, set milestones that are meaningful to you.

3. Practice Mindfulness

   Be present and mindful about your spending and saving habits. Recognise when anxiety about money arises and address it through relaxation techniques or professional guidance.

4. Limit Comparisons

   Reduce exposure to social media or environments that trigger unhealthy comparisons. Remember, everyone’s financial journey is unique, and outward appearances can be deceiving.

5. Seek Professional Advice

   Consult a financial advisor or mental health professional. They can provide strategies to manage financial anxiety and help you develop a healthier relationship with money.

6. Open Communication

   Talk to trusted friends or family members about your financial concerns. Opening up can alleviate stress and provide new perspectives.

Conclusion

Money dysmorphia is a silent struggle affecting many Singaporeans. By recognising the signs and taking proactive steps, you can overcome this distorted perception and build a healthier relationship with your finances. Remember, wealth isn’t just about numbers in a bank account; it’s also about peace of mind and the ability to enjoy life’s journey.