Posted on 28-1-2003
Money
Sickening For Many
John Carvel, The Guardian UK
If you feel sick when the bank statement arrives, or dizzy when
a bill
drops through the letterbox, you are not alone in your suffering.
Researchers at Cambridge University have discovered a psychological
condition they are calling financial phobia, affecting more
than 9 million
people in Britain. The sufferers are otherwise sane and well-adjusted,
but
become seized with anxiety, guilt, or boredom when confronted
with the need
to manage their money. They resort to avoidance techniques such
as not
checking bank balances, and, in extreme cases, throwing away
or filing
unopened statements to avoid dealing with personal finances.
Brendan Burchell, senior lecturer in social and political sciences,
said
that financial phobia affected 20% of the population, and was
particularly
prevalent among women and younger people. "Financial phobes
can be
intelligent people who are high achievers in most areas of their
lives," he
said. "They are not irresponsible, feckless, or spendthrifts.
They get into
a psychological syndrome that makes it very difficult for them
to deal
efficiently with their personal finances."
A poll of 1,000 adults found that a fifth experienced psychological
and
physical symptoms that made victims incapable of consistent
handling of
their financial affairs. Nearly half the sufferers experienced
a racing
heart when faced with managing money, 15% felt immobilised,
12% ill. and
11% dizzy. More than half experienced apprehension, while 38%
showed a
complete lack of interest in money matters. Although they were
dysfunctional in their financial behaviour, Dr Burchell found
they were
otherwise well-adjusted in their personal relationships and
careers. The
highest levels of financial phobia are among the 16-24 age group
(30%), and
women (23% against 18% for men). Dr Burchell said that the onset
of the
condition appeared to coincide with a financial upset outside
the control
of the sufferer. Such upsets might include a decline in the
value of life
savings, or becoming the victim of mis-selling of financial
products. The
anxiety experienced by financial phobes was so great that 31%
would prefer
to visit the dentist than sit down with a bank statement.
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