Wealth

What Is A Money Anxiety Disorder?

Constantly worrying about money? How to avoid or work your way out of a 'money anxiety disorder'.

By Jessica Sier

Wealth

Constantly worrying about money? How to avoid or work your way out of a 'money anxiety disorder'.

By Jessica Sier

When Sir Elton John managed to quit cocaine, he replaced his addiction with consumption of a more material kind. In 2000, he admitted to spending almost £300,000 on flowers, hoarding cupboards full of unworn clothes and finding boxes of shoes he didn’t remember buying. The rockstar’s compulsive buying habit saw him spend close to £30 million in under two years. 

People like to trot this story out at dinner parties and have a disbelieving laugh at the staggering amount of money Elton John spent, but many of us feel a twinge of recognition. Compulsive buying, or chronic overspending is a form of “money anxiety disorder”, a term sometimes used to describe a condition of constant worry and unease about money.

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The contents of this post, such as text, graphics, images, and other material contained on the Future Women website are for informational purposes only.

If you’re struggling financially, we’ve outlined some debt counselling resources in Australia. You can also click here for access to an up-to-date list of resources, courtesy of ASIC.

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Jessica Sier is a financial journalist who currently heads up the content strategy at Sendle. Prior to that she led content at Spaceship and was a reporter at the AFR where she discovered that breaking down financial jargon was a public good.

You’ve hit the glass ceiling. And our paywall.

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