- Have you heard of money phobia? What is your idea about it?
- How do you budget your money?
- financial /fahy-NAH-shuhl/
- emotional /ih-MOH-shuh-nl/
- poll /pohl/
- effective /ee-FEK-tiv/
- relatively /REL-uh-tiv-lee/
[adjective] – relating to money or how money is managed
The company just recovered from its financial losses.
[adjective] – connected with or showing feelings
The passing of his father has caused Steve emotional pain.
[noun] – a study in which people are asked for their opinions about a subject or person
The poll results will be out next week.
[adjective] – successful or achieving the results that you want
The medicine I bought is very effective against headaches.
[adverb] – in comparison with other similar things or with what you expect
He’s relatively new to the department so please guide him well.
Israeli psychologist and economist Daniel Kahneman’s research confirmed that money decisions are indeed emotional. In a 2019 poll by the employee-experience platform Perk-Box, the result points to money as the biggest form of stress in the UK. 61% of 1,139 correspondents answered that money caused them more stress than their work and family. Professor Brendan Burchell of the social sciences at the University of Cambridge states that money phobia does exist. Burchell further stresses that counseling is not very effective and suggests seeking professionals specializing in treating phobia is the best approach. Several financial therapists agree with Burchell’s claim. Lindsay Bryan-Podvin, a licensed financial therapist based in Michigan, USA, encourages her clients to align their spending habits with their values: spend more on what they value the most and save on what they value the least.
Financial therapy is a relatively new field, but many experts believe that money stress or phobia isn’t a standalone issue, as there may be other underlying issues. This therapy is interesting, but not everyone is ready to accept this idea. At least, not now.
- How many percent of the 1,139 correspondents in Perk-Box’s survey said that money causes them stress?
- What did Daniel Kahneman’s research confirm?
- What did Professor Burchell suggest?
- What does financial therapist Bryan-Podvin encourage her clients to do?
- According to experts, is money phobia a standalone issue?
- Have you ever felt “money stress”?
- Was there ever a time when you felt “afraid” of money?
- Would you go to a phobia specialist or a counselor if you were Anna Davies? Why?
- Do you agree that we should save up on things we value less?
- What do you think are the underlying causes of money stress?