Money disorder

Money disorders are the maladaptive patterns of financial beliefs and behaviors that lead to clinically significant distress, impairment in social or occupational functioning, due to financial strain or an inability to appropriately enjoy one’s financial resources.[1] With the exception of pathological gambling and compulsive buying, psychology and the mental health fields have largely neglected dysfunctional money disorders.[2] The term is contentious among mental health professionals and as of 2017, money disorder is not a clinical diagnosis in either the DSM or ICD medical classifications of diseases and medical disorders.

Types of behaviors, or “scripts”, related to money disorders include money avoidance, money worship, money status and money vigilance.[3] Some mental health practitioners say that those afflicted with money disorders or who have problematic money beliefs can seek financial therapy. With financial therapy, financial planners and relationship therapists work together to provide comprehensive treatment to clients experiencing financial distress.[4]

References

  1. ↑ Klontz, Brad; Ted Klontz. "Providing Financial Therapy for Clients with Money Disorders". Counselor, The Magazine for Addiction Professionals. Health Communications. Retrieved 31 July 2011.
  2. ↑ Lowrance, Joe. "Dismantling the Money Taboo: Mental Health Professionals' Call to Action" (PDF). FinancialPsychologyCeus.com. Retrieved 31 July 2011.
  3. ↑ Sullivan, Paul (6 May 2011). "Net Worth, Self-Worth and How We Look at Money". New York Times. Retrieved 31 July 2011.
  4. ↑ Marshall, Jane. "Financial planning team helps families cope in hard times". K-State Institute of Personal Financial Planning. Retrieved 31 July 2011.


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