Does the topic of money management give you a panicky feeling inside?

Do you generally take a backseat role in financial conversations?

You may have a fear of money. What is this and why do you have it? A fear of money can mean many things. Some find dealing with money extremely difficult, and it can begin to disrupt day-to-day activities like purchasing groceries or riding the subway. Others are more intimidated by responsibility that comes with handling money, and the possibility of financial failure.

What are the causes of a fear of money?

Negative experiences with money greed can impact your willingness to have money.

From a young age, humans are taught about the idea of greed in the world. It is often associated with ‘bad’ people taking money from ‘good’ people for malicious reasoning. An experience with a greedy person whether it be a family member, guardian, employer, or friend can certainly impact your own relationship with money. For example, if you grew up with a greedy uncle, the idea of curating lots of money for yourself can create the association of being personally greedy, or instil a fear of having your money be preyed on by these types of people.

Conflict surrounding money can influence your associations with it.

It is apparent that finances can be a large source of conflict in our families, marriages, and other relationships. In some cases, money has been cited as the source that has diminished these relationships. For example, if you grew up with parents who repeatedly argued about finances, and perhaps the fighting even led to divorce, it is very possible that you now associate money with this type of detrimental conflict.

Money requires the need for financial responsibility.

It is no secret that saving and spending successfully requires some planning. However, many people shy away from the idea of responsibility in this area, as it can be intimidating to make decisions about saving and investing. For example, if you have no experience with saving money independently, the idea of putting money into a retirement plan or investing it into the stock market can bear the worry of being a ‘bad investment’. The thought of mishandling money in that way can create strong anxiety around finances.