Money disorders refer to problematic financial beliefs and behaviors that can cause significant distress and hinder one's social or occupational well-being. These issues often stem from financial stress or an inability to effectively utilize one's financial resources, leading to clinically significant challenges. Money disorders refer to enduring and often unchanging patterns of self-destructive financial behaviors that lead to considerable stress, anxiety, emotional anguish, and significant disruptions in various areas of a person's life.[1]
Also known as disordered money behaviors, it is problematic financial behaviors people adopt in an effort to cope with emotional pain. Psychology and the mental health fields have largely neglected dysfunctional money disorders. The term is contentious among mental health professionals and as of 2023, money disorder is not a clinical diagnosis in either the DSM or ICD medical classifications of diseases and medical disorders. Although, it is debated that money disorders and disordered money behaviors are some of the worst chronic stressors affecting people on an ongoing basis. Disordered money behaviors have a psychological basis and may necessitate psychological intervention for resolution. The literature has identified eight distinct behavioral patterns associated with money disorders: pathological gambling, excessive spending and compulsive buying, gambling-related behaviors, restrained spending and compulsive hoarding, workaholism, financial dependence, financial enabling, financial denial/rejection, and financial enmeshment.[2]
Some mental health practitioners say that those affected by money disorders or who have problematic money beliefs can seek financial therapy. With financial therapy, financial planners and therapists work together to provide comprehensive treatment to clients experiencing financial distress.[2]