Financial literacy class. Money dysmorphia: the high earners convinced they are poor

This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.

Read below a selection of FT articles picked by financial literacy teachers with classroom questions/discussion points, mapped by theme. View the full selection here.

Also explore the classroom resources produced by the FT’s Financial Literacy and Inclusion Campaign charity.

Specification:

• Psychology of Money

Summary

This article explores the concept of “money dysmorphia,” where people with high incomes feel constant financial stress and believe they are not financially secure. This feeling often stems from childhood experiences with money and is influenced by social media, where people compare their lives to others. Even those with stable finances can feel anxious about spending.

Click to read the article and then answer the questions:

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Questions

• Why might someone with a high income still feel financially insecure?

• How can early experiences with money affect the way people feel about money as adults?

• When you see people on social media showing off their purchases or trips, how does it make you feel about your own spending or savings?

• If you ever feel stressed about money, what’s one thing you could do to feel more in control?

Tim Ranzetta, Next Gen Personal Finance