With an ever-increasing level of personal debt being reported, along with record numbers of bankruptcies and insolvencies, it's no surprise to anyone that money is becoming a big problem for thousands if not millions of people.
Many households borrowed too much during economic prosperity and now many are struggling. These is creating major stress and worry for families facing this struggle. Facing an uncertain economic outlook, the challenge is not getting any easier.
As bad as the economic outlook is, some people face a real clinical problem with financial matters. They face what is known as a Financial Phobia which is an actual psychological problem.
Academic research revealed 20% of adults may suffer from this financial phobia condition. What is more astonishing is that about 50% of the populace suffer a milder form of a serious aversion to financial matters.
People who suffer from this affliction have feelings of nasea, anxiety and in some cases panic attacks. They will throw away or not open bank statements, bills and other financial correspondence. This can cause havoc because bills may not get paid and the situation can get worse.
Why do some people react like this. People can be in debt, they feel out of control or worry that things are getting worse. They cannot face investment losses or bills. The situation can snowball and they lose total confidence in financial matters.
The irony is that by avoiding paying attention to their financial situation, sufferers will tend to make matters worse as they can't pick up on problems early on. Missed payments, for example, can go from being a minor issue to a cause of legal action if they are ignored rather than tackled.
The best way for a person to try to regain normalcy is to get professional help or counseling. The problem is most people do not think they have a problem and this aversion to taking care of financial problems is a normal behavior.
Mental health professionals are trained in helping people who suffer from this condition. Unfortunately, most people have no idea that such a condition exists. In many cases, this is far worse for older people who live alone.
Having a budget or financial budgeting software can help. Even a simple file system can help the person pay their bills ontime. Outside financial assistants or financial aides for the elderly and young people who suffer from this can also help. Investment software can also help them get better control of their investments.
Many households borrowed too much during economic prosperity and now many are struggling. These is creating major stress and worry for families facing this struggle. Facing an uncertain economic outlook, the challenge is not getting any easier.
As bad as the economic outlook is, some people face a real clinical problem with financial matters. They face what is known as a Financial Phobia which is an actual psychological problem.
Academic research revealed 20% of adults may suffer from this financial phobia condition. What is more astonishing is that about 50% of the populace suffer a milder form of a serious aversion to financial matters.
People who suffer from this affliction have feelings of nasea, anxiety and in some cases panic attacks. They will throw away or not open bank statements, bills and other financial correspondence. This can cause havoc because bills may not get paid and the situation can get worse.
Why do some people react like this. People can be in debt, they feel out of control or worry that things are getting worse. They cannot face investment losses or bills. The situation can snowball and they lose total confidence in financial matters.
The irony is that by avoiding paying attention to their financial situation, sufferers will tend to make matters worse as they can't pick up on problems early on. Missed payments, for example, can go from being a minor issue to a cause of legal action if they are ignored rather than tackled.
The best way for a person to try to regain normalcy is to get professional help or counseling. The problem is most people do not think they have a problem and this aversion to taking care of financial problems is a normal behavior.
Mental health professionals are trained in helping people who suffer from this condition. Unfortunately, most people have no idea that such a condition exists. In many cases, this is far worse for older people who live alone.
Having a budget or financial budgeting software can help. Even a simple file system can help the person pay their bills ontime. Outside financial assistants or financial aides for the elderly and young people who suffer from this can also help. Investment software can also help them get better control of their investments.
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