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.
Most of us would equate ‘money problems’ with ‘debt problems’, and indeed servicing high levels of debt is a major cause of worry and stress for those of us who’ve perhaps borrowed too heavily in the past.
There is another kind of money trouble that doesn’t receive quite as much publicity. It’s called Financial Phobia, and is a real clinical condition that causes untold problems for its victims.
Recent research has suggested that up to 20% of adults suffer from full-blown financial phobia, with nearly half of the population showing some signs of a milder version of the condition.
Sufferers find it extremely difficult to keep on top of their finances, as the prospect of doing simple things like opening bills causes them feelings of anxiety, nausea, and even – in the worst cases – full panic attacks. They will dislike checking their bank balances, will put off paying...
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