Chrometophobia (Fear of Money): Symptoms, Causes, & How to Treat It

What Is Chrometophobia (Fear of Money)?

Chrometophobia, or the fear of money, is a relatively uncommon specific phobia that can reveal itself in different ways. For some people, it may be a fear of spending money or money in general. Others may have a more specific fear, such as a fear of coins or paper money.

The term chrometophobia originates from the Greek words chrimata, meaning money, and phobos, which translates to fear. In some cases, the phobia is so severe that a person evades all contact with money, which can lead to serious financial problems. Sufferers of chrometophobia may go to great lengths to avoid dealing with money. They may go as far as refusing to carry cash or use credit cards. Some may even avoid financial institutions like banks or ATMs.

Symptoms of Chrometophobia

A person suffering from chrometophobia will be incredibly anxious in situations where they may have to spend money. Some will experience typical symptoms of anxiety while others will have symptoms specific to money anxiety. This can result in avoidance behaviors like not attending family gatherings where money is involved, or not going out with friends if they will be participating in an activity that requires money.

Common symptoms of chrometophobia include:

• Anxiety or panic attacks at the thought of spending money
• Constant fear of losing control
• Avoiding social situations and making up excuses on why not to attend
• Difficulty concentrating
• Difficulty sleeping
• Decreased appetite
• Irritability
• Muscle pain and tension
• Depression
• Headaches
• Exhaustion
• Mood changes
• Excessive worry about money

Causes of Chrometophobia

Chrometophobia can stem from a number of factors. However, the cause is believed to be a combination of psychological and environmental factors such as a lack of self-esteem, fear of failure, or witnessing a traumatic event involving money, like a robbery. People with diagnosable specific phobias may be more at risk to develop chrometophobia if they have avoidant behaviors related to money.

Possible causes of chrometophobia include:

• Financial trauma: Financial trauma, also known as money trauma or financial PTSD, is not an official psychiatric diagnosis, but is often used to describe financially triggered PTSD. This includes different challenges people experience when they have difficulty coping with either an abrupt financial loss or chronic financial stress.
• Major financial setback: When someone experiences a major financial setback, such as a job loss, medical emergency, or divorce, this can lead to a fear of money. As a result, some people may become overly cautious with their money or avoid it entirely. Others may want to maintain their lifestyle and take on too much debt in order to do so.
• Genetic predisposition: It’s no secret that our genes can influence our behavior. Genetic factors can also play a role in the development of phobias. Those with a family history of phobias may be more likely to develop one themselves.^{1, 2}
• Anxiety disorders: Anxiety disorders can interfere with daily activities such as job performance, school work, and relationships. Anxiety disorders are the most common mental health disorders in the US. affecting 19.1% of the population.³
• Psychological factors: Chrometophobia may be fear-based, such as being afraid of losing control, the unknown, or change.
• Social factors: Social factors that contribute to chrometophobia may include a family history of financial anxiety, being worried by a national financial crisis, or personal experience with financial hardship.
• Bankruptcy: The bankruptcy process can be stressful. You may worry about losing your home, possessions, or your job. You may also worry about how bankruptcy will affect your credit and your ability to get loans in the future. This can enhance any fear of money.

Impacts of Chrometophobia

Chrometophobia can cause significant financial complications in a person’s life. They may miss out on important opportunities for financial growth by investing or making important financial decisions. Additionally, chrometophobia can lead to problems at work as well as one’s relationships.

Possible impacts of chrometophobia include:

• Not receiving raises at work: When a person avoids asking for raises at work because of their chrometophobia, they are leaving money on the table and not valuing their self-worth.
• Avoiding opportunities to make more money: This might include passing up additional education or certifications because you are afraid of spending the money to do so.
• Legal problems: Chrometophobia may cause a person to avoid going to the bank or using ATMs. By doing so, it can be difficult to manage one’s finances, resulting in legal problems, bounced checks, late fees, or even bankruptcy.
• A lower credit score: If a person isn’t paying their bills on time, it can negatively impact their credit score, making it difficult to get a loan, rent an apartment, buy a home, or get a job.
• Relationship difficulties: When you live with someone with chrometophobia and can’t have honest conversations about money, it can impact further communication and intimacy as relationships are built on honesty and trust.

How Is Chrometophobia Diagnosed?

Chrometophobia is one of the least well-known and diagnosed phobias. It can be difficult to determine whether a fear of spending money is severe enough to be classified as a phobia. However, healthcare providers can provide a diagnosis based on the DSM-5 criteria for specific phobias.⁵ Being able to label your chrometophobia is beneficial as it allows you to seek proper treatment.

The DSM-5 diagnostic criteria for specific phobias includes:

• The person experiences excessive or unreasonable fear at the prospect of the object or situation.
• The person is unable to cope with the feared situation and almost always experiences anxiety or panic attacks when they encounter the situation.
• The person recognizes that their reaction is excessive but is unable to do anything about it.
• The person avoids the situation as much as possible, or endures it with significant distress and anxiety.
• The person’s fear, anxiety, distress, and avoidance interfere significantly with their ability to go about their daily life, affecting their work, studies, relationships, and overall functioning.
• The person’s fear is persistent and has lasted for over six months.
• The person’s symptoms and behavior are not caused by another mental health condition.

Treatment for Chrometophobia

Psychotherapy is generally the first step when developing a treatment plan for chrometophobia. Traditional phobia treatments help to address symptoms of immense anxiety and stress, and there are many affordable therapy options to consider. Seeking professional help will help you get back on track in your life and overcome your fears.

Treatment options for chrometophobia include:

• Exposure therapy: Exposure therapy is based on systematic desensitization, a behavioral therapy technique used for treating phobias and anxiety. The idea is to expand your comfort zone by getting used to things that make you uncomfortable.
• Support groups: Support groups are effective, convenient, and helpful. Additionally, online support groups offer lower cost options.
• Group therapy:  Whether the service is online or in-person therapy, group therapy works similarly to individual therapy. By meeting with a licensed mental health professional, the client will work to address and resolve their symptoms alongside others experiencing similar issues.
• Cognitive behavioral therapy (CBT): CBT asserts that your thoughts precede your emotions and behaviors. You need to restructure your beliefs to know you are innately deserving of financial peace, financial freedom, and an abundant life. CBT for anxiety can be helpful for chrometophobia as it offers practical solutions to your triggers and symptoms.
• Financial therapy: Some therapists specialize in financial therapy and will help you explore your psychology of money and heal from past financial trauma. They can also teach you how to shift your money mindset to better manage any money anxiety.
• Twelve step support: There are many free twelve step groups that address money issues such as Debtors Anonymous, Spenders Anonymous, Underearners Anonymous, Gamblers Anonymous, and more.

6 Tips for Coping With Chrometophobia

If you have a fear of money, you may want to avoid financial situations at all cost. However, as money is a part of everyday life, consider facing your fears. Start by educating yourself about money and finances. Developing healthy coping mechanisms for dealing with your anxiety can help you become more comfortable with money.

Here are six tips for coping with chrometophobia:

1. Distract Yourself

When you have chrometophobia, it can be difficult to focus on anything else but money. Being consumed with worry can make you feel like you can’t escape your anxiety. Because of this, it can be helpful to distract yourself. Focus on something else, such as your breathing–connect with your breath and how your body feels in the moment.

2. Reach Out for Support

Talking to someone who understands your fear can be helpful. They may be able to offer you support and advice on how to cope. Try meeting with a financial planner to assess your financial health and develop short and long-term goals. Financial advisors will promote your financial literacy and educate you on various options for debt management, budgeting, saving, and investing.

Additionally, the Consumer Financial Protection Bureau is a government agency that gives you access to tools and resources to improve your financial literacy to make informed, empowered financial decisions. Reaching out to the financial counseling association of america can connect you to financial counseling, debt counseling, and various other financial services.

3. Create a Budget

If the thought of money causes you anxiety, take some time to create a budget. Knowing exactly where your money is going each month can help you feel more in control and less afraid of money. Your thoughts, feelings, attitudes, self-care, goals, motivation, and support directly impact your finances. Therefore, creating a routine for yourself and your finances is a significant factor in success.

4. Take Baby Steps

Baby steps can go a long way as you face your fear of money. Making lasting change is a gradual process that requires time, patience, and consistency. Start by setting realistic goals–if your goals are too ambitious, you’re more likely to get discouraged and give up. Focus on making small changes, one thing at a time. Break your goals down into manageable bite-sized pieces and take it one day at a time.

5. Practice Meditation Techniques

Relaxation techniques can help you to control your breathing and focus on something other than your symptoms. When you’re feeling stressed, there are a number of relaxation techniques you can practice to help you feel calmer. Try practicing deep breathing, mindfulness, progressive muscle relaxation, and meditation for anxiety.

There are many benefits to mindfulness such as improved stress regulation, disease resistance, pain management, and even slowing age-related brain degeneration.⁶ Meditation includes taking a break from your thoughts by connecting with your breath. Mental chatter can fuel stress and anxiety–just like how rebooting a computer improves its operating function, meditation can reboot your mind, body, and spirit for optimal performance.

6. Try a New Way to Relax

Visualization is another relaxation technique that you can use to ease stress and anxiety. The goal of visualization is to focus on positive images and thoughts to achieve a calm and relaxed state. Close your eyes and spend a few minutes connecting to your breath and doing a body scan to notice where you are holding any tension. Breathe it out until you feel clear.

Imagine being enveloped by a positive white light, enclosed in a safe bubble, or behind a protective, invisible shield that separates you from other people’s negative feelings. When you are feeling overwhelmed by your fear of money, remember this protective shield and envision their hurtful words or negative energy bouncing off the shield while you remain safe and well.

Final Thoughts

The fear of money or chrometophobia can have a significant impact on a person’s life. It can make keeping a job or saving for retirement difficult. It can also cause problems in personal relationships, as people with chrometophobia may be reluctant to discuss financial matters with their partner. If you think you may have chrometophobia, reach out for support from a qualified mental health professional. They can help you understand your fear and develop a treatment plan to manage it and live a more fulfilling life.