Psychology Today has a brief article in its September/October 2012 print edition suggesting that financial anxiety can actually cause folks to take longer to respond to words associated with other financial concepts (examples include “debt”, “overdraft”, and “bonus”).
The piece says:
An inclination to avoid money matters is common. But it’s an especially dangerous strategy for people already in debt.
In a set of studies in the Journal of Neuroscience, Psychology, and Economics, those with more financial anxiety took longer to react to words like “debt,” “overdraft,” and even “bonus.”
Such reflexive avoidance mirrors some of the key symptoms of a phobia. When people start ignoring unpleasant bank statements, their debt and anxiety feed on each other, creating a negative loop.
Though no one is saying that “financial phobia” should be a diagnosis, the study’s authors suggest that therapists could apply proven phobia treatments like cognitive behavioral therapy to correct the avoidant thought patterns that afflict financially anxious patients.” – Matt Huston
While I’ve not tracked down the studies themselves yet (they’re in Vol 5(2), May 2012 of the Journal), I am fascinated by the implications. The implication is that when we’re in debt, we are particularly in need of the skillful assistance of someone else to help us face our situation. What I imagine stymies so many people is that it’s still not “nice” to talk about money and there are money tips so many places that we feel like we should be able to fix it ourselves. Take heed!