Experts say a significant amount of this can be explained by what they call “money disorders.”
Money disorders is an umbrella term for recurring and self-defeating issues that people have with money, according to Brad Klontz, author of “Mind Over Money” and co-founder of the Financial Psychology Institute.
Klontz finds that most disorders fall into three broad categories: Money avoidance, money worshipping and relational money disorders. Each category can be broken into more specific disorders, such as overspending, workaholism and pathological gambling.
Check out this video to learn more and to see how you can improve your relationship with money.
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