Annie Robinson, 39, used to compare prices obsessively and deny herself pleasures such as live music shows, restaurant mains, massages, and new clothes, despite earning a good salary. She describes her past self as being in a 'headspace' where self-care meant merely surviving the day. Robinson, now a wellness coach, says she suffered from 'financial anorexia' – a term for an unhealthy obsession with saving money that negatively impacts wellbeing.
Vicky Reynal, author of 'Money On Your Mind: The Psychology Behind Your Financial Habits', explains that financial anorexia is distinct from sensible budgeting. It stems from an 'irrational, emotional place' that 'restricts our enjoyment unnecessarily'. Robinson notes that her restrictive patterns with money mirrored those she experienced with an eating disorder as a teenager, as her brain 'did the same calculations with money that it did with calories'.
Financial planner Holly Donaldson believes the condition is becoming more common due to recent financial market volatility. 'Any time more uncertainty is introduced into someone's world, this will trigger more people to restrict themselves, some of them unnecessarily,' she says. Priya*, 35, who earns £75,000 a year and has six-figure savings, identifies as a financial anorexic. She takes the bus instead of the tube and brings hot drinks in a thermos, driven by a fear of spending money instilled by her parents' experience of expulsion from Uganda in 1972.
Priya says her constant anxiety about future financial security prevents her from enjoying life, including spending on therapy or social outings. She has sought therapy for her condition, with her therapist advising her to document her income and savings to gain perspective. 'I don't let myself enjoy anything – it's ruining my life,' she says.
