Doctors in Hanoi recently diagnosed him with a rare condition called “money phobia.”
Kien, who is from Bac Giang province near Hanoi, suffered a major financial blow when his business failed six years ago.
Bankruptcy forced him to sell his home and property to pay off his debts, which left him devastated, leading to severe depression and the need for both medication and therapy.
Although her income has since stabilized, the emotional scars remain, and she is plagued by financial uncertainty and is unable to afford even the basic necessities of life.
He stocks up on instant noodles and cheap food and often delays paying his utility bills.
He says: “My parents had to sell all their property so that I could shoulder the burden of their debts. Even now, I cannot even have money, much less spend it.”
His fear also extends to expensive items such as jewels and gold.
When he sees others wasting money, he feels intense anger.
He avoided social interactions to avoid situations where he might have to spend money, and he became increasingly isolated and consumed with negative thoughts.
In mid-August, Kien’s family took him to Mai Phuong Dei Psychiatric Hospital, a public facility in Hanoi.
The hospital’s deputy director, Tran Thi Hong Tu, diagnosed Kien with secondary depression caused by cheonophobia – the irrational fear of money.
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A nurse looks after a patient at Mai Phuong Dei psychiatric hospital in Hanoi. Photo by Phuong Thao |
Kien is now being treated with medication and cognitive behavioural therapy, a treatment that helps patients recognise and change irrational thoughts and behaviours.
CBT coaches individuals to develop healthier perspectives and habits to combat fear.
Thu explains that while financial anxiety is common, financial phobia is a rare condition characterised by extreme fear and anxiety related to money.
There are no concrete statistics on the spread of the disease, but Kien’s case is the first she has come across.
Traumatic financial experiences can cause psychological changes that distort your perception of money and induce anxiety about future difficulties.
Genetic factors may also play a role, with people who have a family history of the condition being more susceptible, but some people develop this phobia without any clear cause.
Chromatophobia can have serious consequences, leading individuals to avoid spending money even on essential needs, including medical care.
Consuming cheap or out-of-date foods is another risk, and the breakdown in social relationships can lead to isolation, exacerbating the symptoms.
Like other phobias, chromophobia can be effectively treated through CBT, anxiety management techniques such as meditation and mindfulness, and developing healthy spending habits.
Patients are encouraged to keep a record of essential expenses, seek family support in making financial plans, and maintain a balanced approach towards spending.
“If you spend a lot of money, you may have less left in the long run,” Tu says. “But it’s not all about money. Mental health and quality of life are much more important.”
