Financial struggles and Obsessive Compulsive Disorder: Is There a Connection?
In the complex world of mental health, obsessive-compulsive disorder (OCD) often finds itself at the forefront. This condition, characterised by recurring, unwanted thoughts (obsessions) and repetitive behaviours (compulsions), can have far-reaching impacts, including on one's financial wellbeing.
While frugality isn't a formal symptom of OCD, some individuals with the condition might exhibit extreme frugality as a part of their compulsions. This can lead to financial problems, as can compulsive behaviours such as excessive buying, repeated checking or organizing that wastes time and money, avoidance of financial tasks due to anxiety, and increased healthcare or therapy costs related to managing the disorder.
It's important to note that OCD can be time- and energy-consuming, which can impact work performance. This, in turn, might lead to further financial struggles. However, it's essential to remember that both OCD and its associated money problems can be managed effectively.
Talk therapy, particularly Exposure and Response Prevention (ERP) therapy, is considered the most effective form of OCD treatment. This approach helps individuals confront their obsessions and resist the urge to perform compulsive behaviours. Medication like serotonin reuptake inhibitors (SRIs) can also be beneficial for some people with OCD.
For those with OCD who find themselves struggling with money management, there are additional strategies that can help. A support group, self-care strategies, and stress-relief techniques can complement OCD treatment, providing a holistic approach to managing symptoms.
It's also worth considering money coaching, which can help change one's mindset about money and build positive money habits. However, it's crucial to understand that money coaching is not a substitute for therapy for OCD.
In some cases, OCD can cause money problems through various obsessions and compulsions, such as moral OCD, fear of running out of money, or hoarding money. If hoarding money is an OCD compulsion, it is experienced as distressing instead of necessary. Negative mood caused by OCD can increase the urge to shop, further exacerbating financial issues.
It's important to remember that approximately 15% to 28% of people with OCD also have obsessive-compulsive personality disorder (OCPD). This condition, characterised by extreme perfectionism, a need to control, and strict adherence to rules, affects behaviour in all aspects of life, including money management.
Despite these challenges, it's possible to manage OCD symptoms in a healthy way and create a healthier relationship with money. With the right combination of therapy, medication, self-care, and support, individuals with OCD can overcome their financial struggles and live fulfilling, financially stable lives.
