​Man earning $2,000 a month battles spending phobia after bankruptcy trauma

Recently doctors in Hanoi diagnosed him with a rare “phobia of money.”

Kien, a native of Bac Giang Province near Hanoi, suffered a major financial setback six years ago when his business failed.

The bankruptcy forced him to sell his house and land to pay off debts, leaving him devastated. It caused severe depression, requiring both medication and therapy.

Though his income has since stabilized, the emotional scars linger: He remains haunted by the fear of financial insecurity, unable to bring himself to spend even on basic necessities.

He stockpiles instant noodles and cheap food, and often delays the payment of utility bills.

He says: “My parents had to sell all their assets to help me bear the burden of debt. To this day I can’t bring myself to hold money, let alone spend it.”

His fear also involves jewelry, gold and other expensive items.

Witnessing others spend money frivolously triggers an intense anger in him.

He has withdrawn from social interactions to avoid situations that might require spending money, becoming increasingly reclusive and consumed by negative thoughts.

In mid-August Kien’s family took him to Mai Huong Day Psychiatric Hospital in Hanoi, a public facility.

Tran Thi Hong Thu, the hospital’s deputy director, diagnosed Kien with secondary depression rooted in chrometophobia—an irrational fear of money.

A nurse takes care of patients at Mai Huong Day Psychiatric Hospital in Hanoi. Photo by Phuong Thao

Kien is currently undergoing treatment with medication and cognitive behavioral therapy, a method that helps patients recognize and reframe irrational thoughts and behaviors.

CBT guides individuals in developing healthier perspectives and habits to combat their fears.

Thu explains that while financial concerns are common, chrometophobia is a rare condition characterized by extreme fear and anxiety associated with money.

Though there are no specific statistics on its prevalence, Kien’s is the first case she has encountered.

Traumatic financial experiences can trigger psychological changes, distorting a person’s perception of money and inducing anxiety about potential future hardships.

Genetic factors may also play a role, as individuals with a family history of similar conditions are more susceptible. However, some people develop this phobia without any clear cause.

Chrometophobia can have severe consequences, leading individuals to avoid spending money even on essential needs, including healthcare.

The consumption of cheap or expired food is another danger, and a breakdown in social relationships can push them into isolation, exacerbating their condition.

As with other phobias, chrometophobia can be effectively treated through CBT, anxiety management techniques such as meditation and mindfulness and the development of healthy spending habits.

Patients are encouraged to record essential expenses, seek support from family members in planning their finances and maintain a balanced approach to spending.

Thu says: “Spending a lot of money may leave you with less in the long run. But money is not everything; mental health and quality of life are far more important.”