Why so many women suffer from ‘chrometophobia’ (that’s a fear of confronting their finances)

Refuse to click ‘check balance’ when you withdraw money? Does yet another letter from Barclays remain unopened on your kitchen table? Do you break out in a sweat when someone mentions mortgages, pensions or ISAs at a dinner party? Allow me to (very unofficially) diagnose you with Chrometophobia – a fear of confronting your finances.

Chrometophobia can manifest in several ways, including fear, anxiety or panic at the prospect of spending money, an extreme reluctance to think about money or your spending habits, a refusal to open any money-related post, such as bank statements, or a refusal to check your bank account.

Sound familiar? Are you a woman? You’re not alone. According to Pete Ridley, a financial expert at car finance comparison site Car Finance Saver, Chrometophobia, or the fear of confronting money, can be attributed to various factors, which may disproportionately affect women. Oh great.

Pete says that traditional gender roles may have conditioned women to believe that they are not skilled or responsible for managing money, resulting in anxiety and avoidance of financial tasks (hard relate). “Studies have shown that women generally have lower financial literacy levels than men,” he notes. “This gap can lead to a lack of confidence in making financial decisions, which in turn can create anxiety around dealing with money. And the gender wage gap may also contribute to Chrometophobia, as women might feel more financial strain and avoid confronting their finances due to concerns about not having enough money or facing financial instability.”

So how can women combat Chrometophobia and feel empowered by taking control of our finances? Here are some quick-fire ways to tackle your financial fears:

Financial education: Improving financial literacy by taking classes, attending workshops, or reading books on personal finance can help women gain confidence in their ability to manage money (oner of the GLAMOUR team is addicted to Your Juno’s app, which shares bite-sized financial lessons).

Open dialogue: Encouraging open conversations about money with partners, friends, or family members can help normalise financial discussions and reduce anxiety around the topic.

Set financial goals: Establishing clear financial goals and creating a plan to achieve them can help provide a sense of control and reduce anxiety about money.

Professional help: Consulting with a financial advisor or therapist who specialises in financial anxiety can provide tailored guidance and support to overcome Chrometophobia.

“Remember, it’s crucial to approach this issue with empathy and understanding, as the factors contributing to Chrometophobia can be deeply ingrained and challenging to overcome,” adds Pete. “Encouraging an open dialogue and supporting women in their journey to financial empowerment can help break the cycle of Chrometophobia.”

Here’s to a healthier relationship with money.