A 40-year-old man from Bac Giang Province, northern Vietnam earns VND50 million (US$2,002) a month but breaks out into a cold sweat at the thought of spending a dime.

The man said that he did not dare to hold money, let alone to spend it.

The per capita income of workers in Vietnam in the first half of 2024 stood at VND8.4 million ($336) a month, according to the Ministry of Labor, War Invalids, and Social Affairs.

In comparison, the man's monthly earnings were considered significantly higher.

Dr. Tran Thi Hong Thu, deputy director of Mai Huong Daycare Psychiatric Hospital in Hanoi, said that the man, only known as 40-year-old K., had been diagnosed with chrometophobia.

Six years ago, K. incurred massive losses in business so he sold his house and land to pay debts.

The failure of his business plunged him into severe depression.

However, K. has been facing some psychological barriers over money since his income became stable.

He explained that his parents had to sell all of their assets to help him pay debts, so when he earned much money, the man did not desire to spend it.

He even bought plenty of instant noodles and low-cost foods for personal consumption, while making late payments for water and electricity bills.

“Now, I do not dare to hold cash, let alone to spend it,” he admitted.

More seriously, he became enraged when witnessing others waste money, indulge in luxury items, or simply wear jewelry.

K. refused all social engagements to avoid spending and gradually fell into a period of negative thinking.

In mid-August, he was admitted to Mai Huong Daycare Psychiatric Hospital for evaluation.

Dr. Thu diagnosed him with a depressive disorder triggered by chrometophobia.

Apart from taking medicine, the patient received cognitive behavioral therapy, which helps people challenge negative thoughts and change their mood and behaviors.

Those who underwent serious financial distress might be plunged into the overwhelming fear of money, said Dr. Thu.

Severely distressing events can cause psychological trauma that changes patients’ brain and their behavior toward money.

She said that most people experience some levels of anxiety about money, but a few suffer from chrometophobia, which is a phobia and a persistent, irrational fear of thinking about or holding money, negatively affecting the patients’ daily life.

Like other phobias, chrometophobia can be treated effectively by cognitive behavioral therapy and anxiety management skills such as meditation, Dr. Thu said.

Besides, patients with chrometophobia should follow their own methods to cope with the fear, including jotting down all key expenses and having their family members map out a spending plan, according to the doctor.

Dr. Thu revealed that K. is her first patient suffering from chrometophobia at the hospital.

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