Fear can blight investment

If you're in the latter camp then it's likely you're money phobic. For some people financial phobias are so bad that they can never make an investment decision beyond putting their savings in the bank. Others are held back from making anything but the most conservative investment decisions.

Cambridge University academic Dr Brendan Burchell says those who struggle to manage their money aren't necessarily feckless or lazy.

"The most pronounced symptoms experienced by financialphobes are the emotional reactions encountered when faced with the prospect of managing money, including anxiety, resulting in an increased heartbeat, and feelings of physical illness."

More minor manifestations included handing responsibility for dealing with bank or credit card statements to partners, avoiding reconciling statements and ignoring bank balances. Extreme sufferers throw away unopened statements.

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