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Do you have a child or grandchild between the ages of 18 and 34? A growing fear, peniaphobia, is harming younger millennials (born 1981 to 1996) and older Generation Zs (born 1997 to 2012).

    Made up of two words penia meaning “poverty” and phobos meaning “fear,” peniaphobia is the anxiety-induced obsession of the possibility of being poor. I’m not talking about being a bit worried about money. Peniaphobia gives young adults an overwhelming fear of being poor or not being successful.

   Why is this fear rampant today? Inflation, the rising costs and affordability of housing, the burden of student debt, an uncertain job market, stagnant wages, and the challenges of modern life all contribute to feelings of peniaphobia.

   We can also throw in social media and the comparison trap. Sites such as Instagram, TikTok, Facebook, and Snapchat, depict fanciful lives, luxury vacations, expensive outfits, pristine apartments and houses, and impressive professional success. This lifestyle seems out of reach for many young adults and fuels feelings of failure or inferiority as well as the fear of being poor.

   I am aware that few young adults read newspapers today. Since this column appears in a newspaper, I will address parents and grandparents of young people.

   How does peniaphobia show up in the lives of your affected young adults? We should look for chronic stress, physical problems, insomnia, intrusive negative thoughts, consistent worries about money, and skewed career paths (choosing career paths based on potential income rather than personal passion).

   Also, watch for “avoidance behaviors” in your young adult. These behaviors include avoiding making a budget, not wanting to participate in activities that cost money, and refusing to talk about money.

   How can we help young adults battle peniaphobia? Speak to your young adult with compassionate concern and not with judgmental or accusatory language. Here are some coping strategies.

   First, help your young adult challenge negative beliefs and thoughts they have about being poor or unsuccessful. Irrational thinking always lands people in the clutches of fear.

   Second, encourage your young adult to develop financial literacy. I’m talking here about personal money management skills. I am a big believer in the 7 Baby Steps for personal money management taught by Dave Ramsey. You might consider giving your young adult the gift of Dave’s Financial Peace University (see Ramseysolutions.com).

   Three, gently encourage your young adult to disconnect some from social media influences. Everything we read today about social media warns us of social media’s anxiety-producing influences.

   Four, respect your young adult’s personal space by reminding them that money management skills and personal success are not overnight attainments. Advocate the values of slowness, progress, and development. By taking this approach, you will help reduce some of the pressures young adults place on themselves.

   Fifth, teach your young adult the differences between a scarcity mindset and an abundance mindset. The former is marked by fixating on the things we lack and the things of which we never will have enough. The latter is marked by the belief that there are enough resources, success, wealth, choices, and happiness to go around.

   Sixth, pray for your young adult child or grandchild. Ask God to guide their life choices and personal spending habits. Pray for their strength against peer pressure. Request protection from the harmful effects of money worries. Ask the Lord to fill their minds with healthy and truthful thoughts rather than fearful and panicky thoughts.

   Never forget God’s solution for worry and anxiety shown to us in Philippians 4:6-7 in the Bible. This Bible promise replaces our worries about our young adults by giving us God’s peace.