Money Vigilance (Script)

Extreme frugality/saving anxiety.

Example: She hid her savings and worried constantly.

If you're Bulgarian, you're MORE LIKELY to be ANXIOUS about MONEY

Some people call it "Post Traumatic Broke Syndrome".

It can manifest as anxiety or secrecy when it comes to earnings and/or savings. It can lead to extreme frugality/saving anxiety.

Many nations share this money script.

But let's dive in on why Bulgarians in particular are vigilant about money, how the past shapes their present and their future.

🔑 The key: #Hyperinflation

Here's some context:

The Bulgarian Lev has been under a currency board since 1997. It was originally with a fixed exchange rate against the Deutsche Mark. Then subsequently to the Euro. The convergence exchange rate is at 1 euro = 1.95583 Bulgarian leva. The currency board of the Bulgarian leva was first to the Mark, that was in 1997, and then to the euro in 1999. The role of the currency board in Bulgaria's stabilization is something that the International Monetary Fund has written about.

I'm not an economist to comment on the currency board or the transition for Bulgaria to now join the Euro area. What I can talk about is the impact of the hyperinflation in 1996 and how it shaped the nation. Many people became poor or poorer pretty much overnight. This brings up a lot of annihilation anxieties with the introduction of the Euro for Bulgarians on January 1st, 2026.

People are worried about inflation. How sensitive one can be about this, worrying that prices will double. It's a very fresh memory. It didn't happen that long ago. Some people were kids at that time, others - adults. People remember it.

Bulgarians are told that it's a historic milestone for the country. They are promised transition will lead to greater economic stability, more opportunities, stronger integration with the rest of Europe.  I can't comment on how likely that is to happen. What I can say is that I can see how emotionally and psychologically challenging that is for most Bulgarians.