Frightening person damaged money-bag (8)
I believe the answer is:
bogeyman
'frightening person' is the definition.
The answer and definition can be both people as well as being singular nouns.
Perhaps there's an association between them I don't understand?
'damaged money-bag' is the wordplay.
'damaged' indicates an anagram.
'money'+'bag'='moneybag'
'moneybag' anagrammed gives 'BOGEYMAN'.
Can you help me to learn more?
(Other definitions for bogeyman that I've seen before include "Dreadful imaginary being" , "Imaginary evil spirit, used to frighten children" , "devil" , "Evil spirit frightening children" , "Spectre terrifying to children" .)