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  • Writer's pictureHarry N. Stout

70- Do You Need Financial Therapy?

Updated: Jan 15, 2021

Have you seen the headlines about the new field of financial therapy and the need many people have for it? I thought I would summarize for you what has been appearing in the financial media about this topic. After reading this post you may want to learn more about this growing field.

To start with, according to Blackrock’s, the asset manager, 2019 Global Investor Pulse survey money is the top worry for Americans. If you are having trouble sleeping or if you are in a constant state of worry about money, you are not alone. Post after post is seen daily in the financial media headlining the stress, worry and depression many people experience about the state of money in their lives.

So what exactly is financial therapy? According to the Financial Therapy Association, it is defined as follows:

“Financial therapy is a process informed by both therapeutic and financial competencies that helps people think, feel, and behave differently with money to improve overall well-being through evidence-based practices and interventions.

With this combined approach, informed by both therapeutic and financial competencies, financial therapists are equipped to help people reach their financial goals by thoughtfully addressing financial challenges, while at the same time, attending to the emotional, psychological, behavioral, and relational hurdles that are intertwined.”

As you can see, financial therapy combines the professions of therapy and financial planning/management to address the root causes of a person’s issues with money and the resultant financial problems they are experiencing. Many times money issues go beyond just paying attention to financial details and have broader causes. We have all likely seen this with people in our lives.

The practice of financial therapy is new such that 2019 was the first year that financial therapists could be certified with the Financial Therapy Association. The certification that has been established ensures these professionals are able to help clients with relationship disputes and disagreements, and depression related to finances.

If you believe your issues with money extend beyond financial education and discipline, this newly evolving set of professionals may be of help to you. Just go to the Financial Therapy Association to learn more.


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