What is Financial Therapy
Financial therapy is a relatively new specialty within psychology, social work, and counseling. It focuses on the emotional and behavioral aspects of personal finance, helping individuals and couples better understand their relationship with money. Unlike traditional financial counseling or financial advising, financial therapy bridges the gap between financial literacy and the emotions and behaviors tied to money.
The Connection Between Money and Emotions
Money and emotions are deeply intertwined. Emotions can influence money behaviors (both positive and negative), and financial decisions can, in turn, affect emotional well-being. For instance, someone raised in a household where financial conflicts were frequent may develop anxiety or controlling behaviors around money as an adult. These patterns, often rooted in past experiences or "money stories," can shape how individuals approach finances in relationships and life.
The Role of a Financial Therapist
A financial therapist helps clients explore the feelings, beliefs, and behaviors behind their financial habits. Unlike financial advisors or counselors who primarily focus on financial literacy and planning, financial therapists address the psychological and emotional components of money. They are trained mental health professionals (like LPCs) with additional expertise in financial therapy. However, unless they have specific certifications in financial advising, financial therapists do not offer financial advice or planning services.
What Can Financial Therapy Help With?
Financial therapy can help with a variety of challenges, including:
Overcoming negative emotions and limiting beliefs about money.
Healing generational financial trauma that may hinder financial confidence.
Addressing financial infidelity or trust issues within relationships.
Navigating financial stress and anxiety.
Building a healthier relationship with money to achieve personal finance goals.
For couples, financial therapy—sometimes referred to as couples financial counseling or financial marriage counseling—can provide a safe space to discuss money matters, improve communication, and work through conflicts.
Finding a Financial Therapist
Since financial therapy is a relatively new field, it may take some effort to find a qualified financial therapist. Many therapists gain expertise in this area through specialized certifications or continuing education. When searching, look for professionals with training in financial therapy or certifications indicating their expertise in addressing the emotional and behavioral aspects of finances.
Is Financial Therapy Right for You?
If you’ve ever felt stuck, stressed, or overwhelmed by your finances, financial therapy could be a helpful step. Whether you’re looking to heal past money traumas, improve your relationship with money, or strengthen financial communication with your partner, a financial therapist or money therapist can guide you through the process.
Remember, financial therapy isn’t just about managing money—it’s about understanding yourself and your financial story so you can move forward with clarity and confidence.
If you’re considering this type of support, don’t hesitate to reach out to a professional specializing in financial therapy or financial counseling for couples.
