Matters of money is a struggle for many people and can even become a phobia. To deal with the phobia, many people are turning to financial therapists for help.

Financial therapy is a form of therapy that untangles the relationships with money by treating the emotional root of money stress instead of the behaviour itself.

Money decisions are related to emotions. According to a 2019 UK survey, money is the number one cause of stress.

Tips to help overcome this phobia.

• Cognitive behavioural therapy (CBT) is a practical approach that focuses on making changes by looking at underlying problems.
• To get a better emotional return on your spending, people should spend on what they value most and save on what they value the least.
• Identifying emotional triggers can help to self-manage.

Financial therapy is still a new field and confined to the US. There is still much to learn about the benefits and limitations of the therapy. Nevertheless, the potential benefits seem promising.

A concern is that financial phobias are often intertwined with other psychological issues that need to be addressed first. The idea of a few sessions and you're cured won't necessarily work.