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.
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.
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