Financial therapy

Financial therapy

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.

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Can financial therapy untangle our relationship with money?

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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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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.

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Social phobia is an extreme fear of social situations such as speaking in public and interacting with others. The fear can be so extreme it can affect one's relationships with friends, family, and work colleagues. People with social phobia are terrified of being embarrassed in social situations. Social phobia is also sometimes called social anxiety disorder.

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How Does Cognitive Behavioral Therapy Work?

Cognitive behavioral therapy, or CBT, is a short-term therapy technique that can help people find new ways to behave by changing their thought patterns.

CBT works on the basis that the way we think and interpret life’s events affects how we behave and, ultimately, how we feel. Studies have shown that it is useful in many situations. 

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Deciding to see a therapist

You don’t need to have a specific diagnosis to benefit from therapy.

Most of us have some aspects of our lives we would like to improve: relationships that are in need of some rehab or some habits or behaviors that we would like to shift or change.

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