Financial therapy is not a cure

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.

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...