Financial Therapy Q&A

What is financial therapy?

Financial advisors know a lot about the logistics of how to plan your retirement, investments, and assets, but they aren’t trained in behavioral change or communication. Many therapists are adept at helping you cope with emotions, anxiety, and behavioral problems but aren’t so good at helping you handle your money.

Financial therapy combines the best of both professions. Practitioners are dedicated to the integration of cognitive, behavioral, emotional, relational, and financial aspects of well-being. 

Our financial therapy practitioners at Healthy Minds NYC can help you deal with money worries, financial stress, and the resulting impacts on your life and relationships. 

Who needs financial therapy?

Finances and money cause stress for Americans more than anything else. Financial therapy isn’t just people with a lot of wealth; it’s for anyone who makes financial decisions emotionally -- and that’s most people.

People in general “know” what they should do, such as saving, budgeting, and spending their money wisely. But there’s a definite disconnect when it comes to behavior. Much of the time, your money-spending habits, just like your dietary habits, are driven by emotions. 

If you recognize that you have problematic financial behaviors, contact our team at Healthy Minds NYC to set up an appointment with a financial therapist.

What types of issues can a financial therapist address?

A financial therapist addresses the emotional and behavioral factors that influence the way you handle your money. Many of these exist on a subconscious level, and you’re not even aware of them until you see an expert. 

A lot of financial issues are tied up in interpersonal relationships. It’s a major source of conflict, stress, and unhappiness between parents and children, friends, siblings, and spouses. 

Oftentimes, people avoid discussing finances -- with each other or with a therapist -- because the topic is just too difficult or embarrassing. A financial therapist can work with all the parties who are struggling due to financial problems to get all the perspectives and find a resolution. 

Financial stress can also spread into other areas of your life. It can make you isolated, paranoid, depressed, or anxious. A therapist provides support and advice that is geared specifically toward the financial realm and the subsequent stresses. Ultimately, the goal is to get your finances in order and to give you the necessary advice and support to keep them that way. 

To learn more about financial therapy, request an appointment online today.