Many people struggle to speak about their financial situation openly. That is a direct result of how society views “money” and whether it is a topic to discuss in the first place. Financial therapy has been created to help people overcome this mental block. But what does it even entail, and why does it matter? Find out more below.
The Purpose of Financial Therapy
Even though finances are on everyone’s mind virtually every day, we do not talk about it all that much. More specifically, everyone wants to create a better and stable financial future for themselves and their friends, family and loved ones. It should be straightforward to do so, but the reality is very different. Speaking freely on financial matters is difficult, as society doesn’t deem it necessary or “the norm”.
That may seem strange, as financial concerns can cause emotional stress, anxiety, terrible sleeping patterns, etc. Why is our society so opposed to talking freely about finances? It is a question more people should ask themselves, as we often leave these matters uncontrolled. As the emotional burden builds up, other aspects of life will be affected. Addressing that problem is not straightforward, although financial therapy can offer a lifeline. Not only will this therapy help sort out one’s financial situation, but it also provides emotional support wherever necessary.
People may resort to financial therapy for a growing number of reasons. First, they want to change their behavioral issues for the better, as financial concerns will change people at their core if left unchecked. Others may want advice with their financial routines, such as splurging, impulse purchases, gambling, etc. Another group will need help to stop working themselves to death to make ends meet or just to hoard money.
Whether one wants to admit it or not, no one likes to deal with financial issues. Some may even hide certain financial aspects from their partner or family. Financial therapy can offer help to all of those people in such situations. While it is not necessarily a fool-proof solution to ‘fix everything”, it can help people on their path to a healthier and better life.
Collaboration Is Crucial In Financial Therapy
Seeking out financial therapy will require people to open up to a financial advisor and a licensed therapist or specialist. Both the advisor and the specialist have different qualifications to tackle one’s financial – and mental – issues accordingly. At the same time, it also prevents the deployment of “full financial therapy support”. It is a fragile line to walk between offering support and potentially pushing people in the wrong direction.
However, financial advisors receive training to provide informal therapy to clients to help put the financial aspect at ease. That doesn’t mean it’s no longer necessary to consult a therapist or specialist. The emotional and mental part of being under economic duress is overlooked far too often. Financial stress has many faces and aspects, all of which need to be dealt with appropriately.
As a financial advisor often forms a relationship with their client, they are in a prime position to advise on a course of action. In addition, their expertise and knowledge can help alleviate a client’s burden, although it is only a first step. Depending on the emotional help one needs – or which habits they want to break – a professional may be required.
Financial therapy is a very intriguing concept and one that can potentially help millions of people with their finances. It is not always just about making ends meet but also about the behavior we exert when confronted with the economic aspect of life. Money is a sensitive and off-limits subject, even though it doesn’t need to be that way. Hopefully, that situation will change for the better.
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