Managing money can be a significant source of stress in life. For some, a simple tweak in their budget can bring clarity and stability. For others, financial challenges may stem from more complex issues, such as changes in financial circumstances, unhealthy spending habits, or emotional barriers. These difficulties can also impact relationships with partners and hinder progress toward achieving financial wellness. Moreover, our cultural background, religious beliefs, and gender identity often shape how we perceive and interact with money.
Financial stress can feel isolating and overwhelming, particularly when its emotional and psychological aspects are left unaddressed. It’s important to remember that these challenges are not unique to you. In fact, 73% of Americans rank their finances as the number one stress in life.
Fortunately, professional support is available to help ease the burden and guide you toward a healthier relationship with your finances. One such resource is financial therapy, which combines financial guidance with emotional support to help individuals overcome obstacles and achieve their goals.
What is Financial Therapy?
Financial therapy is a specialized form of support provided by trained professionals who focus on the intersection of money and emotional well-being. Financial therapists aim to help clients change how they feel about money and adjust their saving and spending behaviors to enhance overall wellness.
Unlike traditional financial advisors, financial therapists address the emotional barriers that often prevent individuals from implementing effective financial plans. Many people seeking financial therapy already understand budgeting and financial basics but struggle to overcome the psychological hurdles needed to create long-lasting change.
What Does a Financial Therapist Do?
A certified financial therapist is uniquely qualified to address both the financial and emotional aspects of money management. They can provide guidance on spending and investing while helping clients explore the underlying emotions and beliefs that may be contributing to their stress or preventing them from reaching their goals.
For couples, financial therapists can work to foster unity by creating a shared financial vision and addressing any relationship challenges tied to money. This process might involve examining longstanding views about money and developing a personalized “money script” that reflects your relationship with finances. While this work can be challenging, the benefits of building a healthier financial mindset are well worth the effort.
How Do You Find a Financial Therapist?
The Financial Therapy Association (FTA) offers a certification program for professionals with backgrounds in finance or mental health. Their directory is an excellent starting point for finding a qualified financial therapist. Certified professionals have completed rigorous training and coursework to ensure they’re equipped to support clients in both financial and emotional capacities.
How Long Does Financial Therapy Take?
The duration of financial therapy varies depending on individual needs. Some people may develop a plan and work through their challenges in just a few months. However, those dealing with deeply rooted stress, anxiety, or trauma related to money may require more time to process their emotions and reshape their attitudes toward finances.
Other Options to Consider
If financial therapy isn’t the right fit for you, consider reaching out to your financial institution. Many banks and credit unions offer free consultations or money coaching services. While these may not provide the depth of emotional support offered by financial therapy, they can be a helpful starting point on your journey toward financial freedom.
Final Thoughts
Financial stress is a common challenge, but it doesn’t have to be faced alone. Whether through financial therapy or other resources, support is available to help you navigate emotional barriers and create a healthier relationship with money. Taking steps to address both the practical and emotional aspects of your finances can lead to lasting well-being and peace of mind.
We’re Here for You
Bankers Life is here to help customers with their financial and insurance needs so please visit us at BankersLife.com to learn more.
Want more? Please read our blog, 5 Tips to Cope & Move Ahead After Financial Infidelity
Insurers and their representatives are not permitted by law to offer tax or legal advice. The general and educational information here supports the sales, marketing or service of insurance policies. Based upon individuals’ particular circumstances and objectives, they should seek specific advice from their own qualified and duly-licensed independent tax or legal advisors.
Bankers Life Securities, Inc., Bankers Life Advisory Services, Inc., and their representatives do not provide legal or tax advice. Each individual should seek specific advice from their own tax or legal advisors.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors. To determine which investment(s) may be appropriate for you, please consult your financial professional prior to investing.
Bankers Life is the marketing brand of various affiliated companies of CNO Financial Group including, Bankers Life and Casualty Company, Bankers Life Securities, Inc., and Bankers Life Advisory Services, Inc. Non-affiliated insurance products are offered through Bankers Life Securities General Agency, Inc., (dba BL General Insurance Agency, Inc., AK, AL, CA, NV, PA).
Securities and variable annuities offered through Bankers Life Securities, Inc. Member, FINRA/SIPC (dba BL Securities Inc., AL, GA, IA, IL, MI, NV, PA). Advisory products and services offered by Bankers Life Advisory Services, Inc. SEC Registered Investment Adviser (dba BL Advisory Services, Inc., AL, GA, IA, MT, NV, PA).
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk.
Investments are: Not Guaranteed—Involve Risk—May Lose Value.
