Financial therapy developed as professionals recognized the deep connection between our financial behaviors and our emotional and psychological well-being. It emerged at the intersection of psychology, financial planning, and behavioral economics, addressing the fact that our relationship with money is about much more than just numbers.
For years, financial planners and counselors noticed that clients often struggled with emotional challenges related to money—whether it was anxiety about spending, guilt around debt, or conflicts with a partner over financial decisions. These emotional aspects were often beyond the scope of traditional financial counseling. At the same time, therapists encountered clients whose emotional well-being was heavily influenced by financial stress, yet they lacked the tools to address the practical side of money management.
Financial therapy was born out of the need to bridge this gap. It brings together the emotional and psychological insights from therapy with the practical, goal-oriented approach of financial counseling. The field has grown as more professionals have recognized the importance of addressing the underlying beliefs, emotions, and behaviors that drive financial decision-making.
Who might benefit from financial therapy?
Anyone who struggles with the emotional or psychological aspects of money can benefit from financial therapy. It’s especially helpful if you find yourself repeating the same financial mistakes despite knowing better, or if you experience significant stress, anxiety, or conflict around money.
For instance, if you’ve experienced financial trauma—such as growing up in poverty, going through a financially devastating life event, or enduring a major financial loss—financial therapy can help you work through these experiences and their lasting impact on your relationship with money.
Couples who argue about money might also find financial therapy beneficial. Money is one of the most common sources of conflict in relationships, and financial therapy can help partners understand each other’s financial behaviors, align their financial goals, and improve communication around money.
Even if you’re generally good with money but want to deepen your understanding of how your beliefs and emotions influence your financial decisions, financial therapy can be incredibly valuable. It’s about creating a healthier, more mindful relationship with money—one that aligns with your values and supports your overall well-being.