What is financial psychotherapy?
Financial psychotherapy is a specialized form of therapy that addresses the struggles, conflicts and confusion that so many people experience regarding their personal finances. We focus on the relationship between money and emotions and help people feel empowered about and at ease with the financial dimension of their lives.
How Does Financial Psychotherapy Differ from Traditional Psychotherapy?
Financial psychotherapy is different from traditional counseling or psychotherapy in that the financial psychotherapist has a background and expertise in topics such as investing and budgeting and is experienced in addressing counterproductive patterns and helping people overcome obstacles related to their management of finances.
A financial psychotherapist can work with you to explore your true values and goals, introduce certain tools to help you better understand your current financial situation and help you identify resources to solve problems. If you are interested, you can work with a financial psychotherapist on changing behavior or developing a better understanding of financial or investment concepts.
Financial psychotherapy is for people of all income levels. In fact, people with above average incomes can have just as much if not more stress about money as people who earn less - not to mention the challenges of having substantial money to invest.
How Do Financial Psychotherapists Differ from Financial advisors or Planners?
Financial psychotherapists focus primarily on the emotional, motivational and interpersonal dimensions of your relationship with finances. You remain in control; a financial psychotherapist does not make decisions for you. Nor do they offer specific investment, legal or tax advice.
However, an experienced financial psychotherapist can help you identify other financial services you may need and refer you to an appropriate specialist or resource in the community (including financial advisors, financial planners, asset management services, etc.).
What Can You Expect from Financial Psychotherapy?
Financial psychotherapists are familiar with the ways that money can create problems, challenges and conflicts — and they help couples and individuals explore their own unique meanings, values, responses and solutions.
The bottom line is that interactions with clients should be supportive, nonjudgmental and collaborative. Respect for each individual must always take first priority, and all the rules of integrity that apply to psychotherapists also apply to financial psychotherapists.
Are you someone who could benefit from financial psychotherapy? To find out or to set up an appointment, call 212-439-5102 or contact me by email at firstname.lastname@example.org.
180 East 79th Street, Suite 1A
New York, NY 10075