Flourish - Latest Edition - Flipbook - Page 47
How Financial Therapy Helps You Thrive
BY CON BARBAYANNIS, CPA
You know that knot in the
stomach you get when
you open a bank app
and the numbers don’t
look right? Or the way a
single unexpected bill can
turn a good week into a
sleepless one? Financial
therapy sits exactly in
that uncomfortable space
where dollars and feelings
collide and, increasingly,
people are choosing to
talk about both.
Financial therapy isn’t
a fad. It’s a prac琀椀cal,
evidence-informed
approach that blends
昀椀nancial planning,
behavioural change and
psychotherapy to help
people manage money
and the emo琀椀ons that
drive money behaviours.
The point isn’t to hand
someone a spreadsheet
and say “昀椀x it”, it’s to
help them feel less
ashamed, less stuck and
more capable of making
choices that match their
values. The 昀椀eld now
has its own academic
forum in the Journal
of Financial Therapy,
What does financial
which studies how
therapy actually
thoughts, rela琀椀onships
look like?
and behaviour shape
昀椀nancial wellbeing.
Why now?
Cost-of-living pressures
and rising day-to-day
昀椀nancial strain mean
money is top-of-mind.
Recent research shows
that the rising cost of
living is having a major
impact on people’s
mental health, and
昀椀nancial pressure is now
the leading cause of
distress for many.
Global studies show
emo琀椀onal stress and
anxiety have been
trending upwards for
years (昀椀nancial worry
is one of the common
drivers) and that
chronic stress has real
downstream e昀昀ects on
sleep, concentra琀椀on and
physical health. Financial
stress is therefore not
only a money problem
but a public-health issue.
Think of 昀椀nancial therapy
as a hybrid session. A
昀椀nancial therapist might:
• explore the client’s
money story (what
money meant in their
childhood, triggers and
shame cycles);
• help map emo琀椀onal
drivers (e.g. spending
to soothe loneliness,
avoiding bills because
of fear); and
• combine prac琀椀cal tools
(budge琀椀ng, cash-昀氀ow
plans) with therapeu琀椀c
techniques (CBT-style
thought records,
values clari昀椀ca琀椀on,
mindfulness) to shi昀琀
behaviour.
A typical program might
run for a handful of
sessions, or be embedded
into longer-term
counselling. Importantly,
it’s collabora琀椀ve — you
don’t get lectured; you
learn how to no琀椀ce
pa琀琀erns and make choices
that feel manageable.
