Free Financial Counseling For Couples
Money is a common cause of tension between spouses. According to a survey, finances are the leading cause of stress in relationships, with money management issues and concerns about future financial preparedness frequently causing strain.
What is Financial Therapy?
Financial therapy is one of the options for couples experiencing financial stress. It combines the expertise of financial planners with mental health professionals. Financial therapists do not only consider payment schedules and investment plans, as traditional financial counselors may, but instead look into the deeper emotional and behavioral factors that cause financial stress.
“A lot of people just say ‘pay your bills,'” says Mary Bell Carlson, PhD, a financial therapist at Silverbell Solutions. “But financial issues are often a symptom of a deeper problem, and financial counselors may not always be equipped to handle that.”
Emotions and money often intersect, and marital distress can sometimes exacerbate financial problems. Financial therapy focuses on changing financial behaviors and managing money, but also addresses underlying relational issues. However, when larger issues such as trust or infidelity arise, a financial therapist will refer clients to marriage counselors or individual therapy for more specialized help.
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Although financial therapy is still a relatively new practice, it is gaining popularity. The Financial Therapy Association was founded in 2009, and Kansas State University recently began offering a graduate certificate program in the field, which focuses on the integration of emotional and cognitive elements into financial planning.
According to experts, a single individual cannot handle the roles of financial planning and counseling. A founder of Kahler Financial Group, Richard Kahler, believes that it is best to collaborate with licensed therapists, where both professionals play to their strengths.
For instance, a financial therapist would be coupled with a counselor who would work to bring about emotional and financial concerns, thus ensuring that both areas are handled effectively.
As the field evolves, financial therapists may be more commonly referred to individuals with financial stress in their relationships. Prior to seeking financial therapy, a client should be made aware of the confidentiality standards, the scope of services, and that there will be some homework involved, such as analyzing income statements or reflecting on money-related behaviors.
Signs that require you to need financial therapy can include unresolved issues and arguments involving money, relationship-related financial anxieties, and unshared duties to manage and monitor finances.
Generally, concerns such as budgeting, debt, credit, or long-term planning issues are given prominence by a financial therapist and made less stress-causing with regards to marital issues.
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