What Are Financial Therapists?
If you’re struggling to get your financial footing or feel like you’re earning less than you could, you may benefit from therapy — financial therapy, that is.
Financial therapists believe money management has roots in subconscious beliefs called “money scripts.” Money scripts are, in essence, your attitude and habits surrounding money.
Financial therapists try to help by teasing out these beliefs, which are often formed in childhood. These professionals address the ways in which mental health and upbringing may affect work, income, and spending.
If you were raised living paycheck to paycheck, you may struggle to save as you become financially independent, even if you bring in a higher income than your parents. Without an intentional intervention, it’s natural to default to the behaviors you were taught growing up. Financial therapists aim to act as that intervention.
Even those who don’t have an unfavorable money script may see their financial lives suffer due to other issues a financial therapist might address. Poor sleep and difficulty focusing could mean missing a bill payment, leading to late fees or a deteriorating credit. Productivity at work could also suffer, affecting raises and promotions.
By addressing the root cause of unsatisfactory financial outcomes, these professionals endeavor to offer a holistic solution that may resolve several issues at once.
Working with a therapist can literally pay off. A 2018 study by the European Economic Review revealed that men saw an average 12.4% income boost after psychotherapy, while women saw an 8.1% increase.
In the current environment of high inflation and economic uncertainty, many Americans are looking for ways to stretch their dollars. Working with a financial therapist may be a means to expand your mind and wallet.
Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.