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When I think back to the times in my life when I have felt the most stressed, most of them have involved financial stress. Both my body and me remember the feeling all too well. Worries I would not be able to pay my bills. Stress that debt was mounting and there was very little I could do about it. Stomach churning, mind unable to focus on anything else. I also remember feeling very alone in my struggles, as money is often something many have a difficult time talking about.
I am unfortunately not alone in this recollection, as money and finances are things that many Americans are currently also distressed about. The American Psychological Association’s “2023 Stress in America” survey highlighted that money and the economy are major stressors for all age groups, with 82% of 18 to 34-year-olds, 77% of 35 to 44-year-olds, and 63% of 45 to 64-year-olds identifying them as significant sources of stress (APA, 2023). The effects of this stress include not being able to concentrate, feeling overwhelmed, and feeling like they cannot function (APA, 2023). This ongoing financial stress underscores the importance of addressing economic concerns to improve the overall well-being of Americans.
Unfortunately, many therapists are not explicitly trained to talk about money, with the literature in psychology training surrounding money being sparse (Trachtman, 1999). Because of this money taboo, many therapists tend to avoid exploring money either within themselves or with patients. (Krueger, 1996). Despite the power that money can have both in our individual relationships and in society, money has also been given little attention by psychologists writing about human motivation (Lea & Webley, 2006). Due to these unfortunate realities, many people seeking help with their financial stress are up against some large systemic barriers.
Financial psychology is an emerging field in psychology that is seeking to fill the gap and break down those barriers. It seeks to combat financial stress of clients in two ways. On one hand, it seeks to work on the client’s relationship with money through therapy. For example, some people might struggle with anxiety around money, or even facing and talking about their finances. Others might struggle with impulsivity around money, such as spending. Still others might struggle with messages they absorbed about money growing up, such as that “money is not to be talked about” or “it is bad and selfish to spend any money on yourself.”
Financial psychology also seeks to connect clients with appropriate financial resources such as a financial advisor or educational resources to help clients feel more confident in their knowledge and skills around money. Although it is a small field, it is making an impact and seeking to increase the research and clinical resources available to those seeking help.
To find a therapist, visit the Psychology Today Therapy Directory.