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Financial Therapy: Theory, Research, and Practice
Money-related stress dates as far back as concepts of money itself. Formerly it may have waxed and waned in tune with the economy, but today more individuals are experiencing financial mental anguish and self-destructive behavior regardless of bull or bear markets, recessions or boom periods. From a fringe area of psychology, financial therapy has emerged to meet increasingly salient concerns. Financial Therapy is the first full-length guide to the field, bridging theory, practical methods, and a growing cross-disciplinary evidence base to create a framework for improving this crucial aspect of clients' lives. Its contributors identify money-based disorders such as compulsive buying, financial hoarding, and workaholism, and analyze typical early experiences and the resulting mental constructs ("money scripts") that drive toxic relationships with money. Clearly relating financial stability to larger therapeutic goals, therapists from varied perspectives offer practical tools for assessment and intervention, advise on cultural and ethical considerations, and provide instructive case studies. A diverse palette of research-based and practice-based models meets monetary mental health issues with well-known treatment approaches, among A text that serves to introduce and define the field as well as plan for its future, Financial Therapy is an important investment for professionals in psychotherapy and counseling, family therapy, financial planning, and social policy.
- GenresFinance
394 pages, Hardcover
First published September 10, 2014
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72 people want to read
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Displaying 1 - 2 of 2 reviews
February 1, 2026
In which a simple framework is presented to help someone change behavior with regards to money. Note these techniques could achieve any change, even a maladaptive one, so the only ethical use is to help someone achieve their stated desired goals.
According to the framework, undesirable behaviors like situation denial, gambling, hoarding, workaholism, enmeshment, dependence, enabling, deceitfulness, and compulsive buying are performed automatically according to ‘money scripts’ which are triggered by quotidian stimuli. The main categories of undesirable money scripts are avoidance, worship, status, and vigilance. These scripts can be challenged, for example a compulsive online shopper can train him or herself to say “You can never get enough of what you don’t really need” every time they would have done a certain action (opened a shopping app, clicked a ‘buy now’ button).
Each of the avoidance, worship, status, and vigilance money scripts can trigger any, all, a mix, or even unlisted undesirable behaviors of the listed behaviors. As financial therapist, it is imperative you carefully induct and discuss to accurately determine the unique money scripts this particular client uses—maladaptive behavior alone does not allow you to read someone’s mind.
The book does not present a set of techniques for addressing root causes. For example, helping an enmeshed dependent who has developed status money scripts because of challenges making and maintaining healthy relationships learn relationship-building techniques is outside of scope.
Money script cognitive behavioral therapy will only work in the context of a trustful long-term relationship sensitive to the emotional challenges of a client trying to effect his or her own change. Unconditional positive regard is recommended, as well as slow development. Remind yourself, “All in good time.” Begin by learning about the client. The ‘What if there was a miracle that solved all of your financial challenges?’ question is a recommended start. Help the client to establish their own goals— name the monsters and identify sparkling events. Only then provide technical assistance developing a plan to meet these goals. Moreover provide emotional check-ins: use 1-10 questions “On a scale of 1-10 how do you feel about [emotional goal established by client]?” “Why did you say 7 not 8?” etc. in addition to providing accurate and sound technical monitoring. Always focus on the present and future, and help your client to believe in him or herself by telling stories about financially empowered people, or people who became more financially empowered.
According to the framework, undesirable behaviors like situation denial, gambling, hoarding, workaholism, enmeshment, dependence, enabling, deceitfulness, and compulsive buying are performed automatically according to ‘money scripts’ which are triggered by quotidian stimuli. The main categories of undesirable money scripts are avoidance, worship, status, and vigilance. These scripts can be challenged, for example a compulsive online shopper can train him or herself to say “You can never get enough of what you don’t really need” every time they would have done a certain action (opened a shopping app, clicked a ‘buy now’ button).
Each of the avoidance, worship, status, and vigilance money scripts can trigger any, all, a mix, or even unlisted undesirable behaviors of the listed behaviors. As financial therapist, it is imperative you carefully induct and discuss to accurately determine the unique money scripts this particular client uses—maladaptive behavior alone does not allow you to read someone’s mind.
The book does not present a set of techniques for addressing root causes. For example, helping an enmeshed dependent who has developed status money scripts because of challenges making and maintaining healthy relationships learn relationship-building techniques is outside of scope.
Money script cognitive behavioral therapy will only work in the context of a trustful long-term relationship sensitive to the emotional challenges of a client trying to effect his or her own change. Unconditional positive regard is recommended, as well as slow development. Remind yourself, “All in good time.” Begin by learning about the client. The ‘What if there was a miracle that solved all of your financial challenges?’ question is a recommended start. Help the client to establish their own goals— name the monsters and identify sparkling events. Only then provide technical assistance developing a plan to meet these goals. Moreover provide emotional check-ins: use 1-10 questions “On a scale of 1-10 how do you feel about [emotional goal established by client]?” “Why did you say 7 not 8?” etc. in addition to providing accurate and sound technical monitoring. Always focus on the present and future, and help your client to believe in him or herself by telling stories about financially empowered people, or people who became more financially empowered.
February 19, 2015
Excellent book for financial and counseling professionals, as well as for academics and students interested in marriage family therapy as well as personal financial planning. The intersection of the two areas is quite interesting and often times not jointly discussed. This book is a great beginning to the area of financial therapy - one that will truly change the way financial planning is done in the future, for the better, especially for clients.
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