Do we all need "Financial Therapy"?

bearcat16

Interesting newspaper article today about "Financial Therapy" that's becoming a trend in the USA. My first thought was 'another brand of faddy pointless therapy that everyone in the US will want' but having read the article I think they might be on to something.

Here's an extract;

"financial advice with a more touchy-feely psychological exploration of what is driving a client’s behaviour towards money.

It doesn’t come cheaply, of course, but financial therapists say we should think twice before rolling our eyes: they claim our emotional issues around money could be the exact reason we don’t have more cash to pay their bills...

They say the way we treat money is influenced less by logic and more by deep-seated beliefs that we are often unaware we hold. We may grow up watching our parents struggle with money and subconsciously develop negative, fearful emotions towards it, for example.

How to survive the January sales
Low self-esteem can lead to the self-fulfilling prophecy that we will never make enough to be comfortable. "

I think that most people's attitude towards money is, as the article says, based on upbringing and mental state rather than logic.

Here's the full article:
http://gu.com/p/4fa3k?CMP=Share_iOSApp_Other

Sanctioned_Parts_List

Oh.... my...

I don't know quite how to respond in a way that isn't libellous, but the cynic in me is not convinced.

Nowisnow

£185 for 2 hours?? A good idea apart from that small problem.

matchboxfull

Although it's probably not quite so...American, I think we all have to go through some kind of financial therapy in order to permanently solve debt problems. We all talk about Light Bulb Moments here, and getting into a different mindset.

Being part of this forum provides a lot of financial therapy. We don't just come for the savings tips, we come to hear stories about people in better or worse positions and to frame a new way of approaching money and finance.

I also think it's really important that both parties of a couple work on their money issues, especially to prevent relapse into debt. For example, my issue (historically) has been that money burns a hole in my pocket because I grew up poor and saving was alien to me. My partner's issue is that he could always more or less afford what he wanted for the first decade or so of his adulthood and it took a while for his brain to catch up when he found himself suddenly in a family (after meeting me and my children).

dirtycredit

Being part of this forum provides a lot of financial therapy. We don't just come for the savings tips, we come to hear stories about people in better or worse positions and to frame a new way of approaching money and finance

Absolutely spot on.

debbie_debt

Obviously, this is not something we should be paying for when trying to get debt free BUT I have a huge emotional attachment to money and know the reasoning behind my debt and crap money management is down to this. I get an emotional lift from buying something new, think I "deserve" treats and feel happier when these treats are expensive. I think I'd benefit hugely from some kind of financial therapy. Does anyone remember the programme Spendaholics? They combined this type of therapy with money management advice and it worked well.

I do agree though that coming on this type of forum acts as therapy in itself - mutual support/keeping it in the forefront of our minds/opening our eyes to the idiocy of what we're doing is all good therapy! Thank you everyone!! :beer:

enthusiasticsaver

I am staggered anyone would pay £185 for 2 hours of someone else examining their attitudes to money but then I am often surprised by what some people spend their money on.


I think that some people are natural inclined to emotionally overspend the way that some of us over eat when feeling happy/sad.


Over the years I have adopted the mantra of just pausing before spending and thinking if this is something I really need/want not only from a financial point of view but also from a sustainable/logical viewpoint. Do I have space to store it? Is it something I already have which I will then have to dispose of? I am not keen on waste and that applies to everything - food, clothing, books and am naturally inclined to be cautious so have never got into debt beyond a manageable mortgage and the odd interest free hp deal. My distaste of waste goes as far as never paying banks interest if I can help it.


Today's society encourages people to take on debt. 18 year olds are taking on student loans to go to University so even though it may be considered "good debt" it reinforces the belief that it is ok to be in debt from a young age. That was never the case in my teenage/young adult years. I worked in a bank from the age of 18 and it was frowned upon to have money problems and you got called in to see the manager if you went overdrawn.

Sanctioned_Parts_List

enthusiasticsaver wrote: »

I think that some people are natural inclined to emotionally overspend the way that some of us over eat when feeling happy/sad.

Funnily enough, I saw a parallel between this and subscription diet clubs. They're successful for some people, too.

dirtycredit

Does anyone remember the programme Spendaholics?

I LOVED this programme. I wish they would do loads more. Although a lot of what that psychologist bloke said was true the actual therapy that he made them go through made me cringe off my seat!!! He made a guy stand in a shopping centre window with the sign "I am ginger" :eek:

DC x

debbie_debt

dirtycredit wrote: »

He made a guy stand in a shopping centre window with the sign "I am ginger" :eek:

DC x

He did what?!?!?! :rotfl::eek: That's insane therapy for overspending!!! hahaha

I wish they'd do loads more of that programme too - it really made me think about why I used to overspend loads. I'm much better than I used to be - my treats and rewards have gone from holidays down to a can of diet coke lol but I'm now determined to stop buying all those cans!! :money:

Financial therapy would have to be free to be worth it really, but then I don't agree with the NHS (or wider government) paying for it either considering the state we're in!

Sanctioned_Parts_List

Well I suppose since the main component of coke (diet or otherwise) is phosphoric acid, whose main use outside the fertilizer industry is stripping metal off circuit boards (and the calcium from your bones), it's not the best drink...

Happy to help