Some Couples Seeking Financial Therapy To Cure Money Woes
BOSTON (CBS) – Money is often the biggest source of conflict within any marriage. Some couples are now getting help so they can call a truce when it comes to their financial objectives.
Paige Buck and her husband are happily married, but it seemed that any talk of money was filled with friction.
“We weren’t happy with the way we talked about money,” she added.
The Buck’s decided to take a new approach and went to see a financial therapist. This is a growing trend in which money and feelings are discussed openly with a professional.
“Financial therapy is the place where money and our personalities connect, when there’s a difference between what we know and what we do,” said Saundra Davis of the Financial Therapy Association.
A financial therapist will identify and treat emotional blocks which can stress a marriage.
Therapist Olivia Mellon says common problems include “overspending, money avoidance, money worry, excessive hoarding and saving, inability to communicate about money.”
Paige felt the focus on communication was important. She realized she and her husband felt guilt over how they spent.
There are no certifications to become a financial therapist. It’s important to do your homework before you sign up with anyone.
Davis added, “The term financial therapist is not a clearly defined term. It is an emerging field, so what we have is a collaboration of financial planners, therapists, coaches, and other professionals who work together.”
Paige believes this type of therapy made her marriage stronger. “We’re saving for short term and long term goals that we never faced and even had the courage to look at before.”