The latest issue of the Financial Therapy Association’s Journal of Financial Therapy just came out. The association and journal are concerned with the link between personal financial knowledge, attitudes, behaviors, and personal and family well-being. The assimilation speaks to the: financial planner, financial educator, therapist, financial manager, financial therapist, money coach, etc. Two new articles of note:
Individual Development Account (IDA) participants need strong credit histories to access affordable credit for their IDA asset purchase …In comparison to national IDA participants, participants in this study had higher incomes, more education, and a higher rate of being “banked.” Yet, they utilized higher-cost alternative financial services, such as payday lenders and pawnshops, at rates similar to other low-income families. Additionally, they initiated their IDA programs with low credit scores and a poor credit history.
The purpose of this paper is to introduce an integrative approach to working with clients experiencing problems related to financial disempowerment. The multi-phase model integrates three theoretically-driven psychotherapy approaches, including cognitive behavioral, narrative, and Virginia Satir’s experiential therapies, and financial counseling techniques to increase one’s sense of financial empowerment. A case study is included to demonstrate the applicability and effectiveness of the model.
Both financial planners and financial educators, along with therapists, counselors, and coaches (including integrative financial therapy centers), use Money Habitudes. It addresses not only money but also delves into the psychology behind spending and saving. It helps clients and patients better understand themselves and gives professionals a non-judgmental way to start important, breakthrough conversations.
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