Money often carries a lot of emotion. Our financial choices frequently reflect past money experiences and our present psychological state. For instance, you may notice you shop impulsively when other parts of your life feel chaotic. Or you might cling to cash and avoid spending because of earlier financial hardship. A financial therapist can assist you in addressing these patterns and building a healthier connection with your finances.
But what exactly does a financial therapist do? These specialists have become more sought-after recently as people face rising financial pressure and emotional struggles tied to money. This article outlines what financial therapy entails, how it operates, who benefits from it, and how to locate a qualified practitioner.
What Is a Financial Therapist?
Financial therapy combines emotional support with financial literacy. A financial therapist works with individuals to explore the behaviors, beliefs, and past wounds that influence how they handle money.
To be recognized as a financial therapist, professionals should be certified by the Financial Therapy Association (FTA). The accrediting group expects applicants to hold at least a bachelor’s degree in a finance-related or mental-health-related discipline.
Alternatively, someone with a bachelor’s degree in an unrelated subject can qualify if they also possess a financial credential (for example, Certified Financial Planner or Licensed Professional Counselor).
It’s worth noting that not every person calling themself a financial therapist is both a licensed mental health clinician and a financial planner. Some hold both licenses; others have one title plus specialized training.
If a financial therapist encounters an issue beyond their scope, they should refer the client to the appropriate professional, such as a couples counselor or a family law attorney.
What Issues Can Financial Therapists Address?
If money causes you stress or confusion, you’re far from alone. A financial therapist can help you work through money-related challenges and cultivate a healthier financial mindset.
Common concerns a financial therapist can help with include:
- Impulse spending
- Problem gambling
- Stashing money and reluctance to spend
- Anxiety or shame tied to money
- Arguments over money in relationships
- Fear or avoidance of budgeting
- Guilt about financial or career success
- Dodging bills and other financial obligations
- Fear of checking account balances
- Procrastinating on paying down debt
- Money habits picked up during childhood
- Financial trauma
In short, if thinking about money causes you distress, a financial therapist can help you unpack those feelings and reframe your relationship with money to support future financial stability.
How Is Financial Therapy Different From Traditional Therapy or Financial Advice?
There are many professionals who can assist with money and mental health, which can make it tricky to know who to consult.
Financial therapy differs from conventional psychotherapy and from financial advising. In many lives you might benefit from working with all three types of professionals at different times. To determine who can best support you now, consider the distinctions between these roles.
When Should You Think About Seeing a Financial Therapist?
Starting the process of getting help is often the most challenging step. You might gain from seeing a financial therapist if:
- Thinking about money triggers panic or shame
- You are trapped in harmful money patterns like overspending or avoidance
- Money problems are straining your relationships
- You’ve tried budgeting or guidance but keep undermining your progress
- You inherited unhealthy money behaviors from your family that now affect your finances
- You can’t save for retirement because it’s hard to picture your future
Reaching out to a financial therapist can feel intimidating, especially if money already makes you uneasy. But financial distress is common, and asking for help is a wise—not shameful—choice. Once you take that first step, subsequent actions usually feel more manageable.
What Does Financial Therapy Cost?
Fees for financial therapy vary by region and by the clinician’s experience. Typical session rates range from $100 to $250, although some therapists provide sliding scale fees or group sessions to lower the cost.
Health insurance rarely covers financial therapy unless the therapist is a licensed mental health professional.
If private sessions are beyond your budget, consider these alternatives:
- Seek nonprofit clinics that offer financial therapy for people with limited resources
- Explore financial coaching, which is often less expensive than therapy
- Look for newly credentialed financial therapists who may charge lower introductory rates
How to Locate a Certified Financial Therapist
Ready to begin examining your financial habits and emotions? The first step is finding a qualified professional to help you improve your money relationship.
Start by consulting the Financial Therapy Association’s directory. You can filter searches by:
- Geographic area
- Mode of delivery (virtual or in-person)
- Primary orientation (mental health or financial)
- Practitioner gender (male, female, or non-binary)
After identifying a potential match, you’ll find contact details to schedule an initial consultation and see if the practitioner is a good fit.
Verify the credentials of any financial therapist you’re considering. Look for one of these qualifications:
- Licensed clinician (LMFT, LCSW, etc.)
- Certified Financial Therapist (CFT-I™)
- Certified Financial Planner (CFP) with supplemental mental health training
Match their experience to your needs. For deep emotional or relationship-related financial issues, a licensed therapist may be preferable. If your concerns are more practical with mild anxiety, a CFP who has pursued additional mental health education could be a better fit.
Be cautious of warning signs such as guarantees to “fix” your money problems quickly, pressure to buy financial products, or a lack of relevant certification. Avoiding scams protects both your money and your emotional wellbeing.
Is Financial Therapy a Good Fit for You?
If you’re weighing whether to try financial therapy, consider its potential to transform how you relate to money. For those with emotional difficulty around finances, this kind of support can be life-changing.
Think of financial therapy as an investment in both your mental wellness and financial future. If you’re uncertain, try a single session to start—there’s no way to know whether it will help unless you give it a chance.
Lena Mason is a Certified Financial Education Instructor and freelance writer who focuses on personal finance and home topics. She lives in Ohio with her spouse, two kids and two lively dogs.
