What Is a Financial Therapist — and Do You Need One?

Money is an emotional topic. Often, our financial behavior mirrors our past experiences with money and our current mental state. For example, you might have noticed you spend more compulsively when you feel out of control in other areas of your life. Or, you might be afraid to spend and prefer to hoard your money because you’ve experienced financial hardship before. A financial therapist can help you overcome these struggles and develop a healthier relationship with your finances.

But what is a financial therapist? These professionals have risen in popularity in recent years as people experience more financial stress and struggle emotionally with money issues. This article will explain what financial therapy is, how it works, who it helps and how to find a legit practitioner.

What Is a Financial Therapist?

Financial therapy blends emotional support with financial education. A financial therapist helps people address their behaviors, beliefs and past trauma that’s tied to how they handle money.

For a professional to be considered a financial therapist, they must be certified by the Financial Therapy Association (FTA). The certifying body requires applicants to have a bachelor’s degree in a financial-related field or a mental health-related field. 

Alternatively, they can hold a bachelor’s degree in an unrelated field, but they must also hold a financial certification (like Certified Financial Planner or Licensed Professional Counselor).

It’s important to note that not all financial therapists are licensed mental health professionals or financial planners. Some may hold both titles, while others may hold one and have completed additional training. 

If a financial therapist encounters an issue that’s outside their area of expertise, they can refer their client to the right person to help, like a marriage counselor or a family lawyer.

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What Issues Can Financial Therapists Help With?

If you have a complicated relationship with money, you’re not alone. A financial therapist can help you overcome your money-related issues and develop a healthier relationship with your personal finances.

Here are some of the main issues a financial therapist can help with:

• Compulsive spending
• Gambling
• Money hoarding
• Money-related anxiety or shame
• Couples fighting over finances
• Fear of budgeting
• Guilt around success
• Avoiding bills and other finances
• Fear of checking bank accounts
• Procrastination around debt
• Financial behaviors learned in childhood
• Financial trauma

Essentially, if thinking or talking about money stresses you out, a financial therapist can help unpack your emotions and reframe your feelings about money to set you up for future financial success.

How Is Financial Therapy Different From Regular Therapy or Financial Advising?

There are many different types of professionals who can help with your finances and mental health. That means finding the right person for your situation can be confusing.

Financial therapy isn’t the same as traditional therapy, nor is it the same as financial advising. You may need to work with all three pros at some time in your life. To decide which type of professional can best help you now, consider the following differences.

Financial Therapy	Traditional Therapy	Financial Advising
Focuses on the emotions surrounding money	Focuses on mental health	Focuses on numbers and maximizing returns
Requires a Certified Financial Therapist designation	Requires a master’s degree in a counseling-related field	Requires a bachelor’s degree in a finance-related field
Helps people change their thoughts, feelings and behaviors toward money	Helps people overcome mental health challenges like anxiety, depression or PTSD	Helps people identify financial goals and make a plan to reach them

When Should You Consider Seeing a Financial Therapist?

In many cases, the first step is the hardest part of seeking help. You might benefit from meeting with a financial therapist if:

• You feel panic or shame when thinking about money
• You’re stuck in unhealthy money cycles, such as overspending or avoidance
• Money issues are causing relationship conflict
• You’ve tried budgeting or advice, but keep self-sabotaging
• You learned unhealthy money habits from your parents that are now affecting your personal finances
• You struggle to save for retirement because you can’t envision your future

Taking the all-important step of seeking help from a financial therapist can be scary, especially if money makes you feel anxious. However, financial distress is common, and seeking help is a smart, not shameful, decision. Once you overcome the hurdle of taking that first step, the next steps will be much easier.

How Much Does a Financial Therapist Cost?

The cost of working with a financial therapist can vary depending on where you live and the amount of experience your financial therapist has. An average session costs between $100 and $250, though some financial therapists may offer sliding scales or group sessions to help you save money.

Health insurance generally doesn’t cover financial therapy unless the provider is a licensed mental health clinician. 

If the cost of a financial therapist is outside your budget, don’t fret. You may be able to find affordable help in one of the following ways:

• Look for nonprofit clinics that offer financial therapy for low-income individuals
• Ask about financial coaching as a lower-cost alternative to financial therapy
• Search for a newly qualified financial therapist to see whether their starting rates are lower

How to Find a Certified Financial Therapist

Ready to get started on your financial therapy journal? The first step is to find the right professional to help you examine and improve your relationship with money.

Before you do anything, check out the Financial Therapy Association’s directory. You can search by: 

• Location
• Delivery method (virtual or in person)
• Primary professional orientation (mental health or financial) 
• Practitioner gender (male, female or non-binary)

Once you find a potential match, you’ll see contact information for that professional so you can call or email for an initial appointment to see if it’s a good fit.

Always check the credentials of the financial therapist you’re considering. They should have one of the following:

• Licensed therapist (LMFT, LCSW, etc.)
• Certified Financial Therapist (CFT-I™)
• Certified Financial Planner (CFP) with additional mental health training

Vet their experience based on your needs. For example, you might prefer to work with a licensed therapist if your financial issues are causing problems in your relationship or if you have deep-seated financial trauma in your past. If you’re dealing with milder anxiety and want to focus more on the financial aspect than the emotional one, a CFP with additional training might be the better option.

Be smart and keep an eye out for red flags, such as promises to “fix” your finances overnight, pressure to buy financial products, or no relevant certification. The last thing you want is to deal with a scam that can damage your financial emotions even further.

Is Financial Therapy Worth It for You?

If you’re considering financial therapy, you may wonder whether it’s worth it for you. However, if you’ve struggled emotionally with money, this support might be transformative. 

Think of financial therapy as an investment in your mental and financial well-being. If you’re still not sure if it’s right for you, try one session to start. After all, if you don’t try it, you’ll never know if it could help you.

Catherine Hiles is a Certified Financial Education Instructor and freelance writer specializing in personal finance and home improvement. She lives in Ohio with her husband, two children and two energetic dogs.