Title: Therapy for Money and Financial Issues
Headings: Money and Financial Issues
Money and Financial Issues
Types of Financial Problems
Money Problems and Mental Health
Poverty and Mental Health
Therapy and Financial Issues
Working with a Financial Therapist
Finding Affordable Treatment
Case Example
References:
Last Update: 03-24-2020

Content: High levels of debt and insufficient funds to pay off the debt
Unexpected loss of income or assets
Increase in financial responsibilities, such as costs associated with caring for a new child or sick family member
Differences in spending habits or values between people who share income
Compulsive spending or gambling
Bankruptcy or foreclosure
Poverty
Some potential financial issues are linked directly to an individual's personal choices, such as the mismanagement of funds, lack of financial planning, making impulsive financial decisions, compulsive shopping that fills an emotional need, gambling, consistent overspending, or chronic underspending. In other cases of financial distress, personal choice is removed completely. For example, individuals who have trouble paying household bills due to a floundering national economy, and victims of financial crimes such as credit card fraud and identity theft may experience high levels of anxiety in the face of financial crises that are largely out of their control. Money Problems and Mental Health
While current research has not explicitly identified debt and financial issues as causes of poor mental health, data does suggest a strong link between both issues. For example, a meta-analysis of 65 mental health studies involving close to 34,000 participants indicates that people in debt are more than three times as likely to experience mental health issues than people who are not in debt. Individuals with overwhelming financial issues are also at greater risk for depression, alcohol dependency, drug dependency, psychotic issues, and suicide completion than individuals who are free from financial stress. Conversely, certain mental health conditions may put a person at increased risk for developing financial problems. In particular, mental health conditions that affect a person's mood or behavior—such as depression, bipolar, or attention-deficit hyperactivity —have been linked with money management issues. People who are dependent on drugs or alcohol may deplete their income paying for their addiction, may have difficulties maintaining a job, and are also more likely to engage in risky financial ventures. Additionally, people coping with ongoing mental or physical health issues may experience financial problems due to the costs associated with paying for their health care.