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: 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. During periods of economic hardship, families may lose their jobs, homes, vehicles, savings, insurance plans, retirement funds, personal belongings, and other valuable assets. Such losses can have a profound impact on the emotional and psychological well-being of families. The change in circumstances from having "something" to having "nothing" can be emotionally devastating, often triggering intense feelings of grief, sadness, worry, fear, or shame. A lack of funds can also lead to potentially detrimental lifestyle changes, such as consuming unhealthy foods or substances, diminished personal hygiene, or limited access to education. Under these circumstances, family relations can deteriorate and lead to negative mental or emotional consequences for individuals within the family.