•  
  •  
 

Keywords

financial therapy, financial psychology, money psychology, marriage and family therapy, financial planning, financial counseling narrative therapy, cognitive behavioral therapy

Abstract

The article serves as one of the first attempts to develop an integrated theoretical approach to financial therapy that can be used by practitioners from multiple disciplines. The presented approach integrates the components of the six-step financial planning process with components of empirically-supported therapeutic methods. This integration provides the foundation for a manualized approach to financial therapy, shaped by the writings of narrative theorists and select cognitive-behavioral interventions that can be used both by mental health and financial professionals.

Creative Commons License

Creative Commons Attribution-Noncommercial 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License

References

Aniol, J. C., & Synder, D. K. (1997). Differential assessment of financial and relationship distress: Implications for couples therapy. Journal of Marital and Family Therapy, 23(3), 347-352.

Archuleta, K. L., Burr, E. A., Dale, A. K., Canale, A., Danford, D. Rasure, E., Nelson, J., Williams, K., Schindler, K., Coffman, B., & Horwitz, E. (2012). What is financial therapy? Discovering mechanisms and aspects of an emerging field. Journal of Financial Therapy, 3(2), 57-77. doi: 10.4148/jft.v3i2.1807

Beck, J. S. (2011). Cognitive behavior therapy: Basics and beyond. New York, NY: The Guilford Press

Beck, A. T., Rush, A. J., Shaw, B. F., & Emery, G. (1979). Cognitive Therapy of Depression. New York, NY: Guilford Press.

Berg, I. K. (1994). Family based services: A solution-focused approach. Scranton, PA: WW Norton and Company, Inc.

Bermudez, J. M., & Parker, M. L. (2010). Context and culture in intimate partner infidelity: Co-constructing preferred couple narratives. In J. Carlson & L. Sperry (Eds.), Recovering intimacy in love relationships: A clinician’s guide. (pp. 271-290). New York, NY: Routledge Publishing.

Bermúdez, J. M., Keeling, M., & Carlson, T. S. (2009). Using art to co-create preferred problem-solving narratives with Latino couples. In M. Rastogi and V. Thomas (Eds.), Multicultural couple therapy (pp. 319-343). Thousand Oaks, CA: Sage Publications.

Bertrando, P. (2011). A theory of clinical practice: The cognitive and the narrative. Journal of Family Therapy, 33(2), 153-167. doi: 10.1111/j.1467-6427.2010.00501.x

Blenkiron, P. (2005). Stories and analogies in cognitive behaviour therapy: A clinical review. Behavioural and Cognitive Psychotherapy, 33(1), 45-59. doi: 10.1017/S1352465804001766

Blenkiron, P. (2010). Stories and analogies in cognitive behaviour therapy. Bootham Park Hospital, York: John Wiley & Sons, Ltd.

Bradfield, B.C. (2010). Bipolar mood disorder in children and adolescents: In search of theoretic, therapeutic and diagnostic clarity. South African Journal of Psychology, 40(3), 241-249.

CFP Board (2013). Certified Financial Planner Board of Standards, Inc. Retrieved from http://www.cfp.net/

Dayton, T. (1994). The drama within: Psychodrama and experiential therapy. Deerfield Beach, FL: Health Communications, Inc.

Deblinger, E., Mannarino, A. P., Cohen, J. A., Runyon, M. K., & Steer, R. A. (2011). Trauma-focused cognitive behavioral therapy for children: Impact of the trauma narrative and treatment length. Depression and Anxiety, 28(1), 67-75. doi: 10.1002/da.20744

Dell’Osso, B., Allen, A., Altamura, A.C., Buoli, M., & Hollander, E. (2008). Impulsive-compulsive buying disorder: Clinical overview. The Royal Australian and New Zealand College of Psychiatrists, 42(4), 259-266. doi: 10.1080/00048670701881561

Dobson, K. S. (2010) Handbook of cognitive-behavioral therapies. New York, NY: The Guilford Press.

Dubofsky, D. & Sussman, L. (2007). The changing role of the financial planner part 1: From financial analytics to coaching and life planning. Journal of Financial Planning, 22 (8), 48-57.

Eifert, G. H., Schulte, D., Zvolensky, M. J., Lejuez, C. W., & Lau, A. W. (1997). Manualized behavior therapy: Merits and challenges. Behavior Therapy, 28(4), 499-509.

Epstein, N.B. & Baucom, D.H. (2010). Enhanced cognitive-behavioral therapy for couples: A contextual approach. Washington, DC: American Psychological Association.

Ertelt, T.W., Marino, J.M., Mitchell, J.E., & Lancaster, K. (2009). Current status of cognitive-behavioral intervention for compulsive buying disorder. Journal of Contemporary Psychotherapy, 39(4), 213-220. doi: 10.1007/s10879-009-9121-9

Financial Therapy Association (2013). About the Financial Therapy Association. Retrieved April 9th, 2013 from http://www.financialtherapyassociation.org/About_the_FTA.html

Ford, M. R., Baptist, J. A., & Archuleta, K. L. (2011). A theoretical approach to financial therapy: The development of the ford financial empowerment model. The Journal of Financial Therapy, 2(2), 20-40. doi: 10.4148/jft.v2i2.1447

Freedman, J. & Combs, G. (1996). Narrative therapy: The social construction of preferred realities. New York, NY: W. W. Norton & Company, Inc.

Gale, J., Goetz, J., & Britt, S. (2012). Ten considerations in the development of the financial therapy profession. Journal of Financial Therapy, 3(2), 1-13. doi: 10.4148/jft.v3i2.1651.

Gehart, D.R., & Tuttle, A.R. (2003). Theory-based treatment planning for marriage and family therapists. Belmont, CA: Cengage Learning.

Goetz, J. & Gale, J. (2014). Financial therapy: De-biasing and client behaviors. In H. K. Baker & V. Ricciardi (Eds.), Investment Behavior: The Psychology of Financial Planning and Investing (pp. 227-244). Wiley.com.

Grable, J. E., Archuleta, K. L., & Nazarinia, R. R. (2011). Financial planning and counseling scales. New York, NY: Springer Science Business Media.

Griffin, M. (2003). Narrative behaviour therapy? Integration in practice. Australian and New Zealand Journal of Family Therapy, 24(1), 33-37.

Kim, J. H., Gale, J., Goetz, J., & Bermudez, J. M. (2011). Relational financial therapy: An innovative and collaborative treatment approach. Contemporary Family Therapy, 33(3), 229-241.doi: 10.1007/s10591-011-9145-7

Klontz, B., Kahler, R., & Klontz, T. (2008). Facilitating financial health. Cincinnati, OH: National Underwriter Company.

Klontz, B. T., Bivens, A., Klontz, P. T., Wada, J., Kahler, R. (2008). The Treatment of Disordered Money Behaviors: Results of an Open Trial. Psychological Services, 5 (3), 295–308. doi: 10.1037/1541-1559.5.3.295

Levant, R. F. (2005). Report of the 2005 Presidential Task Force on Evidence-Based Practice. Washington, DC: American Psychological Association.

McGill, S. Grable, J., & Britt, S. (2010). The Financial Therapy Association: A Brief History. The Journal of Financial Therapy, 1, (1), 11-16. doi: 10.4148/jft.v1i1.235

Miller, R. B, Yorgason, J. B., Sandberg, J. G., & White, M. B. (2003). Problems that couples bring to therapy: A view across the family life cycle. American Journal of Family Therapy, 31 (5), 395-407. doi: 1080/01926180390223950

Mitchell, J. E., Burgard, M., Faber, R., Crosby, R. D., & Zwaan, M. (2006). Cognitive behavioral therapy for compulsive buying disorder. Behaviour Research and Therapy, 44(12), 1859-1865. doi: 10.1016/j.brat.2005.12.009

Monk, G., Winslade, J., Crocket, K., & Epston, D. (1997). Narrative therapy in practice: The archaeology of hope. San Francisco, CA: Jossey-Bass Inc.

Moreno, J. L., & Fox, J. (1987). The essential Moreno: Writings on psychodrama, group method, and spontaneity. New York, NY: Springer Publishing Company.

Morgan, A. (2000). What is narrative therapy? An easy-to-read introduction. Adelaide, South Australia: Dulwich Centre Publications.

National Consumer Law Center. (2013). Guide to Surviving Debt. Boston, MA: NCLC Publications.

Nichols, M. P. (2010). Family therapy: Concepts and methods. Boston, MA: Allyn & Bacon.

O’Hanlon, W. H., & Weiner-Davis, M. (1989). In search of solutions: A new direction in psychotherapy. New York, NY: W. W. Norton.

Rhodes, J. & Simon, J. (2009). Narrative CBT for psychosis. New York, NY: Routledge/Taylor & Francis Group.

Sexton, T. L., Weeks, G. R., & Robbins, M. S. (2003). Handbook of family therapy. New York, NY: Routledge.

Shapiro, J., & Ross, V. (2002). Applications of narrative theory and therapy to the practice of family medicine. Family Medicine, 34(2), 96-100.

Sills, C. (2006). Contracts in counselling and psychotherapy. Thousand Oaks, CA: Sage Publications.

Smith, T.E., Nelson, R.J., Richards, K.V., & Shelton, V.M. (2012). Financial therapy: 5 steps toward financial freedom. Tallahassee, FL: Southeastern Professional Books.

Stanley, S. M., Markman, H. J., & Whitton, S. (2002). Communication, conflict, and commitment: Insights on the foundations of relationship success from a national survey. Family Process, 41(4), 659-675.

Tomm, K. (1987a). Interventive interviewing: Part I. Strategizing as a fourth guideline for the therapist. Family Process, 26(1), 3.

Tomm, K. (1987b). Interventive interviewing: Part II. Reflexive questioning as a means to enable self‐healing. Family Process, 26(2), 167.

Tomm, K. (1988). Interventive interviewing: Part III. Intending to ask lineal, circular, strategic, or reflexive questions? Family Process, 27(1), 1.

Toneatto, T. & Ladouceur, R. (2003) Treatment of pathological gambling: a critical review of the literature. Psychology of Addictive Behaviors, 17(4), 284–292. doi: 10.1037/0893-164X.17.4.284

Tuval-Mashiach, R., Freedman, S., Bargai, N., Boker, R., Hadar, H. & Shalev, A.Y. (2004). Coping with trauma: Narrative and cognitive perspectives. Psychiatry, 67(3), 280-293.

Ussher, J. M., Hunter, M., & Cariss, M. (2002). A woman-centered psychological intervention for premenstrual symptoms, drawing on cognitive-behavioral and narrative therapy. Clinical Psychology and Psychotherapy, 9(1), 319-331. doi: 10.1080/14780880701863567

Vromans, L. P. & Schweitzer, R. D. (2011). Narrative therapy for adults with major depressive disorder: Improved symptom and interpersonal outcomes. Psychotherapy Research, 21(1), 4-15. doi: 10.1080/10503301003591792

White, M. (1991). Deconstruction and therapy. Dulwich Centre Newsletter, 1, 6-46.

White, M., & Epston, D. (1990). Narrative means to therapeutic ends. New York, NY: W. W. Norton & Company.

Wright, J. H., Basco, M. R., & Thase, M. E. (2006). Learning cognitive behavior therapy: An illustrated guide. Washington, DC: American Psychiatric Publishing.

Zaslow, J. (2003, September 25). Another thing to blame on your parents: Your hang-ups about handling money. The Wall Street Journal, p. D1.

Share

COinS