Financial Goal Setting, Financial Anxiety, and Solution-Focused Financial Therapy (SFFT): A Quasi-experimental Outcome Study

Archuleta, Kristy L.; Mielitz, Katherine S.; Jayne, David; Le, Vincent

doi:10.1007/s10591-019-09501-0

Cited by 31 publications

(15 citation statements)

References 15 publications

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“…Issues with employment lead patients and their family members have fewer opportunities to maintain a steady flow of income, furthering the financial burden on the family. Many cancer patients will struggle to return work, and at times the absence itself can lead to job loss, lowering the family’s financial stability significantly (Archuleta et al, 2020 ; Ford et al, 2020 ; Grable et al, 2020 ; Hamel et al, 2016 ).…”

Section: Literature Reviewmentioning

confidence: 99%

The Cost of Cancer: The Association of Financial and Cancer-Related Stress on Maladaptive Coping Styles in Families with a Cancer Diagnosis

Johnson

Ross

2021

Contemp Fam Ther

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According to the American Cancer Society (2020), it is estimated that 1.8 million new cancer diagnoses will occur in 2019 in the United States. Due to the frequency of cancer diagnoses and the increasing costs of treatment, financial stress is common among cancer patients. Guided by the Family Systems Illness Model (FSI), a cross-sectional study of individuals and family members where there was an active cancer diagnosis (n = 53) was conducted. The study utilized structural equation modeling to examine the impact of cancer stress and financial stress on maladaptive family coping mechanisms, and in turn, their effect on family communication and satisfaction. Findings indicate individuals with higher financial stress reported greater cancer stress. In turn, individuals with higher cancer stress, reported higher rigidity in their family coping which was associated with less family satisfaction. Additionally, as individuals reported greater family disengagement and chaos, lower levels of family communication and satisfaction were found. These findings provide evidence to the complex stresses experienced by cancer patients and their families. Therapeutic implications of how emotionally focused therapy may support these families dealing with a cancer diagnosis are discussed.

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Section: Literature Reviewmentioning

confidence: 99%

The Cost of Cancer: The Association of Financial and Cancer-Related Stress on Maladaptive Coping Styles in Families with a Cancer Diagnosis

Johnson

Ross

2021

Contemp Fam Ther

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“…Financial professionals could also ask scaling questions (Archuleta et al, 2015(Archuleta et al, , 2017deShazer, 2007). For example, "On a scale from 0 to 10, with 0 meaning that you are not willing to take any risk with your money to achieve your goals and 10 meaning that you are very willing to take any amount of risk necessary to achieve your financial goals, what number indicates your own willingness to take financial risk?"…”

Section: Implications For Practicementioning

confidence: 99%

A deeper dive: A mixed methods approach to risk tolerance

et al. 2021

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Most risk tolerance studies are quantitative, even though many factors that may affect the manifestation of risk tolerance are qualitative. This study employed a mixed‐methods approach to investigate how individuals consider risk tolerance as it relates to their financial situation. Fuzzy‐trace theory, a psycholinguistic theory of risk processing rooted in prospect theory that is becoming increasingly popular in the medical field, guided the study. Quantitative results indicate that stated versus revealed measures of risk tolerance are not consistent for most people. However, higher risk literacy increases the likelihood of consistency. Qualitative results reveal that individuals perceive risk tolerance through various lenses, including knowledge, values, emotions, and personal experience.

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“…Marriage and family therapists utilize a variety of modalities that are informed by family systems theory lens and can be used to intervene in order to change behaviors, attitudes, biases, and perceptions to improve client decision‐making and well‐being. Modalities such as family systems therapy (Archuleta & Burr, 2015; Archuleta & Britt‐Lutter, 2018; Archuleta & Ross, 2015; Gale, Ross, Thomas, & Boe, 2020; Gale & Ross, 2017; Karam, Blow, Sprenkle, & Davis, 2015; Kim, Gale, Goetz, & Bermúdez, 2011; Seay, Gale & Goetz, 2015), cognitive‐behavioral therapy (Ford, 2015; Ford, Baptist, & Archuleta, 2011; Nabeshima & Klontz, 2015), narrative therapy (Ford, 2015; Ford et al, 2011; McCoy, Ross, & Goetz, 2013, 2015; Ross III & Coambs, 2018), and solution‐focused therapy (Archuleta et al, 2015; Archuleta, Grable, & Burr, 2015; Archuleta, Mielitz, Jayne, & Le, 2020; Palmer, Pichot, & Kunovskaya, 2016) are among a few that have been applied in financial therapy. With theoretical underpinnings in family systems theory, these modalities take into consideration that “individual clients cannot be understood without understanding the client's environment and their relationship with family members” (Archuleta & Ross III, 2015, p. 765) and others who are a part of their system.…”

Section: Family Systems Theory and Financial Therapymentioning

confidence: 99%

Utilizing family systems theory in financial therapy

Archuleta

Lutter

2020

Fin Plan Rev

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Financial planning practitioners and researchers recognize the connection between client behavior and financial goal attainment. However, clients must change or do something different in order to meet their stated goals. In order to do this, researchers must look at how clients think and feel about money, their beliefs about money, and how they relate to others in regards to money to motivate change. Financial therapy integrates cognitive, behavioral, emotional, and relational aspects of money to promote overall client well-being by utilizing evidenced-based approaches borrowed from mental health disciplines. The purpose of this paper is to introduce financial therapy through the lens of family systems theory, the foundational theory of marriage and family therapy discipline, as a way to understand why clients do what they do in regards to money and associated approaches to help clients achieve optimal well-being. K E Y W O R D Sbehavioral finance, decision-making, financial planning

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Financial Goal Setting, Financial Anxiety, and Solution-Focused Financial Therapy (SFFT): A Quasi-experimental Outcome Study

Cited by 31 publications

References 15 publications

The Cost of Cancer: The Association of Financial and Cancer-Related Stress on Maladaptive Coping Styles in Families with a Cancer Diagnosis

The Cost of Cancer: The Association of Financial and Cancer-Related Stress on Maladaptive Coping Styles in Families with a Cancer Diagnosis

A deeper dive: A mixed methods approach to risk tolerance

Utilizing family systems theory in financial therapy

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