The Future of Financial Planning and Counseling: An Introduction to Financial Therapy

Archuleta, Kristy L.; Grable, John E.

doi:10.1007/978-1-4419-6908-8_3

Cited by 69 publications

(81 citation statements)

References 5 publications

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“…As a young discipline, financial therapy lacks a strong theoretical base (Archuleta & Grable, 2010). Therefore, future research may consider ways to build upon the key features of the Roy Adaptation Model; an adaptation model may be a useful perspective in helping clients respond to changing financial circumstances.…”

Section: Discussionmentioning

confidence: 97%

Factors Related to Financial Stress among College Students

Heckman

Lim

Montalto

2014

Journal of Financial Therapy

151

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Concerns that debt loads and other financial worries negatively affect student wellness are a top priority for many university administrators. Factors related to financial stress among college students were explored using the Roy Adaptation Model, a conceptual framework used in health care applications. Responses from the 2010 Ohio Student Financial Wellness Survey were analyzed using proportion tests and multivariate logistic regressions. The results show that financial stress is widespread among students -71% of the sample reported feeling stress from personal finances. The results of the proportion tests and logistic regressions show that this study successfully identified important financial stressors among college students. Two of the most important financial stressors were not having enough money to participate in the same activities as peers and expecting to have higher amounts of student loan debt at graduation. The results also indicate that students with higher financial self-efficacy and greater financial optimism about the future are significantly less likely to report financial stress. Implications for student life administrators, policymakers, financial counselors, and financial therapists are discussed.

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Section: Discussionmentioning

confidence: 97%

Factors Related to Financial Stress among College Students

Heckman

Lim

Montalto

2014

Journal of Financial Therapy

151

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“…Within both research and therapy, it is crucial to be able to determine whether or not therapeutic efforts are having an impact. Just as the Ford Financial Empowerment Model is theoretically-informed, it is also important for present financial therapy research to be empirically-based (Archuleta & Grable, 2010). During the preparation stage of therapy, several formal assessments from both traditional mental health and financial disciplines were completed by the client, including the OQ-45.2, the PHQ-9, and a number of individualized rating scales that measure financial stress, satisfaction, behaviors, and knowledge.…”

Section: Preparation Stagementioning

confidence: 99%

A Theoretical Approach to Financial Therapy: The Development of the Ford Financial Empowerment Model

Ford¹,

Baptist²,

Archuleta³

2011

Journal of Financial Therapy

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The purpose of this paper is to introduce an integrative approach to working with clients experiencing problems related to financial disempowerment. The multi-stage model integrates three theoretically-driven psychotherapy approaches, including cognitive behavioral, narrative, and Virginia Satir's experiential therapies, and financial counseling techniques to increase one's sense of financial empowerment. A case study is included to demonstrate the applicability and effectiveness of the model.

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“…A critical element of MFT and financial therapy is assessment. Archuleta and Grable (2010) noted that the assessment can help to address client psychological issues and bridge the gap between financial planning and therapy. Client assessment or screening for client concerns is often a first step in the therapeutic process.…”

Section: Family Systems Theory and Financial Therapymentioning

confidence: 99%

Utilizing family systems theory in financial therapy

Archuleta

Lutter

2020

Fin Plan Rev

Self Cite

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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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The Future of Financial Planning and Counseling: An Introduction to Financial Therapy

Cited by 69 publications

References 5 publications

Factors Related to Financial Stress among College Students

Factors Related to Financial Stress among College Students

A Theoretical Approach to Financial Therapy: The Development of the Ford Financial Empowerment Model

Utilizing family systems theory in financial therapy

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