Is financial therapy the solution to all your problems?

Financial therapy can help address emotional blocks to financial well-being. But is it worth it? Canadians are more stressed about money than anything else — even more than health, relationships, or work. Grappling with high interest rates and financial milestones is hard to do on your own, so some people are turning to financial therapists — a mix of traditional therapists and financial planners. Unlike financial planners, financial therapists focus on how psychology affects financial behaviour. For instance, during an emotional divorce, a financial therapist can help manage compulsive spending urges. Certified financial behaviour specialists are still rare in Canada, as the only recognized certification comes from a U.S.-based organization with international members. Plus, the field is still very new, so there are some red flags to look out for. Certification requires a bachelor’s degree and experience in both therapy and financial planning, but not a licence in therapy or mental health. Additionally, sessions can be pricey; one Canadian firm estimates the initial planning process at $3,495. Make sure to do your homework to find a qualified financial therapist who won’t leave you needing another financial therapist.