The financial therapist will see you now: Money anxiety is driving people to seek professional help

Salon - Apr 27th, 2025

Amid increasing financial stress, financial therapy emerges as a specialty to help individuals manage their emotional relationship with money. As more people experience anxiety and sleeplessness due to economic factors like inflation and market volatility, financial therapists like Wendy Wright and Aja Evans offer support for those struggling with money-related stress. A recent CNBC/SurveyMonkey study revealed that 73% of Americans are stressed about their finances, highlighting the growing need for this niche therapy.

Financial therapy differs from traditional financial advising by focusing on the psychological aspects of money management rather than the mechanics of budgeting and investment. Practitioners like Lindsay Bryan-Podvin emphasize the importance of understanding emotional triggers related to money, such as guilt or overspending, and advise against making hasty financial decisions in times of stress. Despite its benefits, financial therapy remains costly, often ranging from $100 to $300 per session, making it less accessible to some. As the economic landscape continues to shift, financial therapy provides a crucial resource for navigating personal finance challenges.

Inflation Market Volatility Economic Anxiety Financial Therapy Wendy Wright Aja Evans Lindsay Bryan Podvin Cnbc/Survey Monkey Study

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RATING

6.6

Fair Story

Consider it well-founded

The article "The financial therapist will see you now: Money anxiety is driving people to seek professional help" provides a comprehensive overview of financial therapy, highlighting its growing importance in today's economic climate. It effectively uses expert opinions to explain the concept and benefits of financial therapy, making it accessible and informative for readers. The article's strengths lie in its clarity, timeliness, and public interest value, as it addresses a relevant issue affecting many individuals.

However, the article could improve in areas such as balance and transparency by including critical perspectives or more detailed source information. The lack of controversy limits its potential to provoke debate, but it responsibly informs readers about a relatively new field. Overall, the article serves as a solid introduction to financial therapy, encouraging readers to consider its potential benefits while leaving room for further exploration and discussion of its complexities.

Accuracy

The article presents several factual claims about financial therapy, a growing field since the Great Recession of 2008. These claims are generally accurate, as they align with external sources and expert opinions. However, the article cites a study from CNBC/SurveyMonkey with specific figures about financial stress among Americans, which requires verification by accessing the study directly. The article correctly distinguishes financial therapy from financial advising, emphasizing the psychological aspects of money management, which is consistent with expert definitions. Overall, while the article is mostly accurate, some data points, like the study statistics, need direct verification.

Balance

The article primarily focuses on the benefits and growing need for financial therapy, presenting a positive view of the field. It includes perspectives from several financial therapists, which provides a range of professional insights. However, it lacks viewpoints from critics or those skeptical of financial therapy's efficacy. Additionally, the article does not address potential downsides or challenges within the field, such as accessibility issues or the cost barrier for average consumers. This creates an imbalance by not fully exploring the topic's complexity, though it does highlight the need for sliding fee scales.

Clarity

The article is well-structured, with clear headings that guide the reader through different aspects of financial therapy. The language is straightforward and accessible, making complex topics like financial therapy and its distinctions from financial advising easy to understand. The use of expert quotes adds clarity and credibility to the explanations. However, the article could benefit from more explicit definitions or examples of financial therapy in practice, which would further aid comprehension. Overall, the article maintains a neutral tone and logical flow, effectively communicating its key points.

Source quality

The article draws on credible sources, including quotes from several licensed financial therapists and references to the Financial Therapy Association. These sources are authoritative within the field, lending credibility to the information presented. However, the article lacks direct citations or links to the study it references, which would strengthen the reliability of the claims made. The absence of diverse sources, such as academic studies or financial therapy clients, limits the depth of the source quality, though the expert opinions included are relevant and authoritative.

Transparency

The article provides some context about financial therapy and its relevance in today's economic climate. It explains the basis for its claims, particularly through expert quotes, but lacks transparency regarding the methodology of the cited study. The article does not disclose any potential conflicts of interest among the experts quoted, nor does it explain the criteria for selecting these experts. Greater transparency about the article's sources and the study's methodology would enhance readers' understanding of the claim basis and potential biases.