What is your financial situation? A newly discovered alternative financial service is taking off abroad that targets fixing your financial problems by means of psychological analysis.
Financial therapy involves determining the cause of the problem and deciding which aspects of your lifestyle or finance habits are the source of your troubles. There is a very high chance that you won’t find one in Australia, as financial therapists overseas don’t need a financial license to work (instead, we have certified financial counsellors).
Brad Klontz, an American published financial therapist, trusts that there are four separate money types, or ‘scripts’, that distinguish individual saving and spending habits. Do you relate with any of them?
The Loafer
For the Loafer, money is often viewed as a power that stirs up anxiety, fear or disgust.
These individuals may be concerned about taking advantage of credit cards or over-drafting their account.
They may self-sabotage their monetary success, steer clear of spending money on necessary and reasonable purchases or may carelessly spend so that they have as little as possible in their control.
The Devotee
Individuals who are Devotees tend to believe that a raise in income or an unexpected financial gain will solve their problems.
This may be linked with compulsive hoarding, unreasonable risk-taking, overindulgent gambling, working too much, overspending or uncontrollable buying.
The Economic Status
These types usually link self-value with net-worth.
They show competitive spending characteristics and try to keep up with the spending routines of others.
Individuals that compare money with status tend to be inclined to have lower rankings of well-being, self-actualisation, spirit and contentment, and higher levels of anxiety.
The Shielded
For some individuals, money is a very private topic, regardless of whether they have a little or a lot of it.
Those who are secretive with their finances may be developing harmful financial behaviours, such as cash hoarding or immoderate saving. This kind of person is connected to awareness, watchfulness, anxiety and the feeling of paranoia.
So, which “money type” do you relate to now and which one do you hope to see yourself associating with in the near future?
