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

Abstract

The purpose of this chapter is fourfold. First, the chapter defines what is generally meant when practitioners and researchers talk about financial planning and counseling as a field of study and practice. Second, the process and theoretical underpinnings of financial planning and counseling are discussed. Third, a review of the historical development of marriage and family therapy is presented. Last, a new emerging field of study, namely, financial therapy is introduced. Specifically, financial therapy is defined and reviewed. An overview of the history and theoretical development of financial therapy is also provided. The chapter concludes with a discussion on how assessment of tools and techniques can be useful to practitioners, researchers, clinicians, and educators in the field of financial therapy, and how assessment can help this new discipline find grounding and gain respect among already established fields.

Keywords

  • Family Therapy
  • Risk Tolerance
  • Financial Planning
  • Financial Behavior
  • Financial Advice

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 1.

    Financial counseling, as used in this chapter, differs from the commercial use of the term, which means debt restructuring. While financial counselors may help a client refinance or restructure their debt payments, financial counseling encompasses other important areas of a person’s financial life.

  2. 2.

    An anticipated outcome from this handbook is to provide financial planners and financial counselors with scales and other assessment measures that can be used to evaluate a client’s financial attitudes, knowledge, and behaviors.

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Correspondence to Kristy L. Archuleta .

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Archuleta, K.L., Grable, J.E. (2011). The Future of Financial Planning and Counseling: An Introduction to Financial Therapy. In: Grable, J., Archuleta, K., Nazarinia Roy, R. (eds) Financial Planning and Counseling Scales. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-6908-8_3

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