Advertisement

Acceptance and Commitment Financial Therapy for Women

  • Joni Klontz WadaEmail author
  • Bradley T. Klontz
Chapter

Abstract

Despite the growing number of women in the workforce, research suggests that poverty is still primarily a woman’s issue and that single women continue to be more vulnerable financially than single men. This chapter examines women’s relationship with money and how their limiting financial beliefs may result in problematic financial behaviors. Financial therapy exercises based on acceptance and commitment therapy (ACT) are presented to help financial therapists inform women about their current financial reality, educate them about their limiting beliefs , and teach them how to move toward their valued goals by changing their relationship with money and making mindful choices about their future.

Keywords

Experiential Avoidance Financial Behavior Experiential Exercise Caregiver Role Unwanted Thought 
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.

References

  1. American Psychological Association. (2012). Stress in America: Our health at risk. http://www.apa.org/news/press/releases/stress/2011/final-2011.pdf. Accessed 15 Jan 2014.
  2. Anthes, W. L., & Most, B. W. (2000). Frozen in the headlights: The dynamics of women and money. Journal of Financial Planning, 13, 130–142.Google Scholar
  3. Association for Community Living. (2014). A statistical profile of older Americans. http://www.acl.gov/NewsRoom/Publications/docs/A_Statistical_Profile_of_Older_Americans_1.pdf.
  4. Atchley, R. C., & Barusch, A. S. (2004). The demography of aging. In R. C. Atchley & A. S. Barusch (Eds.), Social forces and aging: An introduction to social gerontology (pp. 24–43). Belmont, CA: Wadsworth/Thomson Learning.Google Scholar
  5. Berger, E., & Denton, M. A. (2004). The interplay between women’s life course work patterns and financial planning later for life. Canadian Journal on Aging, 23(1), 99–113.Google Scholar
  6. Blackledge, J. T., & Hayes, S. C. (2001). Emotion regulation in acceptance and commitment therapy. Journal of Clinical Psychology, 57(2), 243–255.PubMedCrossRefGoogle Scholar
  7. Ciarrochi, J., Robb, H., & Godsell, C. (2005). Letting a little nonverbal air into the room: Insights from acceptance and commitment therapy: Part 1: Philosophical and theoretical underpinnings. Journal of Rational-Emotive & Cognitive Behavior Therapy, 23(2), 79–106. (27 Jan 2009).CrossRefGoogle Scholar
  8. Copen, C. E., Daniels, K., Vespa, J., & Mosher, W. D. (2012). First marriages in the United States: Data from the 2006–2010 National Survey of Family Growth. National Health Statistics Report, 49, 1–22.Google Scholar
  9. Dingfelder, S. F. (2008). Money talks: therapists and researchers address people’s unhealthy relationships with money. Monitor on Psychology, 39(1), 36.Google Scholar
  10. Ezeala-Harrison, F. (2010). Black feminization of poverty: Evidence from the U.S. cross-regional data. The Journal of Developing Areas, 44(1), 149–166.CrossRefGoogle Scholar
  11. Forsyth, J. P., & Eifert, G. H. (2008). The mindfulness & acceptance workbook for anxiety: A guide to breaking free from anxiety, phobias, and worry using acceptance and commitment therapy. Oakland: New Harbinger.Google Scholar
  12. Goldberg, G. S., & Kremen, E. (1990). The feminization of poverty: Only in America? New York: Greenwood.Google Scholar
  13. Hayes, S. C. (2007). Hello, darkness: Discovering our values by confronting our fears. Psychotherapy Networker, 31, 46–52.Google Scholar
  14. Hayes, S. C., & Smith, S. (2005). Get out of your mind and into your life. Oakland: New Harbinger.Google Scholar
  15. Hayes, S. C., Strosahl, K. D., & Wilson, K. G. (1999). Acceptance and commitment therapy: An experiential approach to behavioral change. New York: Guilford.Google Scholar
  16. Hayes, S. C., Barnes-Holmes, D., & Roche, B. (Eds.). (2001). Relational frame theory: A post-Skinnerian account of human language and cognition. New York: Plenum.Google Scholar
  17. Hayes, S. C., Masuda, A., Bissett, R., Luoma, J., & Guerrero, L. F. (2004). DBT, FAP, and ACT: How empirically oriented are the new behavior therapy technologies? Behavior Therapy, 35, 35–54.CrossRefGoogle Scholar
  18. Headley, T. L. (2002). Workshop series focuses on making women more financially independent. The State Journal, 18(5), 9–12.Google Scholar
  19. Hoffman, S. G., & Asmundson, G. J. G. (2008). Acceptance and mindfulness-based therapy: New wave or old hat? Clinical Psychology Review, 28(1), 1–16.CrossRefGoogle Scholar
  20. Into, F. H. (2003). Older women and financial management: Strategies for maintaining independence. Educational Gerontology, 29, 825–839.CrossRefGoogle Scholar
  21. Klontz, B. T., & Britt, S. L. (2012). How clients’ money scripts predict their financial behaviors. Journal of Financial Planning, 24(11), 33–43.Google Scholar
  22. Klontz, B. T., Bivens, A., Klontz, P. T., Wada, J., & Kahler, R. (2008). The treatment of disordered money behaviors: Results of an open clinical trial. Psychological Services, 5(3), 295–308.CrossRefGoogle Scholar
  23. Klontz, B., & Klontz, T. (2009). Mind over money: Overcoming the money disorders that threaten our financial health. New York, NY: Broadway Business.Google Scholar
  24. Klontz, B. T., Britt, S. L., Mentzer, J., & Klontz, P. T. (2011). Money beliefs and financial behaviors: Development of the Klontz Money Script Inventory. Journal of Financial Therapy, 2(1), 1–22.CrossRefGoogle Scholar
  25. Lightly, J. (1999). Women’s work. Des Moines Business Record, 15, 14–16.Google Scholar
  26. Linehan, M. (1993). Cognitive-behavioral treatment of borderline personality disorder. New York: Guilford.Google Scholar
  27. MetLife Mature Market Group and National Alliance for Caregiving. (2010). Study of working caregivers and employer health costs: Double jeopardy for baby boomers caring for their parents. http://www.caregiving.org/wp-content/uploads/2011/06/mmi-caregiving-costs-working-caregivers.pdf.
  28. Miller, W. R., & Rollnick, S. (2002). Motivational interviewing: Preparing people for change (2nd ed.). New York: Guildford.Google Scholar
  29. Newcomb, M. D., & Rabow, J. (1999). Gender, socialization, and money. Journal of Applied Social Psychology, 29(4), 852–869.CrossRefGoogle Scholar
  30. Orel, N. A., Landry-Meyer, L., & Spence, M. A. S. (2007). Women’s caregiving careers and retirement financial insecurity. Adultspan, 6(1), 49–62.CrossRefGoogle Scholar
  31. Perkins, K. (1995). Social (in)security: Retirement planning for women. Journal of Women and Aging, 7(1/2), 37–53.CrossRefGoogle Scholar
  32. Poduska, B. (1992). Money, marriage, and Maslow’s hierarchy of needs. American Behavioral Scientist, 35(6), 756–770.CrossRefGoogle Scholar
  33. Pressman, S. (2002). Explaining the gender poverty gap in developed and transitional economies. Journal of Economic Issues, 36(1), 17–40.Google Scholar
  34. Pressman, S. (2003). Feminist explanations for the feminization of poverty. Journal of Economic Issues, 37(2), 353–361.Google Scholar
  35. Regnier, P., & Gengler, A. (2006). Men, women, & money. Money, 35(4), 90–98.Google Scholar
  36. Richardson, V. (1990). Gender differences in retirement planning among educators: Implications for practice with older women. Journal of Women and Aging, 2(3), 27–36.CrossRefGoogle Scholar
  37. Segal, Z. V., Williams, J. M. G., & Teasdale, J. D. (2002). Mindfulness-based cognitive therapy for depression. New York: Guilford.Google Scholar
  38. United States Census Bureau. (2011). Number, timing, and duration of marriages and divorces: 2009. https://www.census.gov/prod/2011pubs/p70–125.pdf.
  39. Wada, J. (2009). An acceptance and commitment therapy (ACT) group manual for women with limiting financial beliefs and problematic financial behaviors. Unpublished doctoral dissertation: The American School of Professional Psychology at Argosy University. Honolulu, Hawaii.Google Scholar

Copyright information

© Springer International Publishing Switzerland 2015

Authors and Affiliations

  1. 1.Ho’ola Lahui KauaiLihueUSA
  2. 2.Family Studies and Human ServicesKansas State UniversityManhattanUSA

Personalised recommendations