Money issues and decisions are a launching point of many arguments and can be a determining cause of failure in both personal and business relationships. When missed mortgage payments are part of the equation in the money problems, the issue can turn into larger financial problems and even lead to bigger mortgage issues.
New Therapy May Help with Mortgage Defaults
A new type of relationship counseling has become available in hopes of helping financial partnerships thrive in financial decision-making and helping them to prevent money-related disputes and costly stress. Financial therapy offers the emotional support that a counselor provides as well as the sound money advice of a financial advisor.
Money and the decisions we make with how we spend, save, and make it can all be tied to other things we may not be aware of. Megan Ford, a couple’s financial therapist at the University of Georgia says, “Money is a big thing and ignoring it is impeding satisfaction in relationships. Therapists need to work together to solve problems that occur around the financial behaviors of couples and learn how to connect to all of their emotions.”
This new therapy strategy focuses on helping couples to talk through and discover money concerns and financial disagreement before the couple breaks up.
Megan Ford is studying how financial therapy can make an impact on the outcome of relationships on financial stress with the help of John Grable, a financial planner and Athletic Association Endowed Professor of Family and Consumer Sciences. They are also looking into the impact the therapy has on couples to seek out the help of a financial advisor or planner.
Ford and Grable asked several couples in therapy sessions to share their personal financial goals, individual feelings toward money, and financial behaviors. One example they shared from their sessions with couples described how a woman was near tears while she listened to her husband talk about and describe a memory from early in their relationship about money. She didn’t understand why he was behaving the way he was at the time, she thought the actions he took were mean. She never realized the why behind the what, she didn’t understand until he explained it in therapy. According to Ford, the couple “left closer emotionally and financially feeling more powerful.”
Grable is a financial planner and agrees that more therapists in this line of work would be highly beneficial. He sees many couples come into his office crying or yelling and it makes his job very uncomfortable. Having more therapists in this area would help financial advisors to help their clients more efficiently, Grable believes.
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