Applications of Financial Psychology
in Practice:
Advice, Consultancy, Financial Services, Legal Services, Coaching,
Mediation, Education, and Mental Health Care
To Draw Up the Balance Sheet
Research (Klontz, Kahler and Klontz (2008)) shows that financial professionals, consultants and tax service providers receive little or no training to assist clients in dealing with the emotional factors involved in financial decision-making and money management. Legal service professionals also receive little or no training in how to deal with the emotional factors that influence financial decision-making in conflict. On the other hand, psychologists and coaches receive little or no training on money matters. Financial Psychology Institute Europe bridges this gap so that insight, knowledge and skills are created with regard to the connecting middle piece.
Mind Money Meaning
“Maybe you are searching among the branches, for what only appears in the roots.”
– Rumi –
Applications of Financial Psychology in Daily Practice.
Financial Psychology combines financial and therapeutic competences to improve financial health and general well-being. Financial Psychology offers tools to make clients feel, think and behave differently with regard to money. Financial Psychology tackles both financial challenges and the (intertwined) emotional psychological behavioral and relational aspects. Financial Psychology has added value in various fields.
Coaching, Consultancy & Legal Services
Financial Services
Mental Health Care
Financial Psychology in Coaching, Consultancy & Legal Services
- Optimal insight into the client’s concerns.
- Better understanding of the client’s actual motivations and drivers.
- Tools to reveal and change self-limiting (financial) thinking.
- Optimize constructive behavior.
- Achieving a stronger relationship with the client.
- Knowing when to refer to other professionals (mental health).
- Collaborate with other professionals on clients with money disorders.
Financial Psychology in Financial Services:
- Optimal insight into the client’s concerns.
- Better understanding of the client’s actual motivations and drivers.
- Tools to uncover and change self-limiting financial thinking.
- Optimize financial behavior.
- Promote sustained financial decision-making.
- Achieving a stronger relationship with the client.
- Knowing when to refer to other professionals (mental health).
- Collaborate with other professionals on clients with money disorders.
Financial Psychology in Mental Health Care:
- Investigating and recognizing financial stress.
- Treatment of money disorders.
- Treatment of anxiety and depression caused by financial stressors.
- Making appropriate referrals (financial planner, debt counselor, accountant, estate planning, lawyer, etc.
- Research in the field of psychology of personal finance and financial behavior.
