Exploring the Growing Field of Financial Therapy with Dr. Megan McCoy

Have you ever considered how improving your financial literacy can positively impact your physical and mental health? In this episode, we sit down with Dr. Megan McCoy to learn more about financial therapy and how it is helping individuals make informed decisions related to money. She takes an in-depth look into common problems financial therapists encounter, such as communication issues, boundaries around emerging adulthood's financial support, and financial infidelity. She advises whether to keep finances individually or collectively and offers valuable tips on talking to children about money. Join us for this engaging conversation about money, finance, retirement, and more!

Dr. Megan McCoy started as a family therapist but now works as a Kansas State Financial Planning Program faculty member. She teaches about the intersection between financial well-being and overall well-being.

[00:01 - 07:06] Opening Segment

• Discovering the benefits of financial therapy

• A collaboration between mental health professionals and financial planners

• Helping people move up and down the spectrum of mental health and financial planning

•  What you know is more important than the letters after your name

[07:07 - 14:17] Financial Therapy: The Next Wave of Financial Planning

• How clients have higher expectations of advisors

• Robo-advising is leading to the evolution of financial planning

• Covid and social media have made people more open about their mental & financial health

• How meeting with a planner increases marital satisfaction

[14:18 - 21:25] The Financial Therapy Association

• Boundaries around emerging adulthood financial support is a common problem

• Financial infidelity is a major issue & it can lead to power imbalances in relationships

• Pooling resources can help reduce wasteful spending and increase financial well-being

• Financial anxiety is rising due to market uncertainty and ambiguity

[21:26 - 28:32] Navigating the Transition Between Baby Boomers and Millennials

• Go all the way to the worst outcome and see what can help deal with stressors

• Recognizing where shame associated with money comes from is important

• Why coaching clients through a transition between baby boomers and millennials is vital

[28:33 - 37:18] Closing Segment

• How to explore financial anxiety and build trust in financial planning clients

• It's normal not to know everything about money at once

• Millennials should create a safe space for their children to talk about money

Want to connect with Megan? Follow her on LinkedIn and follow her work!

Key Quotes:

"Financial therapy is how we foster trust and commitment in our clients, how we help them actually discover and then meet their needs." - Megan Mccoy

"The more invested you are in financial therapy, the more time is spent actually being quiet and listening." - Megan Mccoy

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