Can financial therapy change our relationship with money?
Jun 18, 2024
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Vicky Reynal, a financial therapist, joins the host to explore the psychology behind our financial habits. They discuss the symbolic nature of money, why some are spenders while others are savers, and how understanding this can lead to positive changes. Topics include financial anxiety, self-sabotage, and empowerment in managing finances.
Understanding the symbolic nature of money can reveal deeper self-awareness and interpersonal understanding.
Financial therapy can help individuals address specific anxieties, break self-sabotaging patterns, and navigate money secrets.
Deep dives
Understanding the Roots of Money Behavior
Financial therapist Vicky Raynell, the author of 'Money on Your Mind', highlights that clients seek her help to delve into the origins of their money behavior, such as overspending, generosity, or keeping financial secrets. She emphasizes that each client presents with unique money difficulties, stemming from experiences like bankruptcies or early-life traumas, which can profoundly shape their financial attitudes and decisions.
Money as a Symbol of Deep Emotions
Raynell delves into the symbolic significance of money, illustrating how it can represent power, love, masculinity, or self-worth for individuals. She emphasizes the complexity of discussing money due to its varied meanings and the challenges of understanding others' perspectives, potentially leading to discomfort and judgment. Raynell stresses that acknowledging money's symbolic nature can foster deeper self-awareness and interpersonal understanding.
Managing Financial Anxiety and Overcoming Self-Sabotage
Raynell provides insights on dealing with financial anxiety, suggesting breaking down anxieties by understanding specific financial concerns and taking proactive steps, such as researching, seeking advice, and making informed decisions. She sheds light on self-sabotage, citing examples of individuals hindering their financial progress due to fears of success or feelings of unworthiness, stemming from past experiences like abandonment. Raynell also explores common money secrets, like hiding spending or debts, driven by fear of judgment, passive-aggressive acts, or attachment-related avoidance.
Prepare to take a seat on the therapist’s couch and discover what your money habits say about you. In this episode, host Claer Barrett sits down with the UK’s first financial therapist, Vicky Reynal whose new book, Money on Your Mind: The Psychology Behind Your Financial Habits, aims to help people untangle problematic aspects of their relationship with money. They discuss the symbolic nature of money, what can make one person a spender and another a saver, and how equipping yourself with this knowledge can empower you to change negative behaviours around money.
For more tips on how to organise your money, sign up to Claer's email series 'Sort Your Financial Life Out With Claer Barrett' at FT.com/moneycourse
If you would like to be a guest on a future episode of Money Clinic, email us at money@ft.com or send Claer a DM on social media — she’s @ClaerB on Twitter, Instagram and TikTok.
Presented by Claer Barrett. Produced by Tamara Kormornick. Our executive producer is Manuela Saragosa. Sound design by Breen Turner, with original music from Metaphor Music. Cheryl Brumley is the FT’s global head of audio.