financial coaching and financial therapy
TRANSCRIPT
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Financial Coaching
Georgia Consortium
February 26, 2015
Atlanta Financial Psychology Mary Gresham, Ph.D.
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APA Stress In America
Atlanta Financial Psychology Mary Gresham, Ph.D.
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In the last year
Atlanta Financial Psychology Mary Gresham, Ph.D.
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The stress gap
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Stress management
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Women and Money Stress
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Stress response
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Give money
Financial interventions
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Give money
• Debt counseling
Financial interventions
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 10: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/10.jpg)
• Give money
• Debt counseling
• Self-help group
Financial interventions
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 11: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/11.jpg)
• Give money
• Debt counseling
• Self-help group
• Financial literacy
Financial interventions
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 12: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/12.jpg)
• Give money
• Debt counseling
• Self-help group
• Financial literacy
• Financial coaching
Financial interventions
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 13: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/13.jpg)
• Give money
• Debt counseling
• Self-help group
• Financial literacy
• Financial coaching
• Financial therapy
Financial interventions
Atlanta Financial Psychology Mary Gresham, Ph.D.
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What is coaching?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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What Coaching Is Not
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Lead
Sports Coaches
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Lead
• Motivate
Sports Coaches
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Lead
• Motivate
• Guide
Sports Coaches
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Lead
• Motivate
• Guide
• Instruct
Sports Coaches
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Lead
• Motivate
• Guide
• Instruct
• Discipline
Sports Coaches
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Lead
• Motivate
• Guide
• Instruct
• Discipline
• Mentor
Sports Coaches
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1980’s
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1980’s
• Evolved out of corporate
world
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1980’s
• Evolved out of corporate
world
• Help employees develop
skills, engagement
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1980’s
• Evolved out of corporate
world
• Help employees develop
skills, engagement
• Improve the business
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1990’s explosion
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1990’s explosion
• New fields of coaching (life,
wellness, relationship,
career, etc.)
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 1990’s explosion
• New fields of coaching (life,
wellness, relationship,
career, etc.)
• ICF developed certifications
History of coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Estimate 50,000 identify as
coaches worldwide
Current
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Estimate 50,000 identify as
coaches worldwide
• No certification required
Current
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 31: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/31.jpg)
• Estimate 50,000 identify as
coaches worldwide
• No certification required
• Limited research base
Current
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 32: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/32.jpg)
• Estimate 50,000 identify as
coaches worldwide
• No certification required
• Limited research base
• Flexible models, locations
Current
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 33: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/33.jpg)
• Estimate 50,000 identify as
coaches worldwide
• No certification required
• Limited research base
• Flexible models, locations
• Low stigma
Current
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 37: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/37.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 38: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/38.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 39: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/39.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 40: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/40.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 41: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/41.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 42: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/42.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 43: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/43.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 44: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/44.jpg)
Client readiness
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 46: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/46.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 47: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/47.jpg)
Coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 48: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/48.jpg)
• No research base
Private $ coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• No research base
• Expensive
Private $ coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 50: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/50.jpg)
• No research base
• Expensive
• Private market
Private $ coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 51: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/51.jpg)
• No research base
• Expensive
• Private market
• Buyer beware
Private $ coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 52: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/52.jpg)
• 2009 study of 2100 clients
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 53: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/53.jpg)
• 2009 study of 2100 clients
• Female, middle age,
educated, 80K mean income
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 54: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/54.jpg)
• 2009 study of 2100 clients
• Female, middle age,
educated, 80K mean income
• Primary goal: Self confidence
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 55: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/55.jpg)
• 2009 study of 2100 clients
• Female, middle age,
educated, 80K mean income
• Primary goal: Self confidence
• 3% financial goals
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 56: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/56.jpg)
• 2009 study of 2100 clients
• Female, middle age,
educated, 80K mean income
• Primary goal: Self confidence
• 3% financial goals
• 27% financial benefit
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 57: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/57.jpg)
• 2009 study of 2100 clients
• Female, middle age,
educated, 80K mean income
• Primary goal: Self confidence
• 3% financial goals
• 27% financial benefit
• 96 % would do it again
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 2010 use of “signature
strengths” predicted goal
progress in 240 college
students
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 2013: Study of 18 studies in
organizations
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 2013: Study of 18 studies in
organizations
• Coaching increased goal
attainment by 70%
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 2013: Study of 18 studies in
organizations
• Coaching increased goal
attainment by 70%
• Coaching significantly
improved specific skills
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• 2013: Study of 18 studies in
organizations
• Coaching increased goal
attainment by 70%
• Coaching significantly
improved specific skills
• Moderate effect: work
attitude, well-being, coping
Effectiveness of private
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Coaching Low Income
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Pilot studies:
• Central New Mexico
Community College
• Financial Clinic of NYC
• Center for Working Families
Effectiveness of financial
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Pilot studies:
• Central New Mexico
Community College
• Coaching helped students
adhere to a budget
Effectiveness of financial
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Financial Clinic of NYC
• Coaching clients significantly
more likely to have a goal
and feel confidence about
achieving it.
Effectiveness of financial
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Center for Working Families
• Coached more likely to pay
more than minimum
balance, save and pay bills
on time.
Effectiveness of financial
coaching
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• A. Financial services provider
• B. Only ICF certified coach
• C. Mental health professional
• D. Anyone
Who can be a financial coach?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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What is a financial coach?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Beliefs and emotions block
behavior change
When coaching does not work?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Beliefs and emotions block
behavior change
• Unmotivated/unready to
change
When coaching does not work?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Beliefs and emotions block
behavior change
• Unmotivated/unready to
change
• Functional impairments
When coaching does not work?
Atlanta Financial Psychology Mary Gresham, Ph.D.
![Page 73: Financial coaching and financial therapy](https://reader030.vdocuments.mx/reader030/viewer/2022032422/55a966e31a28abb2518b45a2/html5/thumbnails/73.jpg)
• Beliefs and emotions block
behavior change
• Unmotivated/unready to
change
• Functional impairments
• Coach/client mismatch
When coaching does not work?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Financial therapy is the study
of the cognitive, emotional,
behavioral, relational,
economic and integrative
aspects of financial health.
Financial Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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The Money Taboo
Atlanta Financial Psychology Atlanta Financial Psychology
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Sigmund Freud
Money matters are
treated by civilized
people in the same
way as sexual
matters….with
inconsistency,
prudishness and
hypocrisy.
Atlanta Financial Psychology Atlanta Financial Psychology
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“Remember a few years ago when everything was sex, sex, sex?”Atlanta Financial Psychology 77
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The Problem with Financial
Literacy
Atlanta Financial Psychology Atlanta Financial Psychology
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money
Atlanta Financial Psychology 79
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Schemas
• Thoughts and behaviors we use to simplify the complex
Atlanta Financial Psychology Atlanta Financial Psychology
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Schemas
• Thoughts and behaviors we use to simplify the complex
• Memories, feelings, decisions, core beliefs that are mostly unconscious
Atlanta Financial Psychology Atlanta Financial Psychology
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Schemas
• Thoughts and behaviors we use to simplify the complex
• Memories, feelings, decisions, core beliefs that are mostly unconscious
• Efficient
Atlanta Financial Psychology Atlanta Financial Psychology
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Schemas
• Thoughts and behaviors we use to simplify the complex
• Memories, feelings, decisions, core beliefs that are mostly unconscious
• Efficient
• Find confirmation for them
Atlanta Financial Psychology Atlanta Financial Psychology
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Schemas
• Thoughts and behaviors we use to simplify the complex
• Memories, feelings, decisions, core beliefs that are mostly unconscious
• Efficient
• Find confirmation for them
• Developed in childhood when we do not have cognitive ability to process complicated constructs like money
Atlanta Financial Psychology Atlanta Financial Psychology
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• Money Avoidant
• Money Centric
• Relationship
3 Types of money issues
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Common money avoidant
schemas
• Money is not important
• It’s not nice to talk about money
• Money is bad, dirty
• I don’t really need/deserve money
• I don’t like rich people and don’t want to be like them
• Money is the man’s job
• The universe will provide for me
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• Denial of money’s function
• Guilt/shame about having
money
• Under earning
• Risk avoidance
• Task refusal
Money avoidant
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• More money will make things better
• I deserve to have money
• I deserve to spend for what I want
• Money gives my life meaning
• Net worth=self worth
• You can’t trust people when it comes to money
• Spending money is showing love and caring
• There’s can never be enough money
• Work hard and you will have money
Money centric schemas
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• Workaholic
• Excessive risk taking
• Hoarding, miserly
• Compulsive
spending/shopping
• Neglect of relationships,
feelings
Money centric
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• If I give money then others will love and care for me in return.
• If I give my children what I never had, they will have a better life.
• If I can afford it, why not spoil them?
• You should always have a secret account
• It will just upset things if he/she knows how much I spent
• Don’t tell your mother/father how much things cost
• It’s not my job to look after the money.
• I don’t want to have to take care of myself
• I deserve to be supported
Relationship schemas
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Financial infidelity
• Financial incest
• Financial
dependency/regression
• Financial enabling
Relationship issues
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• A. Financial services provider
• B. Mental health professional
• C. Accredited financial
counselor
• D. Anyone
Who can be a financial
therapist?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Financial Therapy Association
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Who can be a financial
therapist?
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Great potential to help
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Great potential to help
• Clients benefit from
individualized approach
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Great potential to help
• Clients benefit from
individualized approach
• Clients enjoy the
focus/attention
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• Great potential to help
• Clients benefit from
individualized approach
• Clients enjoy the
focus/attention
• Effective when other
interventions are not
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• New fields
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• New fields
• Lack of professional
definition and licensing
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• New fields
• Lack of professional
definition and licensing
• Consumer confusion
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• New fields
• Lack of professional
definition and licensing
• Consumer confusion
• Training issues
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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• New fields
• Lack of professional
definition and licensing
• Consumer confusion
• Training issues
• Small research base
Financial Coaching/Therapy
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Thank you
Atlanta Financial Psychology Mary Gresham, Ph.D.
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Atlanta Financial Psychology Mary Gresham, Ph.D.
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Atlanta Financial Psychology Mary Gresham, Ph.D.
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Atlanta Financial Psychology Mary Gresham, Ph.D.
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Atlanta Financial Psychology Mary Gresham, Ph.D.
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Atlanta Financial Psychology Mary Gresham, Ph.D.