Brief Summary of Episode #237
The money taboo is deeply rooted in American culture. As a result, nobody likes to talk about finances openly.
But with the Great Recession in 2008, mental health professionals realized there was a big problem.
“A whole bunch of mental health professionals were like, ‘All my clients are doing is talking about money, and I don’t have training in money,’” Dr. Megan McCoy said.
The licensed Marriage and Family Therapist, certified Financial Therapist, Assistant Professor of Practice, Director of Financial Planning Master’s program, and accredited Financial Counselor at Kansas State University said that extreme conditions forced two very different fields to join forces.
“They decided to lean on each other,” Megan said. “So, a bunch of financial planners and mental health professionals created financial therapy.”
Megan argues that a big part of financial anxiety stems from a stigma of negativity around conversations about money. But, in fact, the opposite should be true.
“It should be like, ‘What are our dreams for the future?’” she said. “What are your values around money?”
By embracing financial therapy, FIs and fintechs could help free their clients from the burden of financial stress.
Key Insights and Takeaways
- How the money taboo impacts financial stress (5:52)
- The impostor syndrome plaguing financial professionals (13:31)
- Establishing and expanding financial therapy practices (22:23)
Notable Quotables to Share
How to Connect With Dr. Megan McCoy
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