For many individuals, this year’s Great Recession sent their mental health into a great depression. As the nation attempts to rebound both emotionally and financially from the recent economic turmoil, more than 50 financial planners and therapists from around the country will meet in the Rapid City area this weekend to discuss how financial therapy may lead to financial recovery.
The gathering is organized by the Nazrudin Project, a leading group of financial planners and other professionals who believe that sound financial planning concerns the whole person and not just dollars. Kahler Financial Group is hosting the meeting.
The true threats to the economy and our own financial well being are the financial choices individuals make every day and how our “money scripts”–what we think, feel and believe about money–influence these decisions. Since the recession started there has been no shortage of financial advice, but knowing what to do with money is not enough until we remove emotional barriers. Financial planners and professionals attending this week’s meeting will discuss the growing urgency for individuals to address both financial and mental health issues as they continue to face economic challenges, and how the financial planning and mental health fields can work together to provide better support and guidance.
Our clinical trial research found the amount of depression and anxiety money causes is significantly reduced when financial planners and mental health therapists work together to help clients. Additionally, when individuals address their emotional issues around money, they can better manage their finances and as a result reduce the risk of destructive financial behaviors, such as overspending or selling all their investments.