Verified by 
Key points
- Mental health professionals receive few courses or substantial training in the topic of money management.
- Many get really good at paying off debt but no one has taught them how to save money and accumulate wealth.
- When it comes to our own experiences around money, we all have our own financial narratives.
This post was co-authored by Sylvia Malcore, Ph.D., ABPP; Christine Isham, C.F.P. (certified financial planner); and James Windell, M.A.
Let’s face it. Money influences nearly all areas of our life, from educational opportunities to access to healthcare; from where we live to whom we love. And because of this, there are considerable challenges associated with money—how to get it, how to spend it, and how to keep more of it.
While these challenges bedevil nearly all people, this happens to include psychologists and other mental health professionals as well.
How do mental health professionals cope with their financial challenges? We recognize that mental health professionals appear to receive limited formal training in money management in their field. A casual review of different programs for mental health professionals (e.g., counselors, social workers, psychologists) revealed no courses or any type of substantial training in the topic of “money management."
While this reflects a knowledge gap, we believe that mental health professionals have transferrable skills to address their challenges around money. Hopefully, these skills could be the start of seeking additional knowledge.
We propose the following:
Mental health professionals can improve their financial literacy: Just as recognizing concerns around our mental health can often be a first step towards healing, recognizing gaps in financial literacy can be a step towards addressing barriers and challenges related to money. Some questions to consider: Do you need to understand your options to pay off student loans? Do you want increased income avenues to allow more flexibility in your career? Do you need to plan for retirement? Knowing what you don’t know can be a first step in opening the conversation around money.
Also, addressing your fears about money is another way to help understand why you may be reluctant to talk about your financial situation. Each of us has our own "money" story as to how we were raised thinking and feeling about money. Your money narrative can impact the decisions you make today.
Certified financial planner Christine Isham comments, “When working with mental health professionals and what is holding them back, I often introduce them to the concept that they have not been able to save because they tend to focus on paying off their debt and they get good at paying off the debt but no one has taught them how to save money. As a result, they have not accumulated wealth. I start with a paradigm shift and help them to begin to focus on a savings program.”
Let your values guide your goals: When mental health providers work with patients, many will try to understand the patient’s reasons and drive for specific goals. Here are some questions to consider: Have you considered how your values may be connected to your finances? Do you simply want more flexibility in your career? Is it a priority to save money so your children can attend college without accumulating a huge debt? Is it important to you to accumulate a large sum of money to establish a foundation to help others? Do you want to invest so that your retirement will be comfortable and worry-free?
Understanding why you need to learn more about money and investing and connecting it to something that matters to you can be a great way to start considering the role of money in your life.
Continue learning and seeking knowledge: Research and changes happen continuously in the mental health field, so competent psychologists and other mental health professionals seek ongoing education to hone their skills. Likewise, there are several ways to obtain skills in money management. Perhaps a good “self-help” book or pursuing more knowledge through a work-sponsored retirement program could meet your needs. Or, maybe you can consider enrolling in a class or a college course to increase your money management know-how. Ask others for recommendations before enrolling.
When warranted, get outside licensed help: People often seek mental health professionals when they believe they can no longer cope on their own. When it comes to the financial literacy gap, it is an especially important time for mental health professionals to heed their advice. Sometimes it makes sense to work with a financial expert. This may mean finding a certified financial planner who can advise you. It's important to ask for recommendations and speak with the person who is making the recommendation about why they chose this person to work with, and what their interactions (in person, online, emails, phone calls) are like.
Recognize privilege and honor differences: Some mental health professionals are first-generation college students, some are debt-free, and others may have social connections in their life who are knowledgeable about finances. It is important not to make assumptions about others and our own experiences around money. Just as mental health professionals strive to have empathy for their patients, you can make a non-judgmental assessment of your financial status and proceed from there.
Isham says, “Many of the mental health professionals I have worked with have intentionally delayed making financial decisions. They delay because they—like other people in our society—are not comfortable dealing with emotions, and money is a very emotional issue. However, by working with their intellect as well as their emotions, they can begin to focus on learning what they have avoided learning about money.”
Becoming comfortable sharing your financial status can take time. Seeking the professional help you need can help you better understand, and may improve, your situation.
