Financial Therapy Is a Real Thing. Do You Need It?
Highlights from this article:
A financial therapist can help you figure out why you struggle to follow a financial plan.
Financial therapy may help people who feel overwhelmed, confused or held back by money matters.
Because financial therapy remains unregulated, research a provider’s education, designations and experience carefully.
Financial therapy can help you manage your emotional and psychological relationship with money. Talking with a financial therapist can be useful if you're facing obstacles to financial well-being that you can’t quite understand or overcome on their own.
Simply put, a financial planner or financial advisor may help you create a budget, but a financial therapist can help you figure out why it's so hard to stick to it.
Less than half of Canadians (47%) feel confident when making financial decisions, and even fewer (39%) feel confident when choosing between financial products, according to NerdWallet Canada's 2026 Consumer Credit Card Report.
One possible reason: many money conversations happen behind closed doors. Just 31% of Canadians say they feel comfortable speaking openly about their finances with family and friends, according to the NerdWallet report.
Enter the financial therapist: Someone who is uniquely positioned to help you dig below the surface, improve your relationship with money and perhaps enhance your financial health as well.
How financial therapy works
Financial therapy is still a novel concept, so several types of professionals can hang out a shingle as a financial therapist.
The Financial Therapy Association, or FTA, is a US-based organization with international membership. The FTA works to advance the field of financial therapy, in particular by offering a Certified Financial Therapist (CFT-I) designation to professionals in both the personal finance and mental health industries.
To be certified, individuals must demonstrate certain levels of education and experience in therapy, financial planning and financial counselling, but are not required to be licensed therapists or mental health professionals.
While somebody with an FTA certification may not be able to provide traditional therapy, they will understand how emotions are tied to money and can advise clients accordingly. The way financial therapy works for you will depend on why you’re seeking out this support.
For example, if you want to understand your current approach to money and develop different habits, the therapist will support you differently than if you’re struggling with a compulsion to gamble.
Will a financial therapist actually help you? Here's how to know
Sometimes people unwittingly sabotage their own finances.
This is the kind of behaviour a financial therapist may be able to help you understand — and change.
You don’t need to be under severe financial stress or experience financial trauma to benefit from financial therapy. If you feel overwhelmed, confused or held back by money matters, a financial therapist may be able to help.
Indicators that a financial therapist could be helpful
You hide purchases from your spouse or family.
You spend money compulsively.
You were subjected to money conflicts in childhood.
You have obsessive or post-traumatic disorders that are impacting your finances.
You struggle with feelings of guilt about money.
You can’t keep tabs on your cash or spending.
You fight about money with your spouse and/or other family members.
You have a gambling addiction.
You feel like you don’t deserve money or financial well-being.
You would like to improve your money habits.
You feel unending stress about money, even when your bills are paid.
You’re worried about future costs, such as your children’s education or your own retirement.
How to find a certified financial therapist in Canada
Because financial therapy remains unregulated, it’s very important that you be clear about what you’re looking for in a financial therapist so you can find somebody who is educated and equipped to deal with your situation.
FTA has Standards of Practice and a Code of Ethics to which members are supposed to adhere, but they may also help you understand the general professional responsibilities of any financial therapist.
Simply entering “financial therapist near [your city]” into your favorite search engine will get you started, but you can also search the FTA directory for a financial therapist. Be aware that not everyone listed holds a financial therapy designation, so it’s important to do independent research as well.
In addition to the CFT-I designation that the FTA issues (which generally requires a bachelor’s degree as a minimum prerequisite), there are a few other designations you can look for, while seeking out a financial therapist, including:
Behavioral Finance Advisor (BFA)
Offered by a Minnesota-based consulting services company, the BFA designation requires a course in behavioural finances and an exam. Many people who pursue this designation are financial advisors who want to combine their financial expertise with elements of psychology and neuroscience so they can help their clients make better decisions.
Accredited Behavioral Finance Professional (ABFP)
Offered by Colorado-based College for Financial Planning, which is part of Kaplan Financial Education, ABFP is a university/college designation for mid-career and advanced financial professionals. This certification indicates a thorough understanding of psychology as it pertains to economic behaviour.
Certified Financial Behavior Specialist (FBS)
Offered by the Illinois-based Financial Psychology Institute, FBS is an additional certification for financial and mental health professionals. Requirements include a foundational education such as a bachelor’s degree and certification in financial planning, coaching or mental health, completion of the Certificate in Financial Psychology & Behavioral Finance, continuing education in financial planning, letters of recommendation, and agreement to the FPI’s Code of Ethics. An international directory of people who hold FBS certification is available on the FPI website.
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