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Full-Text Articles in Counseling Psychology
When Are Impending Retirees Inspired To Save: The Role Of Agreeableness And Future Clarity, Simon A. Moss, Era Ghafoori
When Are Impending Retirees Inspired To Save: The Role Of Agreeableness And Future Clarity, Simon A. Moss, Era Ghafoori
Journal of Financial Therapy
In the decade or so before they retire, many individuals do not save enough money to maintain their lifestyle after retirement. According to the self-continuity hypothesis, as individuals approach a transition in their life, such as retirement, they are not as willing to sacrifice pleasure now to benefit their future, impeding their tendency to save money judiciously and to manage their finances prudently. This longitudinal study, however, tested the hypothesis that impending retirees who are agreeable or perceive their future as vivid and certain, called future clarity, are more likely to manage their finances prudently, despite this looming transition. In …
The Impact Of Psychological Trauma On Finance: Narrative Financial Therapy Considerations In Exploring Complex Trauma And Impaired Financial Decision Making, D. Bruce Ross Iii, Ed Coambs
The Impact Of Psychological Trauma On Finance: Narrative Financial Therapy Considerations In Exploring Complex Trauma And Impaired Financial Decision Making, D. Bruce Ross Iii, Ed Coambs
Journal of Financial Therapy
The current paper aims to foster new discussion on the complex, deleterious, and conflated relationship between psychological trauma and financial management processes. Trauma and financial distress are interconnected, affecting the cognitive, behavioral, emotional, and relational aspects of our lives. A case vignette is presented for financial therapists which utilizes an integrated, trauma-informed approach addressing the lasting impact of childhood trauma on financial management behaviors and the client’s life story. Treatment modalities consider narrative financial therapy, four categories of sexual and financial shame, and four phases of trauma restoration. Ethical and practice implications are discussed.