Why Financial Therapy Matters | Culture Meets Money with Steven M. Hughes

• Financial Therapist and Reiki Master Teacher Steven M. Hughes help Black entrepreneurs and career professionals get to the root of their financial challenges so they can holistically live their best financial lives.
• CapWay invited Steven to join Culture Meets Money to discuss financial therapy, why mental health matters in the Black community, and how money and mental health coincide. 
• As a member of the Financial Therapy Association, Steven encourages people who want to dive deeper into their behaviors with money to seek a financial therapist. 

Financial Therapist and Reiki Master Teacher Steven M. Hughes help Black entrepreneurs and career professionals get to the root of their financial challenges so they can holistically live their best financial lives.

In 2012, Steven started his non-profit organization, Know Money, to help others learn about financial literacy. When he started working with millennials to get their finances on track, he realized that emotional and psychological challenges prevented them from reaching their money goals. This led him to dig deeper into why so many people had trouble with their finances. Ultimately, he went on to study and earn a certificate in Behavioral Finance from Duke University and became a member of the Financial Therapy Association.

Photo provided by Steven M. Hughes 

Image Credit: Michael Dantzler

Since then, he’s worked with notable companies like Google and Airbnb to help their employees build healthy relationships with their money.

CapWay invited Steven to join Culture Meets Money to discuss financial therapy, why mental health matters in the Black community, and how money and mental health coincide. 

What is Financial Therapy?

How many times have you heard the words ‘financial therapy’ in your lifetime? Chances are you may not have ever heard those words before. But unfortunately, financial therapy is rarely discussed, and even in the finance community, it’s still a new phenomenon. But Steven M. Hughes is helping to share why financial therapy is necessary for the everyday person. 

According to the Financial Therapy Association, financial therapy is a process informed by both therapeutic and financial competencies that helps people think, feel, communicate, and behave differently with money to improve overall well-being through evidence-based practices and interventions. 

Why Financial Therapy Matters

“I don’t think [financial therapy] is talked about because we don’t talk about money.” 

- Culture Meets Money, Steven M. Hughes

Often it can be difficult to see what we need to work on in our lives. Whether it’s being more productive or going to bed early, it can be challenging to tackle those daily tasks. Too often, money is the last subject to be brought up in conversation, if it ever gets brought up at all. However, money plays a key role in every adult's life, which is why it needs more attention than you may think. 

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A financial therapist can be the perfect person to help you uncover any emotional or psychological barriers you may have with your money. For example, if you are having trouble with impulse spending or forgetting to pay your bills on time, you may need help understanding your money mindset. Seeking a financial therapist isn’t shameful. It’s healthy for you to do for the betterment of you and your money.

Money and Mental Health

“Money is a very energetic thing, and you don’t want to talk with anybody about what you have going on. You want to make sure this is somebody you trust, somebody you can build with, and somebody you can see bringing on your money team.” 

- Culture Meets Money, Steven M. Hughes

As a member of the Financial Therapy Association, Steven encourages people who want to dive deeper into their behaviors with money to seek a financial therapist. On the Culture Meets Money chat, Steven frequently used the term ‘money team’ to drive home the point of having trusted professionals in your network that can help you win with your money. A financial therapist can be a valued member of your network. Other assets to your money team include a Certified Public Accountant and a financial advisor.

As the world is steadily shifting towards destigmatizing mental health, it’s vital to have the same energy toward destigmatizing financial mishaps. As adults, seeking the help you need is vital, especially if you want to reshape how you think, feel, and communicate with your money. 

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As children, we’re subjected to how our parents, grandparents, and community members value and treat money. So, suppose you grew up in a household where your parents avoided phone calls from the bill collectors, and you now unconsciously avoid phone calls from your utility company. In that case, you may suffer indirect financial trauma. A financial therapist can help find the root causes of your financial trauma while also helping you to relearn healthy money behaviors. 

Money impacts every part of our life. So, to ensure you have a great relationship with your money, it’s essential to unapologetically seek professional help to guide you on your journey of making smart money decisions. 

Watch the full Culture Meets Money video on YouTube!