Financial Coaching and Financial Therapy: Differences and Boundaries

The purpose of this conceptual paper is to disentangle differences between financial coaching and financial therapy. While financial coaching and financial therapy share many techniques and approaches, financial therapy is a more inclusive practice. Financial therapy (e.g., financial therapists) has the ability to address dysfunctional money attitudes, as well as money disorders, and covers a wider time spectrum of healing a person\u27s past trauma and old pains. Another difference between financial coaching and financial therapy that is discussed in the paper is the arrangement of services and compensation. The paper does not suggest that one approach is better or right. Each approach can be appropriate for particular situations