Financial therapy
One in three of us is said to have experienced financial trauma… but could tailored therapy really help? Katie Baskerville put it to the test to find out
I stareinto the abyss of my laptop screen, dazed, in the spare-roomcum-junk-room-slash-office at the back of my flat. While I wait to be let into the Zoom meeting room, I think about all the things I need to say. And, in true form, when I’m let in and meet my therapist for the first time, my mind goes blank. How do I even begin?
I’m in a session with Vicky Reynal (reynal-psychotherapist.co.uk), a psychotherapist who has been a qualified financial therapist for over 20 years. Reynal works with people like me who suffer from financial trauma – adeep and complex response that stems from emotional interactions with money.
It’s not just about being ‘bad’ with money, but it having a deep impact on your life, whether that’s overspending uncontrollably or finding you have blockers in place – for example, finding it physically uncomfortable to check your bank balance. Reynal has seen an increase in the need for her services over the past 18 months, but believes that many people still don’t know that this sort of help exists. This is, she explains, partly because of a cultural taboo that prevents us from talking about money.
While anyone can experience financial trauma, it disproportionally affects women. According to research by the Financial Conduct Authority, women feel less confident managing finances. Then there’s the financial fallout from the pandemic, cost-ofliving crisis and the resulting job losses, all of which are said to be impacting women more heavily. We also experience a multitude of inequalities equating to higher exposures to trauma, from the gender pay gap to emotional labour. These things are even more likely to consistently happen to working-class women from marginalised backgrounds.
I have a complicated relationship with money. The very mention of the words ‘finance’ or ‘savings’ renders me tacky-tongued. I’ve known for a while now that it’s deeply intertwined with my mental health, so I’m grateful that the link between the two is finally being discussed – with people like Reynal on hand to help.
The irony is, of course, that for many of the people who would most benefit from receiving financial trauma therapy, it is entirely out of reach. Reynal’s services cost up to £150 per session (rightly so; it’s a service that requires her to delve into trauma on an hourly basis), and the NHS does not have infinite resources to deal with specialist mental health care like this. But, with the right information, it’s easier to demand the specific support you need or, if you’re able, save up for some private sessions. So, with demand for the
