Additional Theoretical Lenses for Financial Therapists Flashcards
What is a theory?
A framework, model, or lens through which to view behavior or a question. It can explain outcomes and organize assumptions and constructs.
What is the relevance of Systemic Financial Therapy?
Explains complex phenomena that isn’t explained by linear or mechanical models.
What are the key assumptions of Systemic Financial Therapy?
- Holism
- Hierarchical Organization
- Living systems are open, non-determined and active
- Human systems are self-reflective
- Reality is constructed
What techniques are used in Systemic Financial Therapy?
- Circular questions
- Genograms
- Open-ended questions
What does Couples & Finances Theory combine?
Combines systems theory and financial processes.
What are the key assumptions of Couples & Finances Theory?
- Financial difficulties are linked to relationship problems
- Interactions are based on rewards and costs
- The financial process operates within a larger context
What are the stages of systemic therapy in Couples & Finances Theory?
- Interview
- Early
- Middle
- Termination
What is the relevance of Bowen Family Systems?
Describes complex interactions in families as an emotional unit.
What are the key assumptions of Bowen Family Systems?
- Triangles
- Differentiation of self
- Nuclear family emotional process
- Family projection process
- Multigenerational transmission process
What techniques are used in Bowen Family Systems?
- Genograms
- Self-focus/Differentiation
- Facilitate conversation within the family
What is the relevance of Structural Family Therapy?
Addresses interaction patterns that create issues within families.
What are the key assumptions of Structural Family Therapy?
- Enmeshed
- Disengaged
- Authority lines are unclear
What techniques are used in Structural Family Therapy?
- First order changes
- Second order change
- Family Diagrams
- Family Rules
What is the relevance of the Biopsychosocial Model?
Focuses on empathy and compassion, integrating biological, psychological, and social dimensions.
What are the key assumptions of the Biopsychosocial Model?
- Integrates biological, psychological, and social dimensions
- People have subjective experiences important for treatment
What techniques are used in the Biopsychosocial Model?
- Treat biological aspects
- Address psychological aspects
- Consider social aspects
What is the relevance of Cognitive Behavioral Financial Therapy (CBFT)?
Beliefs control behavior; understanding or changing beliefs can change behavior.
What are the ABCs in Cognitive Behavioral Financial Therapy?
- Activating event
- Belief
- Consequences
What techniques are used in Cognitive Behavioral Financial Therapy?
- Identify and evaluate money beliefs
- Establish a strong therapeutic relationship
- Use structured therapy sessions
What is the relevance of Positive/Self-Psychology in Financial Therapy?
Helps clients identify problematic relationship patterns and alleviate emotional suffering.
What are the three objectives of Positive/Self-Psychology in Financial Therapy?
- Understand early failures in meeting developmental needs
- Recognize efforts toward self-protection
- Provide a secure alliance for growth
What is the relevance of Motivational Interviewing (MI) in Financial Therapy?
An evidence-based technique for helping clients change by inspiring and motivating them.
What are the key assumptions of Motivational Interviewing?
- Resistance to change is normal
- Clients establish their own reasons for change
What techniques are used in Motivational Interviewing?
- Use reflection
- Scaling questions
- Encourage explanation with statements
What is the relevance of Solution-Focused Financial Therapy (SFBT)?
Helps clients focus on future goals and utilizes personal strengths.
What are the key assumptions of Solution-Focused Financial Therapy?
- If it is not broke, don’t fix it
- Small steps lead to big changes
- There are always exceptions to problems
What techniques are used in Solution-Focused Financial Therapy?
- Recognize pre-session change
- Miracle question
- Scaling questions
What is the relevance of Narrative Financial Therapy (NFT)?
Combines narrative therapy with financial planning to help clients escape negative self-talk.
What are the key assumptions of Narrative Financial Therapy?
- Externalizing the problem
- The client is not the problem
What techniques are used in Narrative Financial Therapy?
- Deconstructing
- Externalization
- Amplifying the preferred narrative
What is a theory in the context of financial therapy?
A framework, model, or lens through which to view behavior or a question. Theory organizes assumptions and constructs, explains outcomes, guides research, and serves as a road map for understanding where you’re going and how to get there.
What is the value of using different theoretical lenses?
Different theories provide different perspectives, allowing you to see, learn, or highlight different aspects of a question or behavior.
How should theories be approached by financial therapists?
Theories should be viewed as lenses that can be taken on and off as needed. They’re tools, not dogma.
What analogy did Dr. Archuleta use to describe systems theories?
A baby mobile—if one part moves or is touched, it causes the rest of the mobile to move or shift.
What five systems theories are particularly relevant to financial therapy?
- Systemic Financial Therapy
- Couples & Finances Theory
- Bowen Family Systems
- Structural Family Therapy
- Biopsychosocial Model
How do systems theories conceptualize decision-making?
Systems theories view decisions as non-linear, influenced by multiple factors in a person’s environment.
What are the key assumptions of Systemic Financial Therapy?
- Holism: The system as a whole matters more than just the sum of its parts
- Hierarchical organization: Systems move out from self to relationships to community
- Open systems: Information is exchanged and moves within the system
- Human systems are reflective: People can understand their own and others’ behavior
- Reality is constructed: Observations are never independent of the observer
What techniques are used in Systemic Financial Therapy?
- Circular questions that explore what’s happening inside and between people
- Genograms that diagram the family, its members, and their relationships
- Open-ended questions about what might be keeping the family or person stuck
- Focus on process and relationships rather than specific content or numbers
Give an example of how Systemic Financial Therapy might be applied with clients.
You might ask open-ended questions to both Mary and John like ‘What do you see keeping your family from saving for retirement?’
What is the central focus of Couples & Finances Theory?
Couples & Finances Theory combines systems theory with financial processes, recognizing that household finances impact the couple relationship and vice versa.
What are the key elements that influence each other in Couples & Finances Theory?
- Individual factors
- Self-reports of satisfaction
- Financial inputs
- Financial management
- Financial satisfaction
What are the stages of therapy in the Couples & Finances Theory approach?
- Interview: Establish rapport and brainstorm about causes of financial issues
- Early stage: Identify barriers to change and each person’s perspective
- Middle stage: Develop individual responsibility and mutual understanding
- Termination: Review progress and encourage problem-solving for the future
How might Couples & Finances Theory be applied to clients?
You would gather information about their financial inputs, explore their financial management approaches, and help them take responsibility for their respective roles in their financial challenges.
What unique perspective does Bowen Family Systems bring to financial therapy?
Bowen’s theory emphasizes triangles and multigenerational transmission in understanding money stories and emotions related to money.
What are the key concepts in Bowen Family Systems Theory?
- Triangles
- Differentiation of self
- Nuclear family emotional process
- Family projection process
- Multigenerational transmission process
- Emotional cutoff
- Sibling position
- Societal emotional process
What is differentiation of self in Bowen Theory and why is it important?
Differentiation of self refers to the ability to separate one’s own thoughts and feelings from those of the family while maintaining connection.
How might Bowen Family Systems Theory be applied in financial therapy?
You might help clients create financial genograms to discover multigenerational patterns around money.
What types of family structures does Structural Family Therapy identify?
- Enmeshed: Chaotic and tightly interconnected relationships
- Disengaged: Isolated and emotionally detached relationships
- Authority issues: Unclear lines about who has authority
What is the difference between first-order and second-order change in Structural Family Therapy?
- First-order changes: Attempts to change a single aspect of a relationship
- Second-order change: Making change to the entire relationship system
What techniques are used in Structural Family Therapy?
- Family diagrams
- Identifying family rules
- Interventions to help families understand their rules and relationships
- Helping families create new rules
How might Structural Family Therapy be applied to financial issues?
You might help the family establish new, clearer rules about spending on children.
What three dimensions does the Biopsychosocial Model integrate?
- Biological
- Psychological
- Social
How does the Biopsychosocial Model differ from traditional medical models?
It integrates multiple dimensions of human experience rather than focusing solely on diagnosis.
What approaches might a financial therapist take using the Biopsychosocial Model?
- Biological: Encourage physical activity
- Psychological: Suggest counseling
- Social: Recommend financial management courses
How might the Biopsychosocial Model be applied to financial therapy?
You might encourage clients to engage in activities that address biological, psychological, and social aspects of their financial behaviors.
What is the foundational premise of Cognitive Behavioral Financial Therapy (CBFT)?
Beliefs control behavior.
What is the ABC model in CBFT?
- A: Activating event
- B: Belief about that event
- C: Consequences
What are the key elements of the CBFT process?
- Establish a strong therapeutic relationship
- Focus on collaboration
- Address specific problems
- Use structured therapy sessions
- Emphasize education and relapse prevention
How might CBFT be applied in financial therapy?
You might help clients develop SMART goals about spending and a plan for managing shopping urges.
What is the central focus of Self-Psychology in the financial therapy context?
It uses the therapeutic relationship to help clients identify problematic relationship patterns related to money.
What is meant by the therapist as a ‘self-object’ in Self-Psychology?
The therapist provides what was missing developmentally for the client.
What are the three main objectives in Self-Psychology?
- Develop an understanding of early failures
- Recognize and respect the individual’s efforts
- Provide a secure alliance
How might Self-Psychology be applied in financial therapy?
A self-psychology approach would create a safe environment for clients to explore early experiences with money.
What is Motivational Interviewing and how does it differ from more directive approaches?
Motivational Interviewing helps clients change by inspiring their personal motivation rather than telling them what to do.
What are key techniques used in Motivational Interviewing?
- Reflection of content and emotion
- ‘Tell me more’ statements
- Scaling questions
- Building confidence
What makes Motivational Interviewing accessible for many practitioners?
It can be used by anyone as a communication tool without extensive clinical training.
How might Motivational Interviewing be applied in financial therapy?
You might begin your first meeting by asking the client to share their concerns.
What distinguishes Solution-Focused Therapy from problem-focused approaches?
Solution-Focused Therapy concentrates on future goals rather than analyzing past problems.
What are the key assumptions of Solution-Focused Therapy?
- If it’s not broken, don’t fix it
- If it works, do more of it
- If it’s not working, do something different
- Small steps lead to big changes
- No problem happens all the time
What techniques are used in Solution-Focused Therapy?
- Recognizing and affirming pre-session change
- Discussing past successful attempts
- Asking the ‘miracle question’
- Developing specific, achievable goals
What is the principle behind the idea that small steps lead to big changes?
Small, incremental changes can accumulate to create significant transformation over time.
What does it mean that no problem happens all the time?
There are always exceptions to problems; they do not occur consistently.
What techniques are used in Solution-Focused Therapy?
• Recognizing and affirming pre-session change
• Discussing past successful attempts at change
• Asking the ‘miracle question’ to envision life without the problem
• Developing specific, achievable goals
• Using scaling questions to measure progress
• Complimenting clients’ strengths and efforts
• Maintaining curiosity as a therapist
• Building collaboration
What is the ‘miracle question’ and how is it used?
The miracle question asks clients to imagine that while they were sleeping, a miracle occurred and their problem was solved, then describe what they would notice first upon waking.
How might Solution-Focused Therapy be applied in financial therapy?
Acknowledge changes made since the first appointment, ask the miracle question to envision a financial future, and use scaling questions to break larger goals into smaller, actionable steps.
What is the central principle of Narrative Financial Therapy?
It focuses on externalizing the problem—separating the person from the problem, helping clients escape negative self-talk.
What does it mean to ‘co-write a thicker story’ in Narrative Therapy?
The therapist and client work together to develop a more detailed, nuanced understanding of the client’s relationship with money emphasizing strengths.
What are the main techniques used in Narrative Financial Therapy?
• Deconstructing: Questioning the origins of beliefs about money
• Externalization: Naming the problem to move it outside the person
• Sparking events: Recalling times when the issue was not felt
• Amplifying the preferred narrative: Strengthening the positive alternative story
• Audience questions: Taking on the perspective of others to see growth
How might Narrative Financial Therapy be applied with clients?
Clients might name their money issues through externalization, recall times when issues weren’t controlling them, and strengthen their preferred narratives.
How do the first five theories differ from the second five theories?
The first five theories focus on broader perspectives and relationships within systems, while the second five focus on methods for helping individuals change behaviors and thoughts.
Which theories require specialized training versus those that can be used by most practitioners?
• Specialized training: Cognitive Behavioral Financial Therapy, Self-Psychology
• Usable by most practitioners: Motivational Interviewing, Solution-Focused Therapy, Narrative Therapy
How might these theories be combined in practice?
Start with systems theories to understand the client’s context, then move to change-oriented approaches like Motivational Interviewing and Solution-Focused techniques.
What common elements appear across multiple theoretical approaches?
• Building a strong therapeutic relationship
• Understanding the client within their context
• Recognizing patterns of behavior and thought
• Focusing on the client’s strengths and resources
• Helping clients take responsibility for change
• Creating specific, achievable goals
• Measuring and acknowledging progress
