Episode 3: Financial psychology with Dr. Megan McCoy

Financial wellbeing is an important factor that influences our emotional wellness. Financial stress happens to everyone, but there are ways to cope with the anxieties that might arise because of it. Understanding our own views and beliefs around money is the first step toward financial wellbeing.

On this episode, Dr. Megan McCoy joins us to discuss the various psychological views individuals hold about money called money scripts. She shares how our beliefs around money impacts our relationships, how we deal with financial stress, even how we raise our kids, and more! 

Dr. McCoy will leave you with a better understanding of financial psychology and equip you with tools to start you on your wellness journey.

Key takeaways

• A little bit about herself and what she does
• What financial therapy is
• Difference between financial stress and financial anxiety
• The different views people have about money
• The four different money perspectives/viewpoints
• How different beliefs about money affects your decision-making
• What financial infidelity is
• How COVID-19 has impacted families and money
• Practical ways to talk about money with your significant other
• Family beliefs around money
• Appropriate age to talk to your kids about money
• How charitable giving can help with long-lasting happiness
• Other ways you can increase happiness through money
• Why it pays to spend purposely
• Ways to combat financial anxiety
• How to separate your identity from your financial psychology
• Resources she recommends

Links

• Dr. Megan McCoy - https://www.hhs.k-state.edu/ahs/people/meganmccoy/
• Dr. Megan McCoy Email - [email protected]
• Financial Therapy Association Website - https://www.financialtherapyassociation.org
• Find a Financial Therapist - https://www.financialtherapyassociation.org/find-a-ft
• Kristy Archuleta - https://www.researchgate.net/profile/Kristy_Archuleta
• Virginia Satir - https://en.wikipedia.org/wiki/Virginia_Satir
• Michelangelo Phenomenon - https://dictionary.apa.org/michelangelo-phenomenon

Books

• Money Script by Brad Klontz, Ted Klontz, and Rick Kahler - https://www.amazon.com/Money-script-Korean-Brad-Klontz/dp/896866420X
• Surviving Debt: Expert Advice for Getting Out of Financial Trouble by National Consumer Law Center - https://www.amazon.com/Surviving-Debt-Getting-Financial-Trouble/dp/1602481768
• Peoplemaking by Virginia Satir - https://www.amazon.com/Peoplemaking-Condor-Books-Virginia-Satir/dp/0285648721
• Facilitating Financial Health: Tools for Financial Planners, Coaches, and Therapists by Brad Klontz, Ted Klontz, and Rick Kahler - https://www.amazon.com/Facilitating-Financial-Health-Planners-Therapists/dp/1941627870
• Mind Over Money: The Psychology of Money and How to Use it Better by Claudia Hammond - https://www.amazon.com/Facilitating-Financial-Health-Planners-Therapists/dp/