Episode 120 – Money Stories with Dr Megan McCoy

In this episode, we chat with Dr. Megan McCoy a financial therapist about money stories—the beliefs we form about money based on childhood, family, and past experiences.

A warm and insightful conversation about why we behave the way we do with money, and how understanding those patterns can lead to better financial wellbeing.

Want to know more about Chris Budd’s The Financial Wellbeing Pulse? Have a listen to Episode 110 here.
Producer Tommo – Director and Chartered Financial Planner at the award winning, employee owned and B Corp certified Ovation Finance! Fancy a chat with Tom Morris and the team at Ovation? Contact details here

Producer Tommo – Director and Chartered Financial Planner at the award winning, employee owned and B Corp certified Ovation Finance! Fancy a chat with Tom Morris and the team at Ovation? Contact details here

A chat with Dr Megan McCoy, a financial therapist about the relationship between money and happiness – financial wellbeing from a therapist direction.

Featuring cheap meals, good wellbeing investments that wont save you money and free travel on your birthday.

Thank you to Rich Ellis for his suggestion – if you live in the West of England, check out the Birthday Bus website here.

Chris Budd and Dr Megan McCoy met at the Financial Therapy Association Conference in San Diego

What is Financial Therapy?

2008 Recession – therapists couldn’t help patients with financial related issues and financial advisers were seeing increased issues therapy could help with. There was a need to cross train and apply a holistic approach for someones individual and financial wellbeing.

How financial advisers can train around crisis help and increase their confidence in helping their clients.

Should financial advisers be approaching these areas?

We need to be there for the ‘human’ moment

How to spend money for happiness – from Elizabeth Dunn to Desmond Tutu

Realigning Expectations – we often have a single Money Story and stick with it.

Money Genogram – explore your family tree

Start by asking:

• What’s your earliest memory of money?
• Who managed the finances in your childhood home?
• How did your family talk about wealth, debt, or spending?
• What money behaviours do you still mimic – or reject?

Share stories around money with family, consider your perceptions and influences around your financial behaviours.

Common issues Dr Megan McCoy comes across;

• Financial Infidelity
• Estate Settlements
• Money Insecurity
• Blended Families

Fairness in finances

When to refer;

• emotionally upset in meetings
• not focussed on finances in meetings
• thinking about clients outside of meetings

Dr Megan McCoy is a Financial Therapist and Assistant Professor at Kansas State University. With over 10 years of experience in counseling and research Megan’s mission is to help people achieve financial freedom and happiness.

Megan’s first co-authored book “Financial Planning Counseling Skills” has just been released.

Want to know more – connect with Megan on LinkedIn