These Are the Top 3 Financial Fears of My Patients — And How I Treat Them

Once acknowledging that you have financial fears, you need to validate them, even if they feel random or you recognize that they’re totally illogical.

“When we talk about these fears in therapy, the first step is to validate them,” Keshri said. “These feelings aren’t irrational — they’re rooted in real experiences and systemic issues.”

If the fear of debt you’ve amassed is holding you mentally or emotionally hostage, you need to make an actionable plan to handle it. Just don’t get overwhelmed. Your therapist will help you make a plan that you can tackle piece by piece. For optimal results, loop in a financial advisor, too.

“The first step to tackling debt anxiety is breaking it down into smaller, manageable steps,” Estevez said. “Creating a realistic repayment plan that doesn’t feel overly restrictive can make a big difference. Therapy can also help address the emotional side of debt, like shame or self-blame, while a financial advisor can offer practical guidance for managing repayment.”

Keshri works to help clients separate their financial worries from their sense of self-worth.

“It’s so common for people to blame themselves for financial struggles, seeing them as personal failures,” Keshri said. “That shame can be paralyzing, so we focus on untangling those emotions and reframing how they see themselves.”

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“Sometimes, it’s about learning to handle those panic-inducing moments,” Keshri said. “When anxiety hits, it helps to have emotion-regulation tools on hand. Things like deep breathing, grounding exercises or even just pausing to remind themselves that they’ve gotten through tough times before can make a huge difference. These small tools help them stay present and ride out the wave of anxiety without spiraling.”

Robert Roopa, a psychologist at Counselling Services for York Region, works specifically with people who struggle with anxiety disorders. He finds that many patients struggle with concerns that affect their financial health, but that they may not be aware of it. They may think it’s something else they’re worried about. This unknowingness prevents patients from dealing with the root of the problem. The only way to get to the root is through deep reflection and working things out in therapy.

“It’s only through deeper reflection that they learn that their primary concern is influenced by a deeper fear (often referred to as a core fear),” Roopa told GOBankingRates. “For example, someone may attend counselling for a fear about their partner leaving, but after further evaluation they come to understand that their concern about their partner is influenced by their fears of being financially insecure and they don’t believe they will be able to cope if their partner did leave.”

When done right, therapy helps us cope with living in a world that is largely beyond our control. It is, ideally, an emotional and thoughtful journey that teaches us how to manage worries and prevent them from wreaking havoc on our mental health.

“This could look like challenging negative thinking and learning more about how to better build their self esteem in both areas (finances and their relationship),” Roopa said. “This could include helping them recognize behaviours they may be engaging in that may influence the relationship negatively, but also help them develop skills that will help them manage their finances so they can feel more secure. This could also look like engaging in reflective exercises to understand where they can further develop their skills to help build their income potential.”

Perhaps the worst way to try to cure a fear, other than pretending it doesn’t exist, is to aim for financial perfection. Breaking through money fears isn’t about becoming Warren Buffett (though, surely, he should inspire you); it’s about being at peace.

“Financial health isn’t about being perfect — it’s about feeling secure, informed and in control of your financial choices,” Estevez said. “If it feels overwhelming, reaching out for professional support is always a wise and courageous step forward.”

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This article originally appeared on GOBankingRates.com: I’m a Psychologist: These Are the Top 3 Financial Fears of My Patients — And How I Treat Them