ABSTRACT
Money coaching/therapy is a relatively new field that combines psychology, financial education and support, to help people make better financial decisions. The coach/therapist helps people to understand their relationship with money, working through any issues or obstacles. The majority of financial coaches or therapists do not provide regulated financial advice and related services, but they usually have links with firms that do. Financial life planning is a consultative approach based on the premise that each person needs to discover their essential goals in life before they go on to formulate a financial plan. Providing personal financial advice in the UK is subject to very strict regulation. Advisers must hold certain professional qualifications and undertake ongoing training. Sometimes generic guidance or advice which focuses on one area or issue can be perfectly adequate and preferential to not seeking help.
