Mind on Money: Local programs address the mental health toll of financial stress

Rebecca Greene: Rebuilding credit has been a popular course at ProsperU.

Jordan Markley: Financial therapy identifies root causes of poor financial choices.

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Financial stress isn’t merely a budgeting issue. It seeps into every aspect of a person’s life, leading to anxiety, depression, relationship conflicts and even physical health problems. “I often see people come into my office and cry because they’re so stressed by their finances,” said Rebecca Greene, director of ProsperU, a financial literacy and counseling program in Springfield. 

The intersection of financial health and mental health is becoming increasingly recognized. According to the American Psychological Association, the U.S. is in a mental health crisis, with money as a top stressor for adults in a 2023 survey. Despite this, the survey found that only 52% of adults were comfortable talking about their finances, and 45% said talking about money with others was embarrassing.

“It takes hard work, but there is a light at the end of the tunnel,” Greene said on financial health.

Financial literacy and counseling practices in Springfield are seeing this mental health crisis and are providing tools and strategies to mitigate this stress and foster financial stability.

 Financial literacy
ProsperU, a program funded by Central Bank, launched in June 2023 with a mission to provide free financial education and counseling to Springfield-area residents, as well as people in Kansas City and Columbia. With options for in-person or Zoom classes offered at no charge, Greene said the program is available to any individual as well as nonprofits and small businesses.

This year, ProsperU has held 98 classes with 1,200 people attending classes or seeking financial counseling. 

“One of our most popular classes is on credit,” Greene said. “There’s a lot of misinformation about how credit works, so understanding how to build it or repair it is popular.” Another well-received course Greene launched was on meal planning on a budget, which she said addresses a crucial but often overlooked area of financial management. 

Greene, who also offers financial counseling sessions, said these courses help give clients a game plan and hopefully alleviate some stress. “The more we can educate people before they get to that point, the better,” she said.

Financial therapy
While financial literacy programs like ProsperU focus on education and practical skills, financial therapy dives deeper into the psychological and emotional aspects of financial behavior. The specialty is a growing sector, with the Financial Therapy Association launching in 2008 to help raise awareness of the profession, as well as promote further research and development. 

Jordan Markley is a licensed clinical social worker and certified financial therapist and runs Wealth & Wellness Therapy in Springfield. She was interested in the profession because of her own background. 

“I grew up in a household where we didn’t talk about money, which led to a lot of financial mistakes early in my life,” Markley said. “I had a lot of shame surrounding money.

 “I think even therapists can be uncomfortable talking about money. We’re taught to process our own trauma so we can help our clients, but not always about money.” 

Financial therapy combines traditional therapy techniques with financial planning and coaching. 

“We’re trained specifically to help clients to identify root causes behind financial behaviors to make sustainable changes,” Markley said. “Clients often come to me not because they lack financial knowledge but because they have emotional barriers that keep them from sticking to a plan. If your go-to is online shopping after an argument, or if your finances are impacting your relationship with yourself or others, therapy might be the missing part on what they need.”

Markley sees clients across Missouri, both in person and virtually, with about 25 specifically in financial therapy. “There’s a huge need for this everywhere,” she said. “Anyone who is struggling with depression, anger and anxiety around money, there’s a need to unpack those beliefs.”

 Community resources
The Making Sense of Money program, led by Kelly Paparella, director of financial stability programs at the Community Partnership of the Ozarks Inc., aims to bring financial literacy to marginalized communities. The program, founded in 2006, offers a 4-week class that focuses on understanding attitudes and beliefs surrounding money and developing smart financial goals. In addition, Paparella said she offers tax and budgeting services to the community.

“Financial health equals mental health,” Paparella said. “It’s so important for us to not be stressed about our finances, or it will take a toll.”

Making Sense of Money served 234 participants through its Basic Budgeting Series in the CPO’s 2024 fiscal year, doubling its reach from the previous year, according to Paparella. The class sessions also help break down barriers, for example by introducing students to banking professionals in a comfortable environment. Paparella adds that for many people, walking into a bank or meeting with a financial professional can be intimidating, so this helps overcome that obstacle.

The program tracks outcomes, such as budgeting follow-through and saving money. “But also, they feel more empowered about making decisions,” Paparella added. “I love when I hear them say that they can start planning for retirement or their future.” 

In addition to community-based classes, Paparella is working to establish workplace partnerships with local employers, as well as with the Republic School District and Missouri State University’s wellness department. 

“Helping employees understand financial literacy is becoming a highly desired workplace benefit. Companies are beginning to see the value in supporting their staff’s financial well-being,” she said.