Advisors, please, email psychologists you know and ask them to sign Dr. Mary Gresham’s petition. It’s just the right thing to do. Dr. Gresham, a psychologist who specializes in mental health issues related to money, has petitioned the American Psychological Association (APA) to launch a financial division.
Citing APA’s annual survey of Americans, Gresham says the No. 1 cause of stress among Americans for the past two years is money.
Money is a significant factor in mental illness--problems with depression, anxiety, etc.
The recently volatile American economy truly is taking a toll on the national psyche.
One disturbing manifestation of the problem is that the rich, who always were different, are now increasingly dysfunctional.
Most rich kids are not raised to work hard and their character is often compromised by privilege. A disproportionately large number have drug or alcohol problems.
Consequently, the notion of providing psychological help to the wealthy has “poor little rich kid” written all over it.
As the son of a baker who came the U.S. in 1948 with little but the shirt on his back, I can’t say I empathize with these kids. But I genuinely sympathize with their situation. These poor rich kids are being raised by parents whose lives were transformed by success and wealth. They’re victims.They're victims of the recession, of the tech boom, or the new economy.
Creating a new body of knowledge for psychologists — financial psychology — will help American society across all income strata.
Adding a financial division to APA will add to knowledge about financial behavior and advisors should support that effort.
Financial advisors arise!
Please email a local psychologist and engage in a conversation about mental health and money. Ask him or her to sign Mary Gresham's petition to create a Financial Division of American Psychological Association..
Then keep the conversation going that professional. You will help people and you will do well from doing good. I promise.