Dr. Mary Gresham of Atlanta Financial Psychology describes the conceptual model of a healthy relationship with money. This model addresses the mathematical/rational, values and spiritual, emotional/symbolic/relational and process levles of a rleationship with money. All areas need to be addressed and integrated to develop a health sense of money.

1. Gresham’s Model of a
Healthy Relationship with
Money
Dr. Mary Gresham
2801 Buford Highway Suite 260
Atlanta, Ga. 30329
404-320-6510
www.atlantafinancialpsychology.com

2. What is your
definition of a
healthy relationship
with money?

3. Why define it?
 Your model influences your work
beyond your awareness
 Your clients will benefit by
looking at their own definitions
 If you don’t, someone else will.
 This works helps you connect
with your clients at a deeper level.

4. Mathematical/Rational
Values/Spiritual
Emotional/Relational
Process

5. A Whole Relationship with
Money
Gives a theoretical framework for a
healthy relationship with money that
is easily understood by clients.
When asked about, defines the client
relationship.
Helps us define the strengths and
weaknesses of clients in a non-
judgmental way.

6. Mathematical/Rational

7. Rational/Mathema
tical
 This type of discourse is
purely rational and
numerically based
 Where many financial
professionals are most
comfortable and prefer to
connect.

8. Examples
Your portfolio decreased 4% in the
first quarter of the year. The
primary contributor was the poor
performance of the XYZ fund but
that was partly offset by the
performance of the ABC fund

9. Mathematical/Rational
 Must have skills to track spending, savings,
net worth, make investment choices, plan
for retirement
 For some clients, this is the last level of
development
 For some clients, this is level at which they
want to connect first and/or the only level
of interest

10. Mathematical/Rational
Values/Spiritual

11. Values/Spiritual
 Refers to important and enduring
thoughts, beliefs, ideals and
attitudes towards money.

12. Values/Spiritual
 Refers to important and enduring
thoughts, beliefs, ideals and
attitudes towards money.
 Determines guidelines for
behavior

13. Values/Spiritual
 Refers to important and enduring
thoughts, beliefs, ideals and
attitudes towards money.
 Determines guidelines for
behavior
Often assumed but not articulated

14. “See? Isn’t this better than being happy?”

15. Values Conversations
How much of your eligible
contribution will you be putting in
your retirement fund this year?
 Are you giving to a charity this
year?
 What kind of trust do you wish to
set up for your children?

16. Values conversations
 Safe, non-judgmental, structured

17. Values conversations
 Safe, non-judgmental, structured
 Differences acknowledged and
integrated

18. Values conversations
 Safe, non-judgmental, structured
 Differences acknowledged and
integrated
 Related to age, gender, culture,
behavior

19. Money and Meaning
 Project done at the Ackerman Institute
in New York with financial advisers
and therapists collaborating to
identify a values framework for money
conversations
 Card sort activity that is fun and
engaging

20. Examples
 Personal  Recreational
 Spiritual  Material
 Economic  Public Service
 Philanthropy  Financial
 Relationships,  Physical
 Culture  Ethical.
 Work
 Educational

21. Benefits of values work
 Using values helps guide decisions
 Identification of discrepancy between
behavior and values can be addressed
 Looking at the areas of discrepancy
promotes working on the underlying
issues

22. Exercise
 How did your values apply to your
most recent financial decision?
This exercise opens the door to discuss
a discrepancy between beliefs and
behavior.

23. Mathematical/Rational
Values/Spiritual
Emotional/Relational

25. Emotional/symbolic
conversations
 Non-verbal cues are most important
indicators that the person is operating
on the emotive level:
 Voice tone
 Breathing
 Body language
 Facial expression

26. Emotional/Symbolic
 Where many financial professionals
become uncomfortable
 Lack of framework makes it harder to
deal with emotions about money
 Where women can be most engaged in
the issues about money
Men are socialized to avoid this realm

27. Connecting at the
emotional/symbolic level
 Where you can differentiate
yourself and your practice
 Develop skills and a model for
this area
 Look at your own money issues or
develop a relationship with a
counseling professional

28. Emotions signal core concerns
 Appreciation
 Affiliation
 Autonomy
 Status
 Role

29. Mathematical/Rational
Values/Spiritual
Emotional/Relational
Process

30. Process
 Learning how to step out of an
interaction and comment on what is
happening
 A learned skill
 Reduces conflict and gives a
framework for the interaction

31. Process commentary
 There seems to be a lot of tension in
the room when we talk about
implementing a spending plan.
 Although you say you are happy with
this plan, I notice that you are not
following it. Can you help me
understand that?

32. Process values cards
 Inclusive: all included
 Exclusive: some excluded based on
age, gender, bloodline
 Collaborative
 Egalitarian: equality is the defining
principle
 Transparent: open to all

33. Process Values Cards
 Transparent: open to all
 Hierarchical: one individual
dominates, autocratic
 Empowerment: other members
authorized for decisions
 Dialogue: encourage discussion and
hear all points of view
 Reflective: research and gather info,
contemplate and explore

34. Types of process
 What are other process descriptions
you have noted in working with
clients?

35. All levels are important
 Example: certain financial decisions
may work well at the math level but
not at the values or emotional level
 Example: certain decisions may work
well at the process level but not at the
values level

36. Financial health
 When all levels are addressed
 When conflicts are acknowledged
between levels and worked through
 A process that never ends
Mary Gresham, Ph.D. Atlanta Financial Psychology