Advertisement

Depression and Financial Distress in a Clinical Population: The Value of Interdisciplinary Services and Training

  • Megan R. FordEmail author
  • Émilie M. Ellis
  • Joseph Goetz
  • Kristy L. Archuleta
  • Jerry E. Gale
  • Barbara Grossman
  • Elizabeth Grant
  • Jennifer Gonyea
Original Paper

Abstract

Therapy professionals who work from a systems theory perspective recognize the complex nature of client problems, as well as the value of a holistic, ecosystemic approach. In practice, a specific area of crossover that therapists may notice involves mental health issues and financial concerns; two of the most pervasive include depression and financial distress. This study sought to explore whether findings from an interdisciplinary clinical population were consistent with existing literature on the relationship between depression and financial distress. It was hypothesized that financial distress would predict depression, and that depression would predict financial distress. Evidence of a significant relationship between depression and financial distress in the interdisciplinary clinical sample was found (N = 118). As a result, additional education, training, and collaborative work with complementary areas like financial planning or financial counseling may be of benefit to therapists working with similar populations. The value and implications of interdisciplinary training, as well as an existing interdisciplinary clinic model, are discussed.

Keywords

Depression Financial distress Interdisciplinary Holistic Ecosystemic model 

Notes

Acknowledgements

The authors would like to acknowledge and thank the past and present members of the ASPIRE Clinic advisory group, specifically Lee Johnson, Megan Lee, Alex Scherr, Maria Bermúdez, John Grable, and Sarah Zenti. Thank you for your efforts and contributions. The authors would also like to acknowledge and thank the students, staff, and faculty of the UGA ASPIRE Clinic.

Compliance with Ethical Standards

Conflict of interest

There authors declares that they have no conflicts of interest.

References

  1. Adams, D. R., Meyers, S. A., & Beidas, R. S. (2016). The relationship between financial strain, perceived stress, psychological symptoms, and academic and social integration in undergraduate students. Journal of American College Health, 64(5), 362–370.  https://doi.org/10.1080/07448481.2016.1154559.CrossRefPubMedGoogle Scholar
  2. American Psychological Association. (2018). Stress in America. Retrieved September 15, 2019 from https://www.apa.org/news/press/releases/stress/2018/stress-gen-z.pdf.
  3. Archuleta, K. L. (2013). Couples, money, and expectations: Negotiating financial management roles to increase relationship satisfaction. Marriage & Family Review,49(5), 391–411.CrossRefGoogle Scholar
  4. Archuleta, K. L., & Burr, E. A. (2015). Systemic financial therapy. In B. Klontz, S. L. Britt, & K. L. Archuleta (Eds.), Financial therapy: Theory, research, and practice (pp. 217–234). New York, NY: Springer.  https://doi.org/10.1007/978-3-319-08269-1.CrossRefGoogle Scholar
  5. Archuleta, K. L., Dale, A., & Spann, S. M. (2013). College students and financial distress: Exploring debt, financial satisfaction, and financial anxiety. Journal of Financial Counseling and Planning,24(2), 50–62.Google Scholar
  6. Assari, S. (2019). Race, depression, and financial distress in a nationally representative sample of American adults. Brain Sciences,9(2), 1–13.  https://doi.org/10.3390/brainsci9020029.CrossRefGoogle Scholar
  7. Auerswald, E. H. (1987). Epistemological confusion in family therapy research. Family Process,26, 317–330.CrossRefGoogle Scholar
  8. Bridges, S., & Disney, R. (2010). Debt and depression. Journal of Health Economics,29, 388–403.  https://doi.org/10.1016/j.jhealeco.2010.02.003.CrossRefPubMedGoogle Scholar
  9. Britt, S. L., Klontz, B., Tibbetts, R., & Leitz, L. (2015). The financial health of mental health professionals. Journal of Financial Therapy,6(1), 17–32.  https://doi.org/10.4148/1944-9771.1076.CrossRefGoogle Scholar
  10. Durband, D. B., Britt, S. L., & Grable, J. E. (2010). Personal and family finance in the marriage and family therapy domain. Journal of Financial Therapy,1(1), 7–22.  https://doi.org/10.4148/jft.v1i1.242.CrossRefGoogle Scholar
  11. Gale, J. (2012). Challenges and benefits in the creation of an interdisciplinary clinic. Context. Retrieved April 16–17, 2012 from https://pdfs.semanticscholar.org/1093/886c44b4d71482b75b2da5149f396cd0b8ce.pdf.
  12. Gale, J., Goetz, J., & Britt, S. (2012). Ten considerations for the development of the financial therapy profession. Journal of Financial Therapy,3(2), 1–13.  https://doi.org/10.4148/jft.v3i2.1651.CrossRefGoogle Scholar
  13. Goetz, J., & Gale, J. (2014). Financial therapy: De-biasing and client behaviors. In H. K. Baker & V. Ricciardi (Eds.), Investment behavior: The psychology of financial planning and investing (pp. 227–244). Hoboken, NJ: Wiley.  https://doi.org/10.1002/9781118813454.ch13.CrossRefGoogle Scholar
  14. Goetz, J. W., Mazzolini, A., & Durband, D. (2018). The importance of self-awareness for financial counselors and clients. In D. Durband, A. Mazzolini, & R. Law (Eds.), Financial counseling (pp. 65–76). New York, NY: Springer.Google Scholar
  15. Grable, J., Heo, W., & Rabbani, A. (2015). Financial anxiety, physiological arousal, and planning intention. Journal of Financial Therapy,5(2), 1–18.  https://doi.org/10.4148/1944-9771.1083.CrossRefGoogle Scholar
  16. Gudmunson, C. G., Beutler, I. F., Israelsen, C. L., McCoy, J. K., & Hill, E. J. (2007). Linking financial strain to marital instability: Examining the roles of emotional distress and marital interaction. Journal of Family and Economic Issues,28(3), 357–376.  https://doi.org/10.1007/s10834-007-9074-7.CrossRefGoogle Scholar
  17. Kim, J.-H., Gale, J., Goetz, J., & Bermúdez, J. M. (2011). Relational financial therapy: An innovative and collaborative treatment approach. Contemporary Family Therapy,33, 229–241.  https://doi.org/10.4148/1944-9771.1052.CrossRefGoogle Scholar
  18. Klontz, B. T., Britt, S. L., & Archuleta, K. L. (Eds.). (2015). Financial therapy: Theory, research, and practice. New York, NY: Springer.Google Scholar
  19. Klontz, B., Kahler, R., & Klontz, T. (2016). Facilitating financial health: Tools for financial planners, coaches, and therapists. Cincinnati, OH: National Underwriter Company.Google Scholar
  20. Kroenke, K., Spitzer, R. L., & Williams, J. B. (2001). The PHQ-9: Validity of a brief depression severity measure. Journal of General Internal Medicine,16, 606–613.  https://doi.org/10.1046/j.1525-1497.2001.016009606.x.CrossRefPubMedPubMedCentralGoogle Scholar
  21. Lorant, V., Deliège, D., Eaton, W., Robert, A., Philippot, P., & Ansseau, M. (2003). Socioeconomic inequalities in depression: A meta-analysis. American Journal of Epidemiology,157, 98–112.  https://doi.org/10.1093/aje/kwf182.CrossRefPubMedGoogle Scholar
  22. McCoy, M. A., Gale, J., Ford, M., & McCoy, R. G., II. (2013). A therapist’s perspective of a financial planning course: Implications for financial therapy education and trainings. Journal of Financial Therapy,4, 21–38.  https://doi.org/10.4148/jft.v4i1.1763.CrossRefGoogle Scholar
  23. Meltzer, H., Bebbington, P., Brugha, T., Farrell, M., & Jenkins, R. (2013). The relationship between personal debt and specific common mental disorders. European Journal of Public Health,23, 108–113.  https://doi.org/10.1093/eurpub/cks021.CrossRefPubMedGoogle Scholar
  24. Mulatu, M., & Schooler, C. (2002). Causal connections between socio-economic status and health: Reciprocal effects and mediating mechanisms. Journal of Health and Social Behavior,43, 22–41.CrossRefGoogle Scholar
  25. National Institute of Mental Health (2019, February). Major depression. Retrieved from https://www.nimh.nih.gov/health/statistics/major-depression.shtml.
  26. Poduska, B., & Allred, G. H. (1990). Family finances: The missing link in MFT training. The American Journal of Family Therapy,18(2), 161–168.  https://doi.org/10.1080/01926189008250800.CrossRefGoogle Scholar
  27. Prawitz, A., Garman, E. T., Sorhaindo, B., O’Neill, B., Kim, J., & Drentea, P. (2006). InCharge Financial Distress/Financial Well-Being Scale: Development, administration, and score interpretation. Journal of Financial Counseling and Planning,17, 34–50.  https://doi.org/10.1037/t60365-000.CrossRefGoogle Scholar
  28. Price, R. H., Choi, J. N., & Vinokur, A. D. (2002). Links in the chain of adversity following job loss: How financial strain and loss of personal control lead to depression, impaired functioning, and poor health. Journal of Occupational Health Psychology,7(4), 302–312.  https://doi.org/10.1037//1076-8998.7.4.302.CrossRefPubMedGoogle Scholar
  29. Richardson, T., Elliott, P., Roberts, R., & Jansen, M. (2017). A longitudinal study of financial difficulties and mental health in a national sample of British undergraduate students. Community Mental Health Journal,53(3), 344–352.  https://doi.org/10.1007/s10597-016-0052-0.CrossRefPubMedGoogle Scholar
  30. Ross, D. B., Gale, J., & Goetz, J. (2016). Ethical issues and decision making in collaborative financial therapy. Journal of Financial Therapy,7(1), 17–37.  https://doi.org/10.4148/1944-9771.1087.CrossRefGoogle Scholar
  31. Shapiro, G. K., & Burchell, B. J. (2012). Measuring financial anxiety. Journal of Neuroscience, Psychology, and Economics,5(2), 92–103.  https://doi.org/10.1037/a0027647.CrossRefGoogle Scholar
  32. Sweet, E., Nandi, A., Adam, E. K., & McDade, T. W. (2013). The high price of debt: Household financial debt and its impact on mental and physical health. Social Science and Medicine,91, 94–100.  https://doi.org/10.1016/j.socscimed.2013.05.009.CrossRefPubMedGoogle Scholar
  33. United States Federal Reserve. (2019, June). Consumer credit outstanding (levels). Retrieved from https://www.federalreserve.gov/releases/g19/HIST/cc_hist_sa_levels.html.
  34. University of Georgia. (2009). New program provides relationship, financial counseling to couples. Retrieved July 30, 2019 from https://news.uga.edu/new-program-provides-relationship-financial-counseling-to-couples/.
  35. University of Georgia (2010). ASPIRE: Because life happens. Retrieved July 30, 2019 from https://news.uga.edu/life-happens/.
  36. University of Georgia (2012). ‘Holistic care’: ASPIRE Clinic offers integrated, counseling to campus, local communities. Retrieved July 30, 2019 from https://news.uga.edu/holistic-care-aspire-clinic/.
  37. U.S. Census Bureau. (2018, September). Income and Poverty in the United States: 2017 (Report No. P60-263). Retrieved from https://www.census.gov/content/dam/Census/library/publications/2018/demo/p60-263.pdf.
  38. Vinokur, A. D., Price, R. H., & Caplan, R. D. (1996). Hard times and hurtful partners: How financial strain affects depression and relationship satisfaction of unemployed persons and their spouses. Journal of Personality and Social Psychology,71(1), 166–179.  https://doi.org/10.1037//0022-3514.71.1.166.CrossRefPubMedGoogle Scholar
  39. Weinberger, A. H., Gbedemah, M., Martinez, A. M., Nash, D., Galea, S., & Goodwin, R. D. (2018). Trends in depression prevalence in the USA from 2005 to 2015: Widening disparities in vulnerable groups. Psychological Medicine,48, 1308–1315.  https://doi.org/10.1017/S0033291717002781.CrossRefPubMedGoogle Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.University of GeorgiaAthensUSA

Personalised recommendations