What is Financial Psychology?

Financial psychology is the study and application of psychological theories, methods, and practices to the areas of personal finance and financial services. The field takes into account two areas. First, financial psychology includes how each of us relates to and makes decisions about money. In other words, financial psychology includes what psychologists refer to as “individual differences” in money-related behaviors and decisions. Second, financial psychology covers the client-advisor relationship, that is, the application of psychology …

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