Financial coaching has grown in popularity in recent years among individuals and organisations, alike.
But what is financial coaching? The service - which is different from financial advice - is designed to offer bespoke, one-to-one guidance, to help people feel more confident with their money and make smarter financial decisions.
Much like a personal trainer, a coach will work with the individual to build a financial plan, address their needs and help them reach their goals.
We know there’s an appetite for financial coaching and education in the workplace. Claro Wellbeing’s Workplace Today report revealed that just 17% of adults have access to financial coaching and education at work, yet one in two (50%) would like to be offered it.
In addition, two thirds (67%) of employees say financial stress affects their work and another two in three (69%) say their organisation should do more to support their personal finances.
But how do you do it? Read on for some top tips to help you introduce financial coaching to your workforce.
The first step with introducing any new service is to communicate it with staff. You can use the traditional channels, but may also consider ramping it up.
For example, can you organise a launch day, to support any wellbeing initiatives you already have planned? Or could you invite a financial coach, from your chosen provider, to your business to chat with your employees, answer any questions and explain the service?
You may also want to think about visual marketing, such as posters in communal areas, like the canteen, to promote financial coaching or find other ways to reach staff.
Consider appointing an ‘internal champion’, or several, to help explain how financial coaching works and encourage buy-in.
Your champions should be well-respected, with authority, who believe in the changes and are happy to get employees on board and answer any questions.
Despite efforts by campaign groups, charities and other organisations to make money conversations easier, many people still find it difficult to talk about - especially with their employer.
Bringing in expert financial coaches from an external provider, to run confidential sessions, is key. Be sure to communicate that information from the sessions won’t be shared with anyone else.
Your workforce will be made up of different demographics who will have different needs and preferences. Consider a financial wellbeing provider that has different ways of delivering coaching.
For example, Claro Wellbeing offers 45-minute financial coaching calls over video, but also has a WhatsApp service.
Employees can message a coach over WhatsApp with any money question for a response within two hours, during the working week.
Other resources, such as educational videos, articles, courses and webinars, can help employees on their coaching journey and support their overall financial wellbeing.
Staff that engage with additional content and other education materials, alongside financial coaching, may develop a better understanding of their finances in general, which products are available and ways to achieve their goals.
Boost engagement for your new financial coaching benefit with regular communication. Front of sight is front of mind, after all. However, there’s a balance. Too many messages could feel like spam and put some employees off.
Consider including reminders in your regular communications or themed messages, such as any wellbeing events you already have planned or in line with national initiatives, such as Talk Money Week.
We all love success and one way of sharing the benefits of financial coaching is to showcase staff experiences. Has someone achieved their financial goal with the help of financial coaching or do they feel more confident with their money overall?
Encouraging staff to share their successes will give internal credibility to the benefit, build trust in the service and encourage more people to try it.