Achieving financial wellbeing through financial coaching and training:  Wins for employers, employees and businesses overall

The cost-of-living crisis has focused our attention on our finances, but the truth is that money has always mattered. It affects everything: our lifestyle, our relationships, our happiness and most importantly our peace of mind.  

Talking about money has traditionally been considered taboo; we would rather talk about sex, religion or politics but the current predicament we all find ourselves in has opened up the conversation about money.  This is good because money worries cause stress, anxiety and unnecessary problems for many individuals and families. Just over two thirds of the population say money worries are affecting the mental health of someone close to them.

Many of us never get the chance to learn properly how to manage our money and make it work for us.  If we are lucky, our parents will instil good habits and teach us the basics, but for many learning about money is intimidating.  Personal finance education is still patchy in our schools with only 4 out of every 10 young people saying they received financial education at school. The plethora of information available can be overwhelming and knowing where to seek advice can be confusing. This environment together with the lack of money skills and not knowing where to start can lead to feelings of shame and embarrassment, which prevent us from seeking the right kind of help. 

Many people may struggle to achieve financial wellbeing.  That’s not because we don’t earn enough or have too many outgoings but is simply because most of us have no idea of what financial wellbeing means and no plan as to how we are going to get there. Preparing a practical plan is only half the battle as it is equally important to address the behaviours and habits that sabotage us and prevent us from achieving financial peace of mind. 

Despite this only 18% of organisations have an employee financial wellbeing policy in place (CIPD Reward Management Survey, 2022).  Employers are in an ideal place to make a difference as they can reach a large number of people though trusted training providers and programmes.

There are many new initiatives to help employers provide financial wellbeing such as webinars, online education hubs and software. However, when it comes to talking about money, many people prefer the personal touch.  

A financial coach will work with employees individually or in training groups to help them get better control of their day-to-day finances, find practical solutions to money challenges, and fill in gaps in their financial knowledge.  Essentially, equipping employees with the necessary skills makes them better at managing their money.  

As well as addressing immediate financial concerns, financial coaches will also work with employees to identify their long-term life goals and interpret what this means in financial terms. To help employees achieve their goals, a financial coach will ensure employees have the knowledge and resources they might need and work with them to identify any bad habits, behaviours or beliefs that might sabotage their plans.  Developing strategies to deal with bad behaviours is crucial, if financial goals are to be achieved.

Financial coaching is about helping you improve your money habits, become more financially confident and empowered about making the right financial decisions for your future.   

In various studies financial coaching and training has been shown to bolster confidence, goal setting, saving and reduce stress in whatever level of income or time in life the client might be 

A proper wellbeing strategy should include financial wellbeing, which can reduce financial worries, provide better employee engagement and productivity levels as well as decrease stress-related absences.  Addressing poor financial wellbeing in the  workforce could boost GDP by 2.4% a year through increased productivity. In these uncertain times, addressing the financial wellbeing of employees will not only be good for them but also good for the company’s bottom line.

Here at Strategic Wellbeing we have had some great feedback on the two sessions we run for all employees on financial wellbeing: Navigating the cost of living crisis and How to achieve Financial wellbeing and achieve the life you want. 

One recent delegate said the session was: “The most amazing training I’ve ever been to on finance. I am taking action from today. Thank you so much for sharing your wealth of knowledge on money”. 

Contact us at bookings@strategicwellbeing.com for more information about our sessions and programmes or to book in a financial wellbeing coaching session. 

Lorraine McFall  
Financial Wellbeing Coach 
Money Matters Financial Coaching