Why one-to-one support is vital in a financial wellbeing programme

Financial coaching is often the best way to help employee learns how to better manage their money

Financial guidance and education programmes can be massively beneficial to employees. They help employees improve their money management skills while feeling in better control of their financial future.

But it’s essential that those programmes include one-to-one support. Some employees will need guidance that helps them make headway in unfamiliar areas of personal finance, while others might need more direct, one-to-one support with the behavioural side of money management.

For most large organisations, financial coaching is the best way to offer one-to-one support.

Indeed, academic studies have demonstrated the positive effects financial coaching can have on an individual’s financial health and wellbeing. For example, trials held by Theodos et al. 2018 saw people save more money, improve their credit scores and reduce their debt.

As it stands today, there are many providers you can use to offer such support to employees digitally (for example, through video and chat apps).

3 reasons why your financial wellbeing programme needs one-to-one support.

1. Personalisation

In one-on-one sessions, financial coaches can tailor their guidance to an employee’s specific needs, goals and financial situation. They can then make an assessment of the individual’s needs and plan their sessions accordingly.

They work with people to help them reach their financial goals, reflecting on where they are now and where they want to be. Each journey will be completely bespoke to the individual.

Financial coaches explore the options available, including the benefits and drawbacks, and answer any questions. Some individuals need a bit more guidance to help them along their way, while others may prefer to take what they’ve learnt and apply it themselves.

As coaches, we can adapt our sessions to however the employee prefers.

2. It provides a personal and empathetic approach

Financial coaching is a way of helping people build a happier and more constructive relationship with money.

That can mean improving an employee’s knowhow about finances and money management, but it can also be behavioural. So it’s good for employees to see how their habits and behaviours afffect their money management, and how they might go about changing those behaviours.

Many financial coaches not only have plenty of experience helping people in the midst of financial struggles, but some coaches may have been there themselves.

3. It encourages accountability

Many industry experts value a personalised approach to financial wellbeing in the workplace. For example, in a recent interview with Claro Wellbeing, organisational psychology professor Sir Cary Cooper said the ideal financial wellbeing strategy “needs to be one-to-one” in order “to build a relationship with the client.”

Once they’ve established a good working relationship with an individual, coaches can hold individuals to account for their financial decisions and goals. Regular check-ins and progress assessments can help individuals stay on track and make adjustments to their financial plans.