By: NWI CEO Chuck Gillespie
1. Understand the Contextual Aspect of a Person’s Need for Help With Their Financial Matters
- Assess interests and needs (readiness for change)
Identify the barriers or resistance to change
- Seek out tools to help them navigate their own strategy based on fit, geography and cultural need.
2. Apply a Systematic Approach to Financial Wellness by Focusing More on the Interrelationship Between Elements Within the System at the Organization, Community or Global Level
- Help individuals identify specific dynamics in their daily lives that trigger poor financial decisions.
- Recognize how a person’s financial matters are affected by social wellness dynamics (friends, family, organization, community, lifestyle, etc…)
- Help people recognize their limitations and provide additional guidance to support them when they are ready to make the change.
- Know where people get their financial advice from. The top places are as follow: 30% Google/my own research, 22% from financial planners, 16% from parents, 10% from friends.
3. Take a More Methodological Approach to Your Financial Wellness Strategy
- If someone is not ready to change their relationship with their money, then do your best to keep them informed until they are ready.
- Get your internal champions trained to be able to provide the right types of information to help others better understand their relationship with money and readiness for change.
- It is a waste of time to teach retirement planning to people who struggle to pay their monthly bills.
4. Take a Project Management Approach Championing Financial Wellness
- Help people prepare their specific journey toward financial fitness and remember that each journey will be different. You need to be there for support and accountability.
- A multitude of tools and resources need to be available. Some will need more help than others.
- Develop at least one simple “starter” program for individuals who think they just want to follow a plan. Do not make this complex. Focus on the basics of financial lifestyles like eating out versus cooking at home or developing a monthly budget. This is a starting point, not the ultimate solution.
5. Be Professional While Helping People
- Practice what you preach.
- Maintain a positive atmosphere when offering help – do not judge people.
- People will fail. Be there to coach them back on track.
Remember that this is a marathon for most people. If we do not have a good relationship with financial matters, more money will not solve the problem – just enhance it.
Register to get the training and materials needed to facilitate the one-hour “Living Financially Well” program for your workforce.