By: NWI CEO Chuck Gillespie

1. Understand the Contextual Aspect of a Person’s Need for Help With Their Financial Matters

  1. Assess interests and needs (readiness for change)
    Identify the barriers or resistance to change
  2. 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

  1. Help individuals identify specific dynamics in their daily lives that trigger poor financial decisions.
  2. Recognize how a person’s financial matters are affected by social wellness dynamics (friends, family, organization, community, lifestyle, etc…)
  3. Help people recognize their limitations and provide additional guidance to support them when they are ready to make the change.
  4. 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

  1. If someone is not ready to change their relationship with their money, then do your best to keep them informed until they are ready.
  2. 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.
  3. 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

  1. 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.
  2. A multitude of tools and resources need to be available. Some will need more help than others.
  3. 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

  1. Practice what you preach.
  2. Maintain a positive atmosphere when offering help – do not judge people.
  3. 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.

Financial Wellness Facilitator Certificate coursePrepare your organization by having champions of financial wellness ready to help guide your employees toward a better relationship with their money.

Register to get the training and materials needed to facilitate the one-hour “Living Financially Well” program for your workforce.

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