The power of personal connection: why people should be at the heart of your employee financial wellbeing strategy

We’re surrounded by more information on finances than ever. Need to understand pensions? There’s a video or a podcast breaking it down. Not sure how to build a budget? There are 500 online influencers posting bitesize content on this very topic. Want to automate your savings? There’s an app for that, and just about anything you can think of besides.

But despite the flood of content, resources and tools, people still experience high levels of financial stress. And that’s because information just isn’t enough. Learning how to navigate the ocean of materials and turn ideas into action can be tough. That’s where personal connection comes in: one of the most overlooked aspects of an employee financial wellbeing strategy.

A strategy with personal connection helps employees cut through digital overwhelm, stay accountable and feel genuinely supported. Financial coaching is one easy way to give employees that personal touch. In this blog, we’ll explore some of the key benefits of financial coaching.

Table of contents

Overcoming digital overwhelm: the role of financial wellbeing support

The post-pandemic era has arguably been one of rapid digital expansion. In terms of financial wellbeing support, we’ve seen the rise and increasing importance of webinars, microsites or intranet pages, SharePoint resource dumps and benefit portals. All of these have their place when trying to reach busy employees who might prefer to access wellbeing support outside work hours, or need to catch up when they’re less swamped. But we run the risk of overwhelming them if we just lay everything at their feet.

Financial decisions can already feel complex and emotionally charged. Then you’re expecting someone to wade through six folders of resources and weigh up several options. Employees can face decision paralysis, procrastination or avoidance when they need to take action.

A financial coach can help your employees focus on what they actually need right now. Instead of looking at everything, they’ll work together to identify the top priority, the next step and realistic goals. Then they can look at which resources are actually relevant.

Sometimes what people need isn’t another webinar. It’s a conversation.

Creating accountability

For many people, accountability makes it easier to achieve our goals. Having someone external to help you set and stick to deadlines, work through obstacles and stay on track can be the secret to hitting your goals.

This can be especially important when dealing with finances. Most of us know what we should be doing (spending less, saving more, planning ahead). But it’s easy to procrastinate on tasks that feel uncomfortable, boring or even scary.

Financial coaching for employees can help create a sense of commitment. Over the course of several sessions, an employee will agree goals with their coach and identify next steps. Because these come from the employee themselves, instead of being concretely instructed, there’s often a sense of ownership that can help people feel more motivated to get stuff done. Follow ups with the coach then help people check in on their progress, celebrate the wins and address problems.

Because the coach gets to know the employee and their context, the personal touch can further elevate this support from simple accountability to a truly supportive ‘buddy’. And that means the end result is more likely to be real change, rather than passive consumption.

Supported, not judged

Talking about money isn’t always easy. It comes with a lot of baggage. And in the workplace, people will bring all sorts of past and present contexts to the discussion. Many people will feel fear, shame or guilt when addressing their financial issues. Even in a webinar where you’re not expecting people to divulge their private details, you can spark all sorts of emotional reactions that may lead to some backlash.

Providing a safe, confidential space for employees is paramount. A financial coach is an ideal solution, taking pressure away from you or your HR team and giving them a dedicated and experienced listening ear.

Feeling fully supported by a real person can help employees feel less stressed, more confident and more trusting in the help you’re providing.

Conclusion: improve your employee financial wellbeing strategy

Digital tools and resources have their place in any employee financial wellbeing strategy. But adding the personal connection of a financial coach into the mix can elevate your strategy and help create lasting change.

Coaching can help employees avoid digital overwhelm, stay on track and feel fully supported on their financial journey. With a platform like Maji that combines digital tools and the personal touch of coaching, you get the best of both worlds.

To find out more about how Maji can make your employee financial wellbeing strategy a driver for positive change, talk to the team.

5 min read