Financial COACH is a one-to-one financial literacy and mentoring program aimed at supporting people to achieve their financial goals and develop their financial skills and habits.
1
%
of participants said the program was useful
1
%
improvement in participants knowledge & decision making
1
%
improved their financial wellbeing
1
%
achieved their goals
The Financial COACH Program is a one-to-one mentoring program with proven results and has been impacting the lives of people since 2013.
Participants will be supported and challenged to:
start budgeting
change habits
improve confidence
& much more
Participants will address their:
income & expenses
debt
saving & spending habits
motivation
"I have learnt tips and tricks for saving, spending and how to set realistic goals without restricting myself. My money and finances no longer cause me anxiety and I feel so grateful for all of my Mentor’s time."
The participant is allocated a Financial COACH mentor who will work one on one with the participant for the entirety of the program. This helps build relationship and trust.
The first stage of the program is delivered across ten one hour sessions (either weekly or fortnightly). The mentor will empower the participant to discover their goals, set a budget, deal with debt, build positive skills and spending habits, work on motivation and self-belief
The second part of the program is six months of less formal support allowing the participant to flourish with their new skills while still receiving important support and mentoring addressing unexpected challenges and relapsing behaviours.
Process to Start a Financial COACH program
1. Contact us for an initial consultation
We will discuss the suitability of the program, run through the whole process and break down how it works and what to expect
2. Appoint someone to run the program (a Financial COACH Coordinator).
All the paperwork and processes, including job description, are supplied
3. Recruit and train Mentors
All paperwork, processes and full training program are supplied. We will run the mentor training and train your coordinator how to run future mentor training
4. Invite Participants and match them to Mentors
All paperwork, processes and training are provided
In 2013, Crossway LifeCare, based in Burwood East, Victoria, initiated a pilot financial literacy program to empower people to manage their money and improve their financial wellbeing. Identifying that financial challenges are often linked to other life issues, the program was designed holistically to support the person as a whole.
The success of the pilot saw the program commence as a standard Lifecare program and the following four years were spent running and developing the program, locally impacting 198 participants.
The stringent program development took a results-based approach and ground-breaking new improvements were implemented, including strategies for coping with emotional stress, fostering resilience, and retaining motivation.
Following a positive review from an independent evaluation in 2017, the program then underwent four more years of development and was launched nationally under the COACH suite of programs in 2021.
In 2015, Financial Literacy Australia (FLA) funded a 15 month independent evaluation of the success of the B-Empowered program (now called Financial COACH). The assessor identified and supported “The holistic, personalised, one to one financial care coaching approach”.
The report also found “There was consistent improvement in clients’ financial outcomes as well as increases in their confidence, empowerment and hope.” There was “reduced stress caused by participant’s financial situation” and “improved financial wellbeing.”
FLA is a not-for-profit organisation founded in 2012 by members of the Australian Government’s Financial Literacy Board.
Rob Cummings is the National Financial COACH Coordinator and is more than happy to have a chat, give you some more information, and answer any questions that you have.
To find out more about the Financial COACH Program please contact:
Rob Cummings
Phone: 03 9886 3899 (ext. 3820)
Email: rob@coachnetwork.org
FAQ
Mentors are not required to have any experience, however there are some general competencies required which are laid out in the Financial COACH Mentor Position Description. The Financial COACH Coordinator Position description outlines coordinator requirements with priorities around people management and organisational skills rather than extensive financial experience.
Full training is provided for the Coordinator and the Mentors. Mentor Group Training is approximately 9 hours over 3 evenings followed by a period of On-The-Job Training facilitated by the Coordinator. Coordinator training is also approximately 9 hours of structured training, followed by ongoing support from COACH Central
Although we would recommend seeking professional advice for your insurance needs, generally there are no additional insurance requirements to run the Financial COACH program. As Financial Capability Workers, there are no financial licensing requirements or additional regulations for Financial COACH.
Yes, the program has been designed with both small and large organisations in mind. With a minimal time commitment and with the full support and training of COACH Central the program can be successful even in a one man operation (see Scalability section above).
The Coordinator training covers processes and strategic proven marketing strategies. Flyers are also available for agencies and participants.
What experience is required for Financial COACH Coordinators and Mentors?
Mentors are not required to have any experience, however there are some general competencies required which are laid out in the Financial COACH Mentor Position Description. The Financial COACH Coordinator Position description outlines coordinator requirements with priorities around people management and organisational skills rather than extensive financial experience. The supplied recruitment processes provides a step by step guide to recruit the right people.
What training is required for Financial COACH Coordinators and Mentors?
Full training is provided for the Coordinator and the Mentors. Mentor Group Training is approximately 9 hours over 3 evenings followed by a period of On-The-Job Training facilitated by the Coordinator. Coordinator training is also approximately 9 hours of structured training, followed by ongoing support from COACH Central
Do I need extra Insurance or licensing to run Financial COACH?
Although we would recommend seeking professional advice for your insurance needs, generally there are no additional insurance requirements to run the Financial COACH program. As Financial Capability Workers, there are no financial licensing requirements or additional regulations for Financial COACH.
We are just a small Church, can we run Financial COACH?
Yes, the program has been designed with both small and large organisations in mind. With a minimal time commitment and with the full support and training of COACH Central the program can be successful even in a one man operation (see Scalability section above).
How would we market Financial COACH in our area?
The Coordinator training covers processes and strategic proven marketing strategies. Flyers are also available for agencies and participants.
Financial COACH Partner Resources Section
To access the Coordinator and Mentor Resources please click on the relevant button below and enter your password.