5 Key Questions to Determine if Financial Coaching is Right for You
Financial coaching differs significantly from financial advice. Currently, less than 10% of the population accesses regulated financial advice, which is often tailored to wealthier individuals who meet the criteria and can afford the associated fees.
For the majority of people in the middle, financial coaching presents an incredible opportunity to enhance financial well-being. It’s a chance to deepen your understanding, build wealth, and prepare more effectively for the future.
Overall, financial well-being is crucial for both short-term peace of mind and long-term financial stability, making it an essential component of overall well-being and happiness.
So, what is financial coaching?
If it’s not advice and it’s not therapy, then what exactly is financial coaching? Let’s start by clarifying what it isn’t.
First and foremost, financial coaching is not about selling financial products. A financial coach doesn’t earn commissions or charge fees based on your level of wealth. Whether you have a little or a lot, it doesn’t affect the coaching process. Additionally, a financial coach won’t act as an intermediary with product providers or manage investments for you. Who is our financial coach? Carrie Gataiant! To learn more, check out our About page!
Instead, financial coaching focuses on your financial knowledge, habits, and attitudes toward money. It might involve exploring and improving your emotional relationship with money or tackling practical steps like better organizing your finances, increasing your income, or refining your approach to saving and spending. For others, it may simply mean taking the time to fully understand pensions, investments, or other financial matters.
At its core, financial coaching is about building confidence, changing behaviours, and empowering you to make informed decisions about your money.
Consider these 5 key questions to see if financial coaching might be a good fit for you.
1. Are you hesitant about financial advice or concerned it might be out of your budget?
Trust is at the heart of any successful financial advisory relationship. Yet, for many, past mis-selling scandals and commission-based sales practices have made trusting advisers challenging. Others might feel that they don’t have enough wealth to qualify for advice or that the fees are simply out of reach.
That’s where financial coaching shines! Unlike traditional advice, coaching has no ties to financial products. The focus is entirely on you—your goals, your habits, and your financial confidence. With no product sales or commission involved, there’s no conflict of interest, and you pay only for the coaching services you receive.
Even better, financial coaching is often more affordable. Without the regulatory costs of a traditional banking affiliated advisor, it’s a cost-effective and accessible option for people at any financial level—no minimum savings are required to get started!
2. Do you want to boost your financial confidence?
A financial capability survey by the government’s Review of Financial Literacy Research in Canada reveals that 47% of people don’t feel confident making decisions about financial products and services, and 55% of working-age adults feel they lack understanding about pensions. Financial coaching and mentoring offer an engaging—and even enjoyable—way to build your knowledge, develop healthy money habits, and boost your confidence!
3. Do you ever feel overwhelmed or stressed when it comes to money?
Financial stress can wreak havoc on your mental and physical health, leading to anxiety, depression, and strained relationships.
But you don't have to face this alone. By breaking the silence and seeking support, you can take control of your financial future.
It's important to remember that financial stress isn't just about not having enough money. Almost everyone experiences financial anxiety at some level, no matter how much is in their bank account.
4. Are you ready to dedicate time and effort to your personal growth?
Financial literacy is often overlooked, leaving many of us to fend for ourselves. Our early money habits can shape our financial future, sometimes leading us down unintended paths.
If you’re ready to break free from outdated financial patterns, we can help. We provide the knowledge and tools you need to make informed decisions and achieve your goals (like travelling! Find our budget friendly travel guide here!)
5. Are you experiencing a major life milestone or a change in financial situation?
The future can be uncertain, and financial worries can add to our stress. Economic fluctuations, unexpected life events, and rising costs of living can leave us feeling anxious and overwhelmed.
But with the right guidance, you can navigate life's challenges with confidence. Wellness Financial Coaching is here to help you plan for the unexpected and build a secure financial future.
We'll work with you to develop strategies to weather financial storms, achieve your goals, and live life on your own terms.