CFEE Guidebook

23 BUILDING FINANCIAL CAPABILITY THROUGH FINANCIAL COACHING coaching sessions are often too short to get into resumé preparation. We therefore encourage students to go to the career services office for specific help. Once a student has completed a resumé, they can post it on the college’s career search site. The career services office also offers resources online, and we have arranged for them to give training sessions to our coaches to familiarize them on use of the career develop- ment resources. Build a Relationship of Trust Building a relationship of trust is the key to successful financial coaching. Students need to feel that the coach has their best interests in mind and is there to support them. The coach must make a personal connection with the participant. If they do not, the participant will not be inclined to continue with coaching. One challenge for coaches is that many young adults are reluctant to discuss their finances or share their personal information with someone they see as a stranger. In fact, this is true for most adults. Many students come from homes where discussing money or the family budget is taboo. It is also true that in many cultures it is considered rude or inappropriate to reveal one’s financial status. So it is not surprising that many students are not comfortable discussing their finances, especially if they have made mistakes or bad decisions that are embarrassing to admit. Gaining the trust of new students is facili- tated by the fact that our coaching program is offered within the campus setting, so the partic- ipants arrive with a certain comfort level that the coaches are qualified and have been vetted by the college. Students learn about the coach- ing program from advisors, staff, and even from faculty members who offer extra credit to students for participating. Therefore, the message to students before they sign up is that our program is safe, credible, and beneficial. Nonetheless, a trusting relationship does not happen overnight and it may take a different amount of time with each participant. The building blocks of trust include meeting students where they are, whatever their cir- cumstances, and demonstrating that the coach is committed to working with them to meet their needs. The coach must be sensitive to the stresses and concerns of the student, and must be sure to convey the message that they are in a safe space. Coaching practitioners point to other key elements of building trust, including listening in a nonjudgmental way; maintaining con- fidentiality; showing concern and empathy; JOSH Josh joined the Money Smart Forum because he felt that he needed help in organiz- ing his finances and learning techniques to save money. He was paying for college by working as a massage therapist and wanted some guidance on how to grow his income. After a year working with his financial coach, Josh was able to make great strides in improving his financial picture. His coach also helped Josh prepare to transfer to SUNY Maritime College, where he plans to pursue a combined BA and MS degree in international transporta- tion and trade. Josh says that “the best gift that keeps on giving is starting a budget and getting into the habit of using it regularly. It helps me to have a mental note of my capacity to spend and to choose the most valuable alternative. I think this makes me a better person and better able to serve others.”