How can you coach and mentor employees experiencing financial stress?

If you know about specific set of things it is good to share that to people around so that they can benefit but it is much better to share the information to the experts and route things so that people around can get the real support that they really want. Asking questions directly or just randomly digging into financials can hamper the work relationship, the best is to support when there is a need at first since as a help you can just give suggestions not hikes directly to that individual.

I would not encourage any manager to ask probing questions about a persons personal finances or financial situation. Referring them to qualified financial advisors and guiding their questions is about the limit for me.

I disagree with this. I would not encourage managers to be involved in setting or tracking personal goals like this. You can celebrate with them when they reach milestones. Point them to resources to help them get on a better path. Share anecdotes from your experiences. But don’t get into the business of managing peoples personal lives. That’s messy.

I disagree here in a similar fashion. You can encourage them and share the GROW framework to help them plan their goals and actions. I would absolutely not coach a person through their financial growth however, and managers should not do so either (even if they possess the skills.)

100% agree. Encouraging using paid time off to de-stress or having them take mental health days as needed to catch up on things at home can be a great way to get the best work out of someone who’s very stressed (no matter the reason.) Another help for folks who are stressed is finding ways to reduce their stress at work. For example helping them to feel confident that here doing good work, or that they’re on track to meet quarterly expectations easily, can help a person feel less concern about their work life balance and be freed up to take that time off they need.

I've found that sharing my personal experiences can open the door for more open communication. By discussing how I overcame similar challenges through financial planning and seeking guidance, it helps create a sense of trust and relatability. This often encourages employees to share their concerns and seek guidance without fear of judgment. Additionally, offering practical support like recommending financial counseling services and promoting a supportive workplace culture can provide a well-rounded approach to helping employees navigate financial difficulties effectively.

I would only inquire about my team member’s financial situation if they express a desire to share updates. If they choose to share, and I identify an opportunity for company-supported financial assistance, I would provide it. Otherwise, I would explore options such as offering a company-sponsored course or financial consultant to help them manage their finances.

On the whole I disagree with this article. Coaching a person, one on one, on their finances requires a depth of knowledge that only independent and qualified individuals should do. Coaching any of your employees individually is a conflict of interest at best and negligence at worst. Now, providing generally agreed best practices (401k investment, matching, health care plan selection, etc) especially as it pertains to your companies benefits, especially if you’re giving the same coaching to a group of employees can be useful. I would caveat all of this with encouragement for them to seek their own professional advice, including specifics around questions to ask a CPA, lawyer, or certified financial planner.