It is a good idea to organize financial counseling sessions for new employees. The financial counseling should ideally be done as part of employee orientation. The need to organize financial counseling for new employees is based on two facts. First is the fact that many people (by default) lack good financial management skills. They are unable to manage their finances well. And secondly, employees who have finance-related stress are unlikely to be highly productive. In other words, finance-related stress leads to lower productivity. Therefore, to ensure that your employees’ productivity isn’t affected by such issues, you can opt to organize financial counseling as part of their orientation.

There are two key ways in which you can get the new employees to undergo financial counseling, namely:

1. By hiring in-house financial counselors
2. By contracting external financial counselors

The biggest challenge you may face here is that of getting the new employees to set aside adequate time to go for the financial counseling sessions. This can be particularly hard if you operate on a tight schedule, akin to the krowd darden schedule. The said schedule is used by the people who work at Darden restaurants. And in that particular (Darden restaurants) case, the new employee is likely to be more concerned with questions like the one on how to sign up for krowd portal access. Things like going for financial counseling sessions are likely to be very low in the list of priorities.

Another challenge you may face is that of getting the new employees to take the financial counseling sessions seriously. Some may opt to go just as a formality — like if you include financial counseling in the orientation program. But you have to understand that getting the new employees to go for financial counseling sessions is one thing. Getting them to actually take the things they learn (in the course of the financial counseling sessions) seriously is a different matter altogether.

It is a good idea to empower pastors with financial counseling skills. Many of the people who face severe financial problems end up seeing their pastors, in search of help. Some see the pastors with a view to get direct financial assistance from the pastors (or from church-affiliated charities). Others see the pastors with a view to be assisted in getting divine intervention about the state of their finances. This is because many of the people who face major financial challenges come to believe that their misfortune has spiritual causes. And perhaps that is indeed the case in some of the situations. Either way, the pastors – and Imams, Rabbis and priests — end up having to deal with people who are undergoing financial challenges from time to time. And this is why it is a good idea to empower the pastors with financial counseling skills. Some of the ways in which we can empower the pastors in that way include:

1. By incorporating financial counseling in pastoral studies: so this is an question of getting the theological schools to teach future pastors about financial counseling.
2. By organizing financial counseling seminars for the pastors: the idea here is to cater for those pastors who went to theological schools before the need to equip pastors with financial counseling skills was discovered.
3. By exposing the pastors to financial counseling literature: this is the least we can do, to equip the pastors with financial counseling skills. See, some of the pastors went to college when financial counseling wasn’t part of the curriculum. And they also don’t have time to go for financial counseling seminars. After all, some of them are part-time ministers. This means that they hold other jobs, and only minister on part-time basis. You may, for instance, find a pastor who works for a company like, say, PepsiCo. Therefore anytime he needs some time off, he has to visit the HR portal, at Mypepsico.com, to apply for the same. It may be a tall order to convince such a minister to visit the Mypepsico website to apply for time off to go for financial counseling seminars. But if he is exposed to financial counseling literature, he is likely to pick at least a few of the skills he needs to offer people good financial counsel.

Some of the clients you are likely to serve at some point, in your financial counseling practice, are students. The students who seek financial counseling tend to be those who are in college. But there may also be rare cases where you have to take a high school student through financial counseling. In this article, we will be mentioning some of the important things you need to know, when it comes to financial counseling for students.

Why students seek financial counseling

There are several reasons as to why students seek financial counseling services. In most cases, you tend to find a scenario where a student has lost control of his finances. This is where, for instance, you have a college student, who – try as he may — is unable to budget for his student loan. Or you could have a high school student who is unable to properly manage the little money that comes her way. She could, for instance, have recently received her monthly allowance in the form of a gift card. She could then have been introduced to the gift card website where she would be managing the card by tracking its balances and reviewing the transaction history for the card. Then, four days down the line, her parent or guardian checks the card’s Mygiftcardsite Visa balance — only to realize that it is totally depleted. That would be on account of the girl having gone on a spending spree immediately after getting the card.  The parent then, fearful that the girl may be developing poor financial habits at a young age, could opt to refer her for financial counseling services…

So we find that the students who seek financial counseling services fall into two broad categories. There are those who check themselves in, for financial counseling. Then there are those who are referred for financial counseling by their parents, guardians, school authorities and even government authorities in some rare cases.

How to undertake financial counseling for students

The most important thing is to help the students to come up with sustainable ways of managing their finances. You need to avoid giving advice, and instead focus on helping the students to brainstorm/think (for themselves) how they can manage their finances better. You would then serve as a sounding board, and give a listening ear to the students, as they voice the solutions they identify by themselves. And then you would serve as an accountability partner, for the students, as they try to implement the better financial management strategies they identify.

Important things to keep in mind while conducting financial counseling sessions for students

Firstly, it is important to understand that you are probably dealing with people who have very little life experience. So you need to keep this at the back of your mind.

You also need to remember that these are folks who are still in the experimenting stage of their life.

It is also critical to remember that the students you are working with are folks with limited financial resources at their disposal. So some of the measures you’d advocate for, while counseling working people/adults, wouldn’t necessarily apply for the students.