Financial Literacy Month: A Collaborative Approach to Financial Wellbeing


Financial Literacy Month A Collaborative Approach to Financial Wellbeing

A foundational component of Financial Social Work is the belief that the relationship someone has with his/her money and self has a major impact on that person’s financial circumstances. The theory of relationship and financial wellbeing carries forward to the role of a financial coach, therapist or educator. Regardless of the program, topics, or issues being addressed, the client must feel a rapport with the “expert” (coach, therapist or educator) in order for change to happen.

Rapport is the result of a positive and trusting relationship within which two people respect each other and feel safe and comfortable sharing their feelings and ideas. It is a collaborative environment in which personal and financial growth thrive.

A collaborative approach is quite different from the traditional approach of the “expert” imparting knowledge to passive recipients. That approach fails because increasing knowledge and skills does not provide a sufficiently substantive experience. Clients are unable to receive, memorize and integrate information into their lives that is not within their frame of reference. If any level of change is achieved in this way, it is certain to only be temporary.

Transformational Learning Theory & Process

It succeeds because it is a more equitable model in which the professional collaborates one on one with the client. The “Transformational Learning” process is one in which professionals guide clients toward personal self-discovery and encourage them to question their established views on a subject.

Professionals who practice “Transformational Learning Theory” serve as role models in addition to providing strategies, skills and opportunities which enhance their clients’ ability to explore their own attitudes and beliefs. As participants examine their personal reality they have the opportunity to evaluate how well it serves them and to determine whether change is needed. This may involve some “unlearning” as prior beliefs & assumptions no longer hold true in new and different times.

“Transformational Learning Theory” is a positive and empowering approach to financial wellbeing. It is one which enriches the lives of professionals as well as clients and should be a part of the toolkit of every coach, therapist or educator.

Financial Social Work is a transformational model dedicated to helping people learn how and why they are where they are in life, identify where they want to be in the future and work collaboratively to develop a strategy and a plan for increased financial wellbeing.

Discussion Topic

In the comments area below this blog post, share your thoughts and feelings on the following question…

How, where and/or when in your client work could you add “Transformation Learning Theory?” If you already incorporate “TLT,” please share your experiences with us.

Enter the Giveaway!

To help get you excited and talking about your money during Financial Literacy Month, we are hosting a free giveaway each week that encourages you to get involved, get connected, and participate. Follow each step in the contest widget below to increase your chances of winning a free entry into the Financial Social Work Certification Program!

Our winner during last week’s giveaway is Saundra Thomas! We’ll be reaching out to Saundra via email to coordinate your giveaway. 🙂

a Rafflecopter giveaway

Written By Reeta Wolfsohn, CMSW

Financial Literacy Month: A Collaborative Approach to Financial Wellbeing was originally published @ Center for Financial Social Work and has been syndicated with permission.

Photo by 401(K) 2013


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