5 steps to support participants to build their money skills

If you’re looking to support your clients to build their money skills, here’s 5 steps to get started

1. Gain an understanding of the participants money goals

   • If we don’t understand the participants goals, it will be impossible to build tailored strategies that support their development in line with their goals. Gaining a simple understanding of where they’re currently at and what they’re goals might be will help significantly. If one participants goal is to be able to spend without any support, and another’s is to have an easier and safer way to manage who can access their money, the strategies will be completely different.

2. Complete a risk assessment

   • A risk assessment tool is a really great way to set a baseline around the participants current situation. It helps when implementing preventative strategies that both protect the participant and their safety, while also informing what strategies need to be implemented to support positive decision making and behaviour change where required

3. Integrate your participants into your business money handling processes

   • If you’re expecting your support team to help your participants build their capacity, but the process to handle money doesn’t allow participants to access it, you’re already on the back foot. It’s either going to create double handling for your front line staff, or just directly inhibit the participant from being able to be involved at all. Finding an money handling process that puts participants at the centre, enabled your support team to confidently empower your participants, all while meeting your compliance and business requirements gives you the best chance to tick all the boxes

4. Complete structured training tailored to the specific needs and capacity of the individual

   • Training needs to be deliberate, structured and tailored. Each participant has different needs, so make sure the plans you have in place are specific to them

5. Take things one step at a time

   • Some participants may be comfortable and motivated to learn quickly, others may need more time. It’s important to remember that even the smallest piece of progress is still progress, so take it day by day.

Looking for tailored capacity building for your participants? Book a 20 minute free budgeting session now