SBSC Impacts and Implementation of Financial Coaching Programs Discussion Every thing you need to know is in the attachment below. Class 7 attachmentYou MU | Course Hero
SBSC Impacts and Implementation of Financial Coaching Programs Discussion Every thing you need to know is in the attachment below. Class 7 attachmentYou MUST read my paper to be able to do the assignment, so please read it before answering the questionsPlease read and follow the instructions carefully We have been working on the Literature Review for the past couple of weeks. You have
likely explored multiple scholarly sources and some credible, non-scholarly sources in this
writing and research process. We explored genre conventions and discipline
awareness. Now that we have had time to consider what this means by applying this
knowledge in our research process, I would like you to spend some time considering the
following:
1. What are some of the genre conventions in your academic discipline or field?
2. How would you characterize the style and tone of articles you have come across,
specifically related to your discipline?
3. When considering the non-scholarly articles, are these formal? Informal?
Somewhere in between?
4. How are sources identified in your field? Do articles rely on in-text citations and use
APA, MLA or Chicago? Are there footnotes or endnotes? Are these linked directly to
the source?
5. Do authors make assumptions about their readers?
6. Are you expected to be an expert or just familiar with the conversation?
Consider reader expectations about design and your role as a writer (and a reader) as you
reflect on the prompt and peer responses.
Peer 1: While writing my review, I have a common theme for my subject. Tactical Combat
Casualty Care (TCCC) is a guideline based on scenario-based training to prevent treatable
combat death. Most articles I come across have some physicians or medical providers as
the author. Most of the research that was initially from the Navy has now come to a joint
military service venue for information. The exact data that has accumulated from the
Global War on Terrorism to research in pre-hospital and lab settings has shown quite a bit
of difference in how the journals have presented. The reader should have some medical
background to understand some of the lab values. Most articles have been very formal
unless I research non-scholar pieces to understand some of the medical languages
presented. The information written is meant for medical professionals. The level of
training can benefit from the articles, even if some of the data is not understood. All data
read still revolves around the three big tasks to help preventable combat death. I have
worked under these guidelines for almost 20 years and seen it evolve. The research used
has changed a little of the steps and tasks for the guidelines. When the guidelines are
presented to the non-medical personal, it is presented without all the essential research
dataa more user-friendly version.
Peer 2: According to The Bedford Researcher readings, genre conventions include the
style of writing, type of evidence, patterns of organization, and types of design. For my
chosen academic field in psychology, I have identified that many scholarly sources are
written in different styles such as meta-analyses, literary reviews, research reports, and
empirical research. There are many kinds of evidence that are used within psychology
publications that range from published books and scholarly articles to research and
experimental data. Even the data that is used as evidence can be divided into two
categories: qualitative and quantitative. Organization patterns that are used in this field
usually consist of two or three columned publications which include an abstract at the top
to summarize the articles purpose.
In psychology, the tone of most scholarly articles is serious and direct. The writing style for
most of the scholarly articles in the field is written in the third-person point of view along
with a minimal amount of bias from the author(s). Popular psychology articles tend to be
very different with tones ranging from upbeat and exciting to concerning and gloomy.
Many of the non-scholarly, or popular, articles within this discipline are usually informal.
The contents of these popular sources can lack crucial evidence while also showing signs of
integrated biases from the author(s). For instance, many psychology articles that are
published on “Buzzfeed” can be quite entertaining although they might not always be
factual. With this in mind, its best to use sources that are scholarly when writing formal
academic papers.
Scholarly publications within the field of psychology are cited in APA format. Many of these
publications in psychology utilize and cite a large number of sources. This can be attributed
to the fact that psychology is a science that requires factual information to develop theories
and to support future findings.
For scholarly sources in psychology, the only assumption which many authors seem to
make is that they assume their audience is already familiar with the basic jargon within the
field.
While you are not expected to be an expert in the field to understand these scholarly
sources, some familiarity is needed in order to follow these articles. For example, the
conclusions that researchers can make from using statistical charts from countless
qualitative and quantitative tests can be hard (but not impossible) for an inexperienced
audience to understand.
Running head: FINANCIAL COACHING PROGRAMS
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The Impacts and Implementation of Financial Coaching Programs
Literature Review
According to Collins and O’Rourke (2012), financial education plays a big part for all
earners since they all require some support when it comes to handling finances. Implementing a
strategy to assist all employees and their employers to adjust to a new work-life is vital.
Consumer Financial Protection Bureau (2016) adds that it is upon financial coaches to help their
clients come up with a viable financial plan. A financial plan includes daily monetary
management which not only entails the plan for benefits, credits but also a strategy for savings.
Financial coaching is one of the techniques involving engaging individuals with ways to plan
their finances. According to Collins and O’Rourke (2012), career coaching helps clients to
develop in a sustainable way that cannot be achieved alone through employment coaching.
Secondly, financial coaching creates a room for equity as well as social justice since financial
coaches provide their clients with a way to prosperity. By helping earners implement ways to
earn and save, coaches provide their clients with a chance to financial stability by acquiring
assets. More importantly, career coaches help these individuals create a plan for the future.
Collins and O’Rourke (2012) back the idea that coaching programs should be considered
by all individuals with careers since it is crucial when it comes to the process of career
development. Similar to career coaching, financial coaching can only be successful if the
coaches and clients create an ongoing relationship. A good relationship helps build trust since
financial coaches are tasked with the management and reviewing of the clients finances.
Consumer Financial Protection Bureau (2016), argues that the relationship needs to be
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maintained because the coaches specifically guide the client to create a financial plan. Even if
financial coaches guide their clients in the process to implement a financial plan, the plan solely
relies on the clients career goals (Collins & O’Rourke, 2012). To this end, economic coaching is
a different aspect of financial education and financial counseling. Financial education entails
using a particular curriculum to advise their clients. On the other hand, financial counseling
entails guiding clients to overcome a particular financial crisis in their careers. These two aspects
support financial coaching in one way or another.
Financial coaching in conjunction with career coaching creates a perfect path for career
success (Consumer Financial Protection Bureau, 2016). These two aspects provide individuals
with multiple ways to manage their finances as well as earn more. Collins and O’Rourke (2012)
state that clients involved in both financial coaching and education are likely to be more
successful when it comes to accomplishing their financial goals as compared to individuals not
engaging in financial programs. Clients with financial goals tend to save more which grows their
credit and as a result, they can seek more career development opportunities. On the other hand,
with financial strategies, clients can avoid financial situations that may compromise their
employment. In that way, clients can achieve financial satisfaction and remain motivated to
maintain their careers (Consumer Financial Protection Bureau, 2016).
Financial satisfaction plays a big part in ensuring individuals maintain a perfect work-life
balance. A balanced work-life contributes to an individuals well-being in many aspects.
According to Collins and O’Rourke (2012), employees involved in a balanced work-life tend to
be less distracted and live more happily. Hence, they are likely to experience minimal or less
mental issues as compared to employees lacking financial satisfaction. Financial satisfaction
does not only contribute to an individuals well-being, but it also enhances other aspects of the
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workplace (Garrett & James III, 2013). These aspects can include increased productivity at the
workplace, reduced marital stress as well as increased consumer choices. Even if financial
satisfaction can be influenced by external forces, an individuals financial goals have the most
significant impact (Consumer Financial Protection Bureau, 2016). An Individuals financial
goals should be considered when it comes to the implementation of financial programs in an
organization. Income perceptions concerning ones financial aspects significantly influence their
financial satisfaction levels.
The levels of financial satisfaction are challenging to measure and organizations should
consider all aspects that contribute to a persons happiness. However, Garrett and James III
(2013) acknowledge that a persons financial situation plays a crucial part in terms of their
financial satisfaction. The reason is that no one can determine someone elses level of
satisfaction. It all relies on the involved person and their income perceptions. An individual
without debt will likely be more financially satisfied in comparison to one carrying a debt.
Garrett and James III (2013), outlines out that income, liabilities, and assets directly influence
financial satisfaction and strain levels.
Other demographic elements including age, ethnicity, marital status, and educational
attainment influence financial satisfaction (Hastings, Madrian & Skimmyhorn, 2013). Garrett
and James III (2013), argue that these demographic factors necessarily do not influence financial
satisfaction when other non-demographic elements such as behavior, attitudes, and knowledge
are considered. The above statement contradicts the fact that demographic factors affect financial
levels of satisfaction. However, income still standouts and has a direct impact on financial
satisfaction when compared to other factors.
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Financial literacy affects an individuals financial well-being in terms of decision-making
which leads to poor financial outcomes and choices (Sabri, Thinagaran & Dass, 2017). Financial
knowledge can be referred as the capacity to utilize financial information and data to implement
relevant monetary plans (Hastings, Madrian & Skimmyhorn, 2013). According to scholars high
points of financial knowledge contribute to positive economic outcomes. Knowledge persons
tend to be involved in a timely goal setting as well as the implementation of financial goals.
These individuals tend to save more and strategize new means to make more money. Conversely,
uneducated persons tend to make poor financial choices (Consumer Financial Protection Bureau,
2016). For instance, they are more likely to forget to implement a savings plan, pay bills, and
probably overvalue their credit scores. Low financial literacy levels are caused by an individuals
preferences (Hastings, Madrian & Skimmyhorn, 2013). Most people are likely to underestimate
the relevance of financial literacy due to personal reasons or financial expectations. Financial
coaching is a good way to overcome financial illiteracy.
According to Delgadillo (2014), financial literacy is linked to financial capability. As a
result, these two concepts are becoming more popular among employees. Financial literacy
relates to skills and knowledge to make well-informed financial decisions while financial
capability involves acting on those strategies to implement an effective financial plan (Hastings,
Madrian & Skimmyhorn, 2013). However, an individuals beliefs could influence their financial
behaviors as well as their financial plans. These beliefs can go further to influence a persons
decisions concerning how to use their monetary knowledge. All these aspects have a direct
bearing on financial satisfaction. Financial literacy levels can be improved through the
implementation of effective coaching programs. In finance management, knowledge and skills
significantly contribute to making appropriate financial decisions. Well-informed financial
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decisions contribute to good financial outcomes which also enhance a clients financial
satisfaction levels.
Garrett and James III (2013) explore how financial ratios impact financial satisfaction
and strain. As per Consumer Financial Protection Bureau (2016), financial ratios provide
financial coaches and other individuals with a perspective on how an individuals financial
position influences their financial satisfaction levels. In this context, debt, liquidity, and other
financial ratios can be used to understand what constitutes financial satisfaction. However,
Garrett and James III (2013) state that it can be challenging for clients to understand financial
ratios and how they influence their financial decisions and outcomes. Financial ratios can be
used to measure and understand financial strain. By understanding financial strain, clients can
easily understand what influences their levels of financial satisfaction. The implementation of
coaching programs bridges the gap between financial strain and financial satisfaction by helping
individuals learn more about their financial positions by using financial ratios.
According to Collins and O’Rourke (2012), financial crises can be minimized through
financial education. Financial education focuses on improving the clients financial literacy and
financial behaviors. The effects of these education programs are mixed and as a result, some
programs are difficult to untangle due to various elements such as selection bias (Delgadillo,
2014). According to a study conducted to explore the impact of financial education, some of the
results indicated positive relationships between the outcomes and coaching programs concerning
savings, financial skills, and credit scores (Consumer Financial Protection Bureau, 2016). The
results, however, did not indicate any positive relationship in other areas such as credit default.
Some researchers argued that the results provided different outcomes as a result of selection bias.
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The effectiveness of a financial coaching program may be influenced by its location and
the target audience (Collins & O’Rourke, 2012). These authors argue that there is no enough
evidence to support if the target audience and location have an impact on the effectiveness of
financial education. According to some studies, there exists a positive connection between
workplace financial education and savings (Collins & O’Rourke, 2012). However, there exist no
connection that shows the affiliation between program location and other financial aspects.
Therefore, it depends on the coaching approach used to teach financial education. Several
approaches can be used to ensure clients understand the importance of coaching programs. Some
of these coaching techniques are developed methodological through research while others are
established through practice. Most of these approaches are similar. However, they are set apart
by the psychological techniques used by coaches. Some coaches focus on a clients behavior
while others focus on solution-based approaches.
Financial education entails the establishment of specific skills to handle financial
situations. According to Delgadillo (2014), financial education is directly linked to financial
counseling which entails intervention related to the clients goals. Most clients engage in
coaching programs to learn particular skills that are not limited to solving a financial problem. In
case of a financial problem, financial counseling techniques are implemented to guide the
involved person through the situation (Sabri, Thinagaran & Dass, 2017). However, financial
counseling can also be goal-oriented same as financial education. The influence of financial
counseling on coaching programs is promising and somehow not definite. Delgadillo (2014),
argues that financial counseling may be subject to selection bias the same as financial education.
The reason is that coaches are likely to focus on individual characteristics ignoring other
elements that contribute to an effective coaching program.
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The success of a coaching program significantly depends on the clients behavior
(Consumer Financial Protection Bureau, 2016). Clients engaging in these programs always have
a reason to alter their financial deeds to advance their financial aspirations. Financial coaches use
an individuals motivation to change their behaviors to implement an effective financial plan that
matches their financial situation. According to Collins and O’Rourke (2012), the role of
economic coaches is not to solve clients issues but to guide them in such a way that they can
make their choices about financial goals. Generally, financial coaches focus on improving the
financial situation of the client rather than solving their deficiencies. They encourage clients to
focus on their strengths and inspire them to manage their financial actions and income.
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References
Collins, J. M., & O’Rourke, C. M. (2012). The application of coaching techniques to
financial issues. Journal of Financial Therapy, 3(2), 39-56.
https://doi.org/10.4148/jft.v3i2.1659
Consumer Financial Protection Bureau. (2016). Financial coaching: A strategy to improve
financial well-being: Research brief. Retrieved from
https://files.consumerfinance.gov/f/documents/102016_cfpb_Financial_Coaching_Strateg
y_to_Improve_Financial_Well-Being.pdf
Delgadillo, L. M. (2014). Financial clarity: Education, literacy, capability, counseling,
planning, and coaching. Family and Consumer Sciences Research Journal, 43(1),
18-28. https://doi.org/10.1111/fcsr.12078
Garrett, S., & James III, R. N. (2013). Financial ratios and perceived household
financial satisfaction. Journal of Financial Therapy, 4(1), 39-62.
https://doi.org/10.4148/jft.v4i1.1839
Hastings, J. S., Madrian, B. C., & Skimmyhorn, W. L. (2013). Financial literacy, financial
education, and economic outcomes.
Sabri, M. F., Thinagaran, A., & Dass, L. M. (2017). The Financial Status, Financial Problems,
and Personal Well-Being of Urban Poor Youths. International Journal of Academic
Research in Business and Social Sciences, 7(8), 2222-6990.
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