Financial Coaching to Improve Financial Well-being: A Qualitative Descriptive Study

The purpose of this qualitative study was to examine how effective a financial coaching program is for helping participants improve their overall financial well-being through short-term incremental steps moving toward obtaining long-term financial goals. Financial coaching is built on a client- and solution-focused approach, where participants set the pace and goals of the process, with a coach providing encouragement and motivation throughout this journey. Additionally, the coach is responsible for holding participants accountable for fulfilling their commitments and providing education and support in revising their goals when it becomes apparent they are struggling. The premise of financial coaching is to help participants enhance their confidence, financial stability, and overall well-being. Data for this study was obtained through a semi-structured interview and responses to reflective journal prompts. Study participants described their financial coaching experiences and how the experience influenced their financial well-being.