Top Benefits of Financial Wellness GroupsJun 14, 2023
Financial Wellness Groups, focused on finances and emotions, can provide a supportive and transformative environment for individuals, couples, and entrepreneurs. Below are some key advantages of group work, specifically targeted at finances and emotions.
Enhanced Learning and Knowledge Sharing
In a group setting, individuals can pool their diverse perspectives, knowledge, and skills related to emotions and money. This allows for a richer learning experience as group members bring different insights and expertise to the table such as working through difficult thoughts, feelings, and behaviors. They can also learn practical tips from their peers including effective budgeting, debt management, savings and investing, and emotional and financial resilience. Through active discussions and information sharing, group work promotes a deeper understanding of money mindset and matters and encourages critical thinking.
Emotional Support and Validation
Navigating financial challenges can often evoke a range of emotions, such as stress, anxiety, guilt, or shame. Engaging in group work focused on finances and emotions provides a space for individuals to express and validate their feelings. Being surrounded by others who may have similar experiences can foster a sense of empathy, support, and understanding. Group members can offer emotional support, share coping mechanisms, and provide encouragement during difficult financial situations.
Groups reduce isolation stemming from COVID
Beyond the emotions of shame, guilt, or anxiety surrounding money, group work helps to reduce isolation stemming from COVID. For several years, people have lost connection with each other. Resilience is built on connecting, sharing, and being in the same space with others who are experiencing the same stressors.
Increased Self-Awareness and Financial Intelligence
Exploring the emotional aspects of finances within a group setting can promote self-awareness and emotional intelligence. Participants can reflect on their own beliefs, attitudes, and behaviors regarding money, as well as their emotional triggers and reactions to financial stressors. Through discussions and feedback from group members, individuals can gain insights into their emotional patterns, develop strategies for managing emotions, and make more informed financial decisions.
Development of Communication and Interpersonal Skills
Financial Wellness Group work provides an opportunity to refine communication and interpersonal skills. It requires active listening, effective articulation of ideas, and respectful engagement with others. By engaging in group discussions, individuals learn to express their thoughts clearly, adapt their communication style to different audiences, and collaborate effectively with peers.
Peer accountability and Motivation
Financial Wellness Group Work provides a built-in support system that encourages accountability and motivation. Sharing financial goals, progress, and challenges within the group can create a sense of responsibility and commitment. Group members can hold each other accountable for taking necessary steps toward financial well-being such as adhering to budgets, reducing debt, or practicing healthy financial habits. The collective encouragement and motivation from peers can boost individual commitment and success.
Long-term support and networking
Engaging in group work focused on finances and emotions often establishes a network of like-minded individuals facing similar challenges. This network can serve as an ongoing source of support, encouragement, and knowledge beyond the group sessions. Participants can build long-lasting relationships, exchange resources, and continue learning and growing together on their financial and emotional journeys.
How to access Financial Wellness Groups
There are many ways to access financial wellness groups. You can do a search on Google or if you are associated with an organization, you can check with your corporate wellness benefits. You can also learn more about my financial wellness group offerings here.
The costs of Financial Wellness Groups
Financial Wellness Groups typically cost around ½ to 1/3 of the price of individual coaching or psychotherapy. While individual sessions can cost upwards of $150 an hour, group therapy can cost as little as $40 to $60 an hour. If the group is specific to and supports individuals with a mental health diagnosis or money disorders, most insurances accept it as a form of therapy.
In summary, group work focused on finances and emotions, provides a platform for shared learning, emotional support, increased self-awareness, peer accountability, skill building, empowerment, expanded perspectives, and long-term networking. This combination of financial and emotional focus can foster personal growth, financial resilience, and improved overall well-being.
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Mariah Hudler, MSW, MBA, CFT-I™ is a financial therapist, coach & consultant, who provides premarital financial counseling, financial therapy, financial coaching & consulting, and financial wellbeing services. She works with individuals, couples, entrepreneurs, and groups to build their balance and create a healthy relationship with money.
Disclaimer: This blog is for education only. Please consult with a qualified professional when you have any questions about your personal financial, tax, or legal situation. Information contained in this post is for informational purposes only and not intended to replace professional advice.
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