About Money Coaching
Money Coaching Scope and Distinction from Financial Advice
Money Coaching provided by Financial Wellbeing Company is a financial wellbeing, education and behavioural support service. It is designed to help individuals better understand their financial situation, reduce financial stress, build confidence and take practical steps toward improved financial wellbeing.
Money Coaching offered by Financial Wellbeing Company is not financial product advice, personal financial advice, credit advice, tax advice or legal advice. Coaches do not recommend, compare, select, arrange or advise on financial products, including superannuation, investments, insurance, loans, mortgages, credit cards or other regulated financial products. Coaches also do not tell participants whether to buy, sell, switch, hold or cancel any financial product.
During a Money Coaching session, participants may choose to share personal financial information so the coach can understand the nature of the issue they are facing. This may include general information about income, expenses, debts, bills, savings goals, spending patterns, financial stressors, money habits, confidence, financial avoidance, or current financial pressures.
This information is used only to provide relevant education, coaching, reflection, practical tools and general financial wellbeing support. For example, a coach may help a participant understand their cash flow, identify spending patterns, prepare questions to ask a bank or creditor, explore budgeting strategies, prioritise next steps, or build confidence to seek appropriate professional support.
The role of the Money Coach is to help the participant clarify their situation and understand their options at a practical and educational level. The coach does not assess or recommend the most appropriate financial product or strategy for the participant’s personal circumstances.
Where a participant requires regulated financial advice, credit advice, legal advice, tax advice, financial counselling or specialist support, they will be encouraged to seek assistance from an appropriately qualified and authorised professional.
In summary, Money Coaching allows participants to discuss their financial circumstances in order to receive education, structure, behavioural support and practical next-step guidance. It does not involve the provision of regulated financial product advice or personalised product recommendations.
