Talking Finance With Low-Income Students: 7 Tips
Many of your clients may believe that job training is out of reach because they can’t afford it. Your low-income clients can feel caught in a catch-22 — they don’t make enough money, but they can’t afford to go back to school to learn the skills they need for a better-paying job.
Financial discussions, particularly concerning education and career advancement, can be touchy. However, job training programs can pave the way for life-changing opportunities. If you approach the topic with sensitivity, you can guide your clients through financial planning, so it’s an empowering rather than scary experience.
Here are seven tips for how to talk about finances with your clients.
1. Begin With Empathy and Understanding
Talking about finances can be uncomfortable for your clients. Understand that these discussions can be emotionally draining. Start conversations by asking open-ended questions about your client's goals, fears, and current financial situation. Use these conversations to show your clients you understand their concerns. Building trust early will make it easier to have more detailed conversations later.
2. Share Free Education Opportunities and Programs
One of the most empowering things you can do is let your clients know about free or low-cost educational opportunities and job training programs. For example, MedCerts offers short-term, online career training programs in high-demand fields like healthcare and information technology. These programs are designed to help students quickly enter well-paying, sought-after fields without the burden of traditional college debt. They’re often free for low-income students through workforce grants.
3. Discuss Budgeting and Financial Planning
Instead of immediately diving into the costs associated with education and training, talk to your clients about the basics of budgeting and financial planning. You can offer simple, actionable advice on how to manage daily expenses and save for future goals. Having a financial plan will underscore the importance of job training and help them feel more in control of their budget.
4. Highlight Success Stories
Few things are as motivating as seeing someone else’s success. Sharing stories of others who have overcome challenges to complete job training programs and start a rewarding career can provide an incentive to your clients. These stories provide practical examples and give them hope that change is possible.
5. Offer Ongoing Support and Resources
Let your clients know you’re in it for the long haul. Make it clear that your support doesn’t end with the conversation. Provide them with resources, such as links to financial planning tools, scholarship information and details about local financial literacy workshops. Tell them they can contact you for follow-up questions and guidance as they make their financial decisions.
6. Encourage Small Steps
Remind your clients that progress toward financial stability and educational achievement often comes in small steps. Encourage them to celebrate their victories along the way, such as saving a certain amount each month or completing a short-term educational program.
7. Connect Them with Financial Aid and Scholarships
Guide your clients through the process of applying for financial aid and scholarships, such as those that may be available through WIOA for qualifying individuals. Understanding the options available for financial support can reduce your client’s perceived barriers to further education and training.
Help Your Clients Build a Better Future
While these conversations aren’t always fun, the result is worth the effort. By talking to your clients about finances and helping them explore options for aid, you can help them create a better life for themselves and their families.