Would you use a Money Coach?

Borotommo

Borotommo

Well-known member
I’m thinking about taking on a bit of part-time work, and this role has piqued my interest. Would you pay £249 for a year for someone to help you straighten out your finances and help you develop a plan and direct you towards your financial goals?
just a straw poll to see what people on here think. Thanks for your opinions

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Probably not, but then I'm pretty good with money and only have debts in my mortgage and current car loan, I've always lived by if I can't afford it I don't do it/buy it. Definitely worth it for some people though, I know a few people that are just awful with their finances.
 
Brian Marwood said:
Not at all but I do think schoolkids should be taught the basics of finances such as understanding loans, overdrafts, credit cards, interest rates, mortgages, savings, pensions, investments and how to make basic calculations to ensure they are not spending more than they earn.
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Totally agree with this. We try to do this with our kids. I learned a lot from my father in law who is very good with this type of thing.
 
No because I'm professionally qualified and have spent my working life in Finance roles.
However there are many folk who struggle with basic numeracy, and many more who are lost when trying to understand their finances.
So yes, potentially a big demand for this type of service, particularly with the challenges to come.
£249 sounds relatively cheap.
 
NorthumberlandBoro said:
No because I'm professionally qualified and have spent my working life in Finance roles.
However there are many folk who struggle with basic numeracy, and many more who are lost when trying to understand their finances.
So yes, potentially a big demand for this type of service, particularly with the challenges to come.
£249 sounds relatively cheap.
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I suspect though that the people who need this the most won't be able to afford the £249 simply because their finances are so bad.
 
Brian Marwood said:
Not at all but I do think schoolkids should be taught the basics of finances such as understanding loans, overdrafts, credit cards, interest rates, mortgages, savings, pensions, investments and how to make basic calculations to ensure they are not spending more than they earn.
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Agreed
 
Brian Marwood said:
I suspect though that the people who need this the most won't be able to afford the £249 simply because their finances are so bad.
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This is partly my concern. I feel it is pitched more at young families on an upward curve, which is fine. I’ve had discussions with the company and they are looking to find a way to offer the product, perhaps with subsidies from public funds, to those really in need of help. That really interests me
 
Brian Marwood said:
Not at all but I do think schoolkids should be taught the basics of finances such as understanding loans, overdrafts, credit cards, interest rates, mortgages, savings, pensions, investments and how to make basic calculations to ensure they are not spending more than they earn.
Click to expand...
Banks over the years have sent staff into schools to "coach" kids about good money management and this was provided for free. My partner used to work on the "schools liaison" team for Lloyds and that was all she did. ~ loved it. The service was cut when cost cutting was brought in - its by far not a new phenomena.
 
Borotommo said:
This is partly my concern. I feel it is pitched more at young families on an upward curve, which is fine. I’ve had discussions with the company and they are looking to find a way to offer the product, perhaps with subsidies from public funds, to those really in need of help. That really interests me
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Are you sure you won't have to find your own 'customers' ?
 
People who really need budget advice, can get this for free from charities such as Step Change and Citizen's Advice. It may be something that banks contract out if people fall behind with their mortgage or priority bills. I personally think those who can afford £250 a year would probably look at a financial advisor or accountant, but this may be a cheaper option pitched alongside lifestyle type coaching?
 
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Cardiffdaffs said:
Banks over the years have sent staff into schools to "coach" kids about good money management and this was provided for free. My partner used to work on the "schools liaison" team for Lloyds and that was all she did. ~ loved it. The service was cut when cost cutting was brought in - its by far not a new phenomena.
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I find it infuriating that banks try to tell you how to manage and behave with your money whilst they rip people off, to me its akin to being taught morality from a gangster. If i want money advice i will seek an independent FA.
Whilst we are at it stop the touchy feely tv adverts pretending you care about people, their finances and well being. They don't give a **** about anyone or anything apart from making as much money as possible.
 
I think it is expensive for me but I am wholly comfortable in sorting my own finances, pensions and investments out. I can see that others might not be. I would want some assurance that £250 per year is going to benefit me by more than £250. The majority of people would benefit massively just from someone explaining about investments that isn't a salesman. Low cost index tracker is almost always the answer and paying £250 per year for that advice seems wasteful. Too many people have a fortune sat in "savings" accounts that are well below inflation.

As above, the people that need help most probably either can't afford £250 or couldn't make enough savings to cover the cost anyway. If they are already following Martin Lewis type advice then they should know all the major cost cutting things to do. Martin Lewis should really start including broad investment advice for those people with money to save. I know he's said he won't in the past because he isn't allowed or doesn't want to offer financial advice which could lose money but it would be beneficial to show different options for savings/investments without pushing towards a specific option. He does recommend certain savings rates etc and which ones are the best but because they are all risk free they all lose money which he doesn't make clear. Getting in early with compounding makes a huge difference. People not understanding that until they are in their mid 30s/40s when they finally get some disposable income to save and start researching have missed out on so much potential growth.
 
I would be keen to check out the motives of the company before joining, do a bit more research. I could see someone like Martin Lewis saying 'well the first thing to stop paying is £250 for advice you can get online for free'
 
Glover_elbow said:
I


I find it infuriating that banks try to tell you how to manage and behave with your money whilst they rip people off, to me its akin to being taught morality from a gangster. If i want money advice i will seek an independent FA.
Whilst we are at it stop the touchy feely tv adverts pretending you care about people, their finances and well being. They don't give a **** about anyone or anything apart from making as much money as possible.
Click to expand...
Don't excuse Bank's strategy now with staff service back then. Certainly service that was available 20 years ago. I was referring to time before the Big Bang and the upheaval in financial markets. Banks employed thousands of good people who were very professional and wanted to do their best in their jobs and they were taught well in those days. Days before "bank assurance" Banks yes have a lot to answer for but we are talking about basic education back in the 80s when al lot of bank services were not subject to the over the top pricing that you see now.
 
I think the motives are positive. I’ve looked at their history (Hatch before Octopus bought it) and it’s clear they have identified a need. You are incentivised to find your own clients, but they will forward them to you, if that’s what you choose. They engage with numerous companies who offer it as a corporate perk. The charge is taken monthly (£20.75 a month). I’d expect there are many people who, whilst google can help you find anything you need, maybe don’t know where to start.
 
Cardiffdaffs said:
Don't excuse Bank's strategy now with staff service back then. Certainly service that was available 20 years ago. I was referring to time before the Big Bang and the upheaval in financial markets. Banks employed thousands of good people who were very professional and wanted to do their best in their jobs and they were taught well in those days. Days before "bank assurance" Banks yes have a lot to answer for but we are talking about basic education back in the 80s when al lot of bank services were not subject to the over the top pricing that you see now.
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My IFA is an ex big 4 Banker - trained at the time you talk about. Good grounding and experience. He hates the Banks now and what they have become.
 
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