Abstract
Financial coaching is emerging as a distinct approach to building personal financial capability. In practice, the term “financial coaching” refers to a wide array of approaches. This article reviews the literature in order to propose a definition of financial coaching as a process that helps individuals define financial goals, develop plans of action, and implement steps toward their goals. Data presented from three active financial coaching programs are consistent with coaching’s focus on goal-directed behavior. The financial coaching field is still in development and faces several challenges, including a lack of evidence-based practice standards.
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