Some employers express concerns when considering Money First Aid training, particularly around the risk of colleagues overstepping their boundaries or assuming the role of a financial expert. This concern is valid, especially when some employers have had negative experiences with mental health first aiders. Some workplaces have had instances of mental health first aiders, despite their training, overstepping their expertise, attempting to address complex issues beyond their qualifications. This has made some employers wary of similar initiatives, opting instead for more generic wellbeing champions rather than individuals with specific titles, like mental health first aiders.
At Money First Aid, we’ve taken these concerns seriously. We understand that while our training equips individuals with vital knowledge and skills, it must also ensure clear boundaries are respected. Our goal is not to turn employees into financial experts but to prepare them to offer immediate support in the event of financial difficulties, much like physical first aid provides basic, immediate care before professional help is sought.
How we’ve addressed these concerns
To ensure that our Money First Aiders do not overstep their roles, we have incorporated the following safeguards into our training:
Clear boundaries on what a Money First Aider can and cannot do: One of the key sections of our training focuses explicitly on what a Money First Aider can not do. We emphasise that they should never:
Give financial advice.
Recommend specific financial products or service providers.
Offer personal funds or financial assistance.
Call third parties such as banks or utility companies on behalf of the colleague.
We explain why these actions are potentially harmful. Without a full understanding of someone’s financial situation, well-meaning advice could inadvertently worsen their situation. By setting clear boundaries from the outset, we help ensure that Money First Aiders remain in their supportive role without overstepping into areas best left to professionals.
Focused, one-time conversations: Unlike some other initiatives where ongoing support might be expected, we clarify that a Money First Aider’s role is typically limited to a one-time conversation. After offering guidance and signposting resources, the Money First Aider is not required to provide continuous support. This helps to manage expectations for both the Money First Aiders and the colleagues they assist. If they choose to check in on a colleague, they can do so voluntarily, but there is no obligation.
Shorter, focused training sessions: Our training is intentionally designed to be concise and focused. While mental health first aid training can span over two full days, our Money First Aid training is completed in just 2-3 hours. This shorter duration makes it easier to integrate into ongoing training for wellbeing champions or any other employee support initiative. It’s a practical, time-efficient way to upskill individuals on the financial health issues people may face without overwhelming them with information or expectations.
Ongoing support for Money First Aiders: A common critique of mental health first aid training is the lack of ongoing support for both the trained individuals and the employers who adopt the initiative. We’ve addressed this by offering continued support for Money First Aiders and their organisations, ensuring that they don’t feel isolated in their role after completing the training. Our support structure includes:
Direct access to support: Money First Aiders can contact us at any time via email with any questions or concerns.
Quarterly surveys: We regularly check in to see what types of conversations Money First Aiders are having and whether they need additional guidance.
Quarterly zoom meetings: These sessions offer an opportunity for Money First Aiders to share their experiences, seek advice, share best practice and receive further support from our team.
Why Money First Aid training is different
Although some organisations have moved away from or reduced the ongoing number being trained in specific roles like mental health first aiders in favour of more general wellbeing champions, we believe our Money First Aid training offers a unique, focused solution that addresses immediate financial concerns. By empowering individuals with the skills to provide short-term support and signpost professional resources, we align our training closely with the concept of physical first aid; offering immediate help without crossing into expert territory.
We chose the title “Money First Aider” because it reflects the urgency and specific focus of the role: providing immediate support in times of financial difficulty, much like physical first aid addresses urgent physical injuries. This does not involve ongoing support or specialist intervention, but instead, equips employees to handle immediate issues in a safe and supportive manner.
Conclusion
While the concerns that employers have regarding similar initiatives are understandable, Money First Aid training has been designed with these challenges in mind. Our training provides clear boundaries, practical knowledge, and ongoing support, ensuring that Money First Aiders remain within their scope of responsibility. With a concise, effective training structure and continued backing from our team, we aim to provide organisations with a trusted, safe way to address financial stress in the workplace without the risks associated with overstepping expertise.
Money First Aiders are not financial advisers or financial coaches. They are supportive colleagues equipped to provide immediate, short-term assistance and signpost the right resources. Through our carefully designed training and ongoing support, we believe we’ve created a solution that employers can trust to enhance the financial wellbeing of their teams without the concerns that have arisen with other first aid initiatives.
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