Capital One Launches New Money & Life Program
Helping people develop a healthier relationship with money through 1:1 mentoring, workshops and self-guided exercises
If you’ve ever felt stressed about money, you’re not alone. According to a recent CreditWise survey, 73% of people consider their finances to be a major source of stress in their lives, causing more angst than politics (59%), work (49%), or family (46%). That was particularly true for Millennials and Generation Z, eight out of 10 of whom reported being stressed by their money situation. The COVID-19 pandemic has intensified those concerns, and is inspiring many people to re-analyze what financial well-being means to them.
At Capital One, we believe that you should have a healthy relationship with your money. After all, money affects every single area of life, from education to marriage and having children, to how well you enjoy your golden years. That’s why we’re proud to be launching our new Money & Life Program, which builds upon our former Money Coaching program.
This free program is available to anyone, regardless of your financial journey or whether they are a Capital One customer. Instead of traditional coaching and financial advising programs which can bring up difficult emotions, the Money & Life Program aims to help you reflect on your relationship with money and adopt new habits, perspectives, and behaviors that will help you reach your goals. The Money & Life Program currently offers three experiences: 1:1 mentoring, workshops, and self-guided digital exercises.
Money & Life Mentoring
Previously, participants could book appointments to work 1:1 with a Money Coach at most Capital One Cafés. Folks saw tremendous value in Money Coaching, so we decided to expand the program with more offerings, in more locations—including your own home.
Thus, the program has evolved into a mentorship model, in which mentors will work individually with participants, helping you reflect on how money fits into your life in a judgement-free zone. Professional mentors will help you identify your financial goals, and determine new habits and behaviors that can help you get closer to and better align with your unique goals.
Everyone is eligible for up to three 1:1 mentoring sessions. These can be a virtual 1:1 mentoring session from wherever you live.
Money & Life Workshops
Capital One is also excited to announce that money workshops will be part of the Money & Life Program, currently available on-demand and eventually available in person, covering real-life financial topics.
Talk Money with Your Honey is designed to help you and your partner explore your respective pasts and how they have influenced your feelings about money, providing guidance on establishing healthy communication skills about your financial goals and how to achieve them. Your Money, Your Values examines the relationship between—you guessed it—your money and values, and how your financial habits can influence (or impede) your goals. It ultimately helps you understand how you can spend and save your money in ways that feel most purposeful and in line with what you care about the most.
Money & Life Workshops are meant to be a catalyst for sparking inspiration within your social group. You can attend a solo, or take the class with friends and family. Why take a workshop together? Research shows that adopting a new wellness habit – whether that’s exercising consistently, eating healthier, or improving your finances – is easier to do when you’re surrounded by like-minded people. You gain the benefit of sharing your struggles and successes, and that can ultimately push you to be more successful in your journey towards financial wellness than if you were trying to go it alone.
Money & Life Exercises
The topic of money takes time and reflection, and that’s exactly what our new self-guided exercises are designed to help with.
As a part of this new Money & Life Program, we offer self-guided digital exercises, such as Map Your Spend, Goals Planner (coming later this year) and more. You can complete these exercises at your own pace, either alone or in tandem with the mentoring and workshop aspects of the Money & Life Program. These exercises can help you reflect individually on your current relationship with money, and whether or not that’s ultimately in line with the life you want to live.
These self-guided exercises, along with mentoring and workshops, can help you gain clarity about your finances so that you can take positive action. At Capital One, we believe in being intentional with money so that you can live life on your terms, and that’s why we’re so excited to share our new Money & Life Program with you and your family.