Meet financial educators’ latest tool for getting people to talk more about money: book clubs.
Book clubs create a forum where it’s easier to talk about hard things with a diverse group of people, says Katie Ubelhor, an accredited financial counselor in Cincinnati.
“Money is often difficult to talk about, with a lot of shame and deep-seated beliefs,” she adds. Books offer an entry point for what can otherwise be a challenging conversation.
Inspiring new discussions
Accredited financial counselor Bryce Jorgensen started a book club at New Mexico State University Extension to help engage community members in financial discussions.
“People like book clubs so they will come and participate, and we’ll talk about money,” he says. They’ve read “The Millionaire Next Door” by Thomas Stanley and William Danko as well as “Your Best Year Ever” by Michael Hyatt.
At Utah State University Extension, extension professor and accredited financial counselor Amanda Christensen started a financial themed book club with colleagues five years ago. The goal, she says, is to encourage people to think about new ways to approach financial wellness while fostering financial empowerment and building community.
Finding a confidence boost
Because books often highlight real stories from people who’ve encountered money challenges, they can help make abstract concepts like budgeting or investing easier to discuss, Christensen says.
Utah State book club participants said they felt more confidence in their ability to manage their finances after attending the book club, she adds.
Sounds like a good idea, right? To launch your own financial book club — with friends, neighbors or your broader community — consider these guideposts:
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Give participants a reading schedule. “Be clear what chapters will be discussed each week,” Christensen says, so they can prepare. She also suggests emailing out notes and insights after the book club meetings.
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Create a safe space. Christensen says using ice breakers can get participants warmed up for sharing their thoughts on money. If it’s virtual, consider keeping it live. Recording the session can inhibit people’s urge to share. Adding anonymous polls during the book club through the online meeting platform can also help boost engagement.
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Highlight action steps. Christensen suggests assigning a little homework — such as making a budget or creating a debt payoff plan— for people to implement before the next session. Handing out worksheets or sharing online exercises can also help.
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Continue the discussion on social media. Interactive forums can help boost engagement. The University of Kentucky’s club, for example, created a companion private Facebook page so participants can share their thoughts online.
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Select books that resonate with your audience. Jorgensen says his community tends to be interested in investing, so he chooses books accordingly. Others might be interested in teaching kids about money or paying off debt. Pick a book that will resonate with your particular demographic, he says.
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Get creative with your book selections. Self-help isn’t for everyone. But some memoirs and novels lend themselves to discussions about money topics, so you don’t have to limit yourself to the personal finance section, Ubelhor says. “Money doesn’t have to be the central topic,” she adds.
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Consider telling your own story. Sometimes, reading a book can inspire people to write their own money story to further explore their own experiences. Ubelhor, for example, is currently working on a book about why she never felt like she had “enough” money. She uses those personal insights about fulfillment when working with her financial coaching clients today.