Financial concerns can be overwhelming and can leave you feeling worried and powerless. That’s why taking control of your finances is crucial to enhancing and maintaining your financial and overall wellbeing. With the right advice and support, you can learn to be financially responsible, which will help you live well.
Monica’s Challenge: Understanding Finances and Paying Down Debt
Monica is fairly new to the workforce and, like many recent university and college graduates, she has accumulated some debt. She isn’t sure how to manage her income and expenses while paying down her debt, which worries and frustrates her. She wonders if living debt-free is even possible. Monica hopes to learn about finance and debt management so she can pay off her student loan and achieve financial security and wellbeing.
How EFAP can offer financial advice and education:
Morneau Shepell, UBC’s Employee & Family Assistance Program (EFAP) provider, offers professional financial advice through free confidential consultations over the phone. EFAP financial advisors can answer Monica’s questions and recommend a course of action to help her meet her goals. If Monica needs more specific, personal and/or longer-term financial advice, they can refer her to a financial advisor outside of the EFAP.
Monica can also learn from EFAP’s Online Financial Planning Service, an interactive and personalized financial education and planning program. The three-month program includes an assessment of her current financial situation and a tailored action plan complete with worksheets, calculators and task lists.
When she calls the Care Access Centre at 1-800-387-4765, Monica can book the type of consultation she needs.
Morneau Shepell’s online resource hub offers articles on financial security; topics include debt management, budgeting, investing and retirement planning. (Note: Please enter “University of British Columbia” as your organization to access these articles.)
How to access health coverage through Extended Health benefits:
As a UBC employee, Monica can support her financial and overall health and wellbeing through the UBC Extended Health plan. She can be reimbursed for the cost of many healthcare services, including prescription drugs, paramedical practitioners’ services and vision care. Learn about the many benefits available to UBC’s faculty and staff.