When governments test education reforms, we often find lessons that resonate far beyond schools and universities. One such lesson comes from the economics of human capital research [Essays on the economics of human capital accumulation By Lucio Rizzica]: raising aspirations alone is not enough.
The UK’s Widening Participation initiative in the 1990s, for example, encouraged teenagers from disadvantaged backgrounds to aim higher. It successfully boosted motivation and kept many in full-time education past 16. But when it came to actual university enrolment, the impact fell flat for low-income students. Only those from affluent families converted higher aspirations into higher education.
Why? Because aspirations without access remain dreams. Financial barriers and structural inequalities still blocked the path.
The Parallel for Planners
This insight carries a direct policy parallel for financial planners and holistic wealth coaches. Like governments, we often focus on motivation: helping clients define their goals, expand their vision, and raise their expectations of what’s possible. This is vital. But without addressing the financial, cultural, or systemic constraints they face, the empowerment journey stalls.
In practice, this means:
- Pairing inspiration with structure. Don’t just raise goals; provide concrete tools, like financial forecasts, debt restructuring strategies, or human capital development plans, that make aspirations achievable.
- Identifying hidden constraints. Just as policymakers underestimated the weight of credit barriers, planners must uncover the invisible obstacles—lack of liquidity, family obligations, cultural expectations—that prevent clients from acting.
- Building both skills and access. Education policy teaches us that cognitive skills (knowledge) and non-cognitive skills (motivation) interact with financial resources. Planners must nurture both: developing confidence and resilience while also helping clients access opportunities.
- Localising opportunity. In Italy, when local universities expanded, female enrolment rose sharply. For planners, this means creating accessible, context-sensitive pathways. The closer an opportunity is to home—financially, culturally, or emotionally—the greater the chance of uptake.
Empowerment Requires Both Sides of the Equation
Just as governments must combine aspiration-building with financial access, planners must weave together motivational coaching with practical solutions. Empowerment isn’t a single lever—it’s a bridge. One side inspires, the other enables. Without both, the bridge collapses.
Bringing It Home to the Academy
For Academy members, the takeaway is clear: the GAME Plan™ is not just about raising ambitions. It is about ensuring those ambitions are structurally supported. When you help clients clarify their goals, also ensure they have the means—financially, emotionally, and socially—to walk the path towards them.
Because in planning, as in policy, aspirations matter—but only access turns them into achievements.
Curious to explore this for yourself? Try our GAME Plan™ Taster – Human Capital Development Edition for just £4.99. Discover the often-missing piece of financial plans: a strategy for developing your greatest asset — your human capital.
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