I express my appreciation to you. A team member sharing financial problems with you indicates that the employee trusts in you. It may not mean that the staff expects you to solve it for them.
Here is what you can do
1. Ask your team member if they see that financial problem as temporary. It will be. Once acknowledged, your staff will feel lighter.
2. Understand what caused financial constraints. Listen to it carefully. Has your staff learned the right lessons? Ask how he/she would handle if situations are reset. If the response signals you that your staff is likely to fall into the trap again, provide your inputs on how they can handle it better. I would suggest you read this book – ‘Why smart people make big money mistakes’ so that you can guide your staff on behavioral aspects behind financial decisions.
3. Does that staff have Purpose and Vision in life? How can your guidance be of help with the purpose of your employee? When a career is aligned to their passion and purpose, financial abundance is an inevitable outcome. Tools like Enneagram, MBTI will aid in reflecting on career fitment.
4. In the Chapter ‘A Comma for Continuing Success’, from ‘Father Of Your Team’ Freddie’s advice to Arnold on ‘Managing Money’ as a Long Term Success Influencer is likely to be of help in handling this situation. It will further strengthen your relationship with your team and raise your leadership to legendary levels.
I believe you can adopt these 4 simple steps. Would love to hear from you how it worked.