Which of the following best describes the final step of the counseling process?

The final step of the counseling process is best described as monitoring and evaluating progress. This step is critical because it allows both the counselor and the client to assess how well the agreed-upon plan is working. By evaluating progress, the counselor can identify what strategies are effective and what areas may need adjustment. This ongoing assessment ensures that clients remain focused on their goals and can adapt their plans as necessary based on their experiences.

Monitoring progress also helps to reinforce clients' motivation and engagement with their financial plans. It allows for a collaborative discussion between the counselor and the client, fostering a supportive environment where clients can voice their challenges and successes. This step ensures that clients feel empowered and can take ownership of their financial journey as they see tangible results from their efforts.

The other options, while important in the counseling process, represent earlier stages. Data collection and assessment is often the initial phase where information about the client's financial situation is gathered. Plan implementation refers to the execution of the strategies developed during the counseling sessions. Setting new goals typically occurs after evaluating progress, as clients may identify new objectives based on their experiences and achievements.