Introducing Financial Wellbeing
Today, we’re excited to announce the arrival of our new feature, Financial Wellbeing. A measurement tool to help you get a better understanding of how you manage your finances so you can take steps to improve it.
Here’s how it works
Financial Wellbeing is a survey with a set of 10 simple questions about how you currently manage your finances, and how you’d respond to different situations if you were financially challenged.
The survey questions take 3 minutes to answer and by completing the survey, you’ll get a financial wellbeing score between 0 and 100. This score will help you to determine if financially you’re:
- Having trouble
- Just coping
- Getting by
- Doing great
You’ll also receive curated content that may help you get on top of your finances.
What is financial wellbeing?
In general, financial wellbeing is about a sense of security, your perception of money and attitude towards handling your finances.
It’s about your ability to responsibly manage and meet your financial obligations, such as paying your bills and expenses, while also having the freedom to make choices that allow you to enjoy life.
Why is financial wellbeing important?
Knowing your financial wellbeing means you can better understand your spending and saving behaviours. Through the Financial Wellbeing survey, you’ll be able to find out:
- How well you are managing your everyday expenses
- Whether you are in a strong position to handle unexpected financial emergencies
- If you are doing enough to set yourself up for the future
How is this different to a credit score?
A credit score is a number that is calculated using the details on your credit file. It is a simple representation of your credit worthiness and can help lenders assess the relative risk of providing someone with a credit product.
As above, financial wellbeing is a much more about the overall picture of your financial life.
Discover your financial wellbeing
If you’re an existing Credit Savvy member, you can simply log in to your account to start the Financial Wellbeing survey today.
Not a Credit Savvy member yet? You can sign up for free today.
The Financial Wellbeing survey and scale was developed by Commonwealth Bank and the University of Melbourne to measure Financial Wellbeing. Find out more information on the scale.