Financial health and well being is currently a hot topic. Both profits and non-profits are asking employees about their financial health and seeking solutions to help people combat abysmal consumer saving rates and burdensome debt. All solutions seek to assess one's financial well being or financial health but the approaches differ.
The Center for Financial Service Innovation (CFSI) has developed a financial health tool kit for employers to deploy to their workforce. Focusing on four segments - Spending, Saving, Borrowing and Planning - the tool kit seeks to determine an individual's financial health by asking 10 questions and by analyzing bank statements, household expenses and other financial data points. Ultimately, the assessment is meant to diagnose one's financial health and offer certain ways to improve it.
The Consumer Finance Protection Board (CFPB) has created a simple 10 question survey that takes less than 2 minutes to complete and provides a person with a financial well-being score. It is consumer friendly, and is essentially a wellness score that reflects how you are feeling about your finances.
Here at Social Impact Ventures we are interested in the intersection of finance and health and curious how people feel about their health. Please take 2 minutes and try the anonymous quiz at SaverLife.org where I am Chief Impact Officer.