Financial Well Being

Financial Well Being

Financial Well Being





The Financial Well-Being Scale is a free tool to measure an individual’s level of financial wellbeing. The scale consists of 10 questions and a scoring method.

Financial well-being: a state wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.

    The Financial Well-Being Scale can be used to:

  1. assess a person’s financial well-being before providing a service,
  2. track changes in an individual’s financial well-being over time, and
  3. measure the extent to which programs are improving the financial well-being of the individuals that they serve.

Part 1: How well does this statement describe you or your situation?
  This statement describes me Completely Very well Somewhat Very little Not at all
1. I could handle a major unexpected expense
2. I am securing my financial future
3. Because of my money situation, I feel like I will never have the things I want in life
4. I can enjoy life because of the way I’m managing my money
5. I am just getting by financially
6. I am concerned that the money I have
or will save won’t last		  
Part 2: How often does this statement apply to you?
  This statement applies to me Always Often Sometimes Rarely Never
7. Giving a gift for a wedding, birthday or other occasion would put a strain on my finances for the month
8. I have money left over at the end of the month
9. I am behind with my finances
10. My finances control my life

Financial Well-Being  |  Find the financial well-being score

Total response value   Questionnaire self-administered   Administered by someone else
Total: Ages: 18-61 Ages: 62+ Ages: 18-61 Ages: 62+
0 14 14 16 18
1 19 20 21 23
2 22 24 24 26
3 25 26 27 28
4 27 29 29 30
5 29 31 31 32
6 31 33 33 33
7 32 35 34 35
8 34 36 36 36
9 35 38 38 38
10 37 39 39 39
11 38 41 40 40
12 40 42 42 41
13 41 44 43 43
14 42 45 44 44
15 44 46 45 45
16 45 48 47 46
17 46 49 48 47
18 47 50 49 48
19 49 52 50 49
20 50 53 52 50
21 51 54 43 42
22 52 56 54 53
23 54 57 55 54
24 55 58 57 55
25 56 60 58 56
26 58 61 59 57
27 59 63 60 58
28 60 64 62 60
29 62 66 63 61
30 63 67 65 62
31 65 69 66 64
32 66 71 68 65
33 68 73 70 67
34 69 75 71 68
35 71 77 73 70
36 73 79 76 72
37 75 82 78 75
38 78 84 81 77
39 81 88 85 81
40 86 95 91 87

Financial Well-Being  |  Score Ranges

Use the financial well-being scale to calculate a financial well-being score. Then, use the table below to understand the score and compare it to the scores of other people you serve.
The financial well-being score ranges below are designed to give you a sense of whether
a person has high, medium, or low financial well-being. The chart also describes financial experiences common to people with these scores. Within each range, financial experiences
vary widely, so a person may or may not experience the challenges or successes shown in
the chart. However, these characteristics may help provide meaning to the scores by giving
you a general sense of the financial conditions of individuals in each score range.
VERY LOW
0-29		 LOW
30-37		 MEDIUM LOW
38-49		 MEDIUM HIGH
50-57		 HIGH
58-67		 VERY HIGH
68-100
People in these ranges tend to experience the following:
Just 5% are certain they could come up with $2,000 for an emergency. Few (23%) habitually save and only some (38%) have more than $250 in liquid savings Most (60%) have minimal savings of $250 or more, but only 30% have $2,000 or more More than half (55%) have automated deposits into a savings or retirement account. The vast majority (81%) are certain they could come up with $2,000 for an emergency. Most have high levels of savings; 80% have $10,000 or more in liquid savings.
Most (82%) sometimes or often experience food insecurity or food hardship. Just 12% always stay on budget Almost all (80%) find it somewhat or very difficult to make ends meet. A minority (32%) always pay off credit cards in full. Just 35% always stay on budget. The majority (69%) make automated deposits into a savings or retirement account.
Almost all (96%) find it somewhat or very difficult to make ends meet. Nearly half (45%) have experience with debt collectors. Some (32%) have had a credit application rejected or are concerned about credit rejection. Few (16%) sometimes or often experience food insecurity or hardship. Very few (6%) have experienced a credit rejection or are concerned about credit rejection. Most (81%) have health insurance.