Financial Health Index

Being financially healthy is about having control over your finances, being able to absorb a financial setback, being on track to meet your financial goals, and having the financial freedom to make choices that allow you to enjoy life. At CUA, we want to ensure that members and the larger community are empowered with the knowledge and tools they need to lead financially healthy lives.

To celebrate Financial Health, CUA is giving away a Prize Package valued at $2,500, including $1,000 cash and the following merchandise: 

 

How to Participate?

Complete the Financial Health Index found on this page to be entered into the draw for a chance to win the Prize Package. Entrants are permitted a maximum of one entry and can enter the contest until 11:59 p.m. on August 16, 2021.

To be eligible, entrants must be legal residents of Nova Scotia and must have reached the age of majority in Nova Scotia. Terms & Conditions apply.

At CUA, we deliver flexible, personalized, and responsive banking because we know one size doesn’t fit your ever-changing needs. We also know a single metric such as your credit score or account balance isn’t always an accurate measure of financial health.

So, what is financial health?

It occurs when you have the daily habits and financial management systems to meet your obligations today, seize opportunities tomorrow, and withstand any of life’s unexpected (or unwanted) financial surprises. Financial health impacts our ability to be well beyond the wallet, which is why we are happy you’re here.

How is financial health measured?

It’s measured using eight multiple-choice questions based on four components and eight indicators of financial health:

  1. Spend: Do you spend less than your income and pay your bills on time?
  2. Save: Do you have sufficient liquid savings and long-term savings?
  3. Borrow: Do you have manageable debt and a good credit score?
  4. Plan: Do you plan ahead financially with budgets and appropriate insurance?

What type of score can I expect?

By accessing CUA’s Financial Health Index, you’ll receive your financial health score, which will fall into one of the following categories:
  • Financially Healthy (80-100)
  • Financially Coping (40-79)
  • Financially Vulnerable (0-39)

The goal is not to achieve a perfect score, but rather to determine a starting point to talk to a Financial Advisor about what optimal financial health looks like for you. In addition to your score, you will receive information that outlines your answers to the questions compared to the top-scoring responses.

I want to improve my financial health. What can I do?

You’ve already taken the first step by getting your financial health score. The next step is to set up a conversation. At CUA, our empathetic experts take a flexible and personalized approach. We’ll take the time to understand your circumstances and work with you to make a plan. If you’re happy where you currently bank, consider sharing your results with your Financial Advisor. And if you’re wondering whether adding a new banking partner can add value to your financial health score, let’s talk. A member of our team would be happy to hear more about how we can help.
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CUA’s Financial Health Index leverages the FinHealth Score® Toolkit developed by the Financial Health Network.
 

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