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