Knowing your financial well-being score is a good starting point for assessing your current finances and making a plan for the future.
Services like the Financial Opportunity Center (FOC) at Great Lakes Community Action Partnership (GLCAP)—a service to help members attain financial independence—use the assessment to help members become more conscious of their finances.
“Taking an assessment may cause some to become more aware of their financial health, and maybe think about taking steps to build wealth, improve credit, and seek better employment opportunities,” said Corey Manns, FOC specialist at GLCAP.
The financial well-being assessment was made by the U.S. Consumer Financial Protection Bureau and contains a short series of questions to gauge users’ interpretations of their current financial health. The assessment is short, collects no personal information, and measures users’ confidence in the state of their current and future finances. The assessment is available at: www.consumerfinance.gov/consumer-tools/financial-well-being.
On a scale of 0-100, the national average financial well-being assessment score is 54, meaning most people who take the assessment feel largely unsure or insecure about their financial well-being. FOC services can help improve these scores by providing financial counseling, employment and training, and income supports.
“Our goal at the GLCAP FOC is to ensure that members learn how they can best manage their money and meet their education and training goals,” Manns said. “Members also have opportunities to build wealth during their time in our program.”
GLCAP FOC members receive training on personal finance management such as creating monthly budgets and building credit scores. Members can also earn financial incentives for meeting goals while participating in FOC services. Examples include $25 for completing a monthly spending plan, $50 for increasing a credit score by 50 points, and $100 for working at a job for 60 days.
Those interested in joining the FOC may do so at any time. More information is available at www.glcap.org/foc or at 1-800-775-9767.