Financial Health Score: a quick check-up for your whole financial life
Your spending is one part of financial health. The Financial Health Score also asks about insurance, your emergency fund, debt, budgeting, retirement and your will and nominees, then gives you a score out of 100 and a plain tip for every answer that lost points.
What goes into your Financial Health Score
- Debt management25%
- Whether you pay credit card bills in full, how much unsecured debt you have, and what share of your income goes to EMIs.
- Insurance protection20%
- Whether life and health cover are in place and whether you know your policy terms. One question looks for life cover of about 15 to 20 times your yearly income.
- Emergency preparedness20%
- Whether you have an emergency fund, and whether the people who depend on you are provided for.
- Budgeting and planning20%
- Whether you follow a monthly budget, track your spending, and have worked out and started investing for retirement.
- Estate planning15%
- Whether your family knows about your investments and assets, your accounts have nominees, and you have a valid will.
What you need, and how to use it
What it needs: About five minutes to answer the questions. You can retake it later to see your progress.
- Open Insights, then Financial health check, and answer each question.
- See your score, the five parts, and a tip against each answer.
- Come back later and retake it to see how your score has moved.
Questions people ask
How is this different from the Spend Score?
The Spend Score is worked out from your entries. The Financial Health Score is based on your answers to a questionnaire, so it also covers things entries cannot show, like insurance and nominees.
How often should I retake it?
Whenever something big changes, such as a new loan, a new policy or a new family member, and otherwise every few months. The app keeps your earlier scores so you can see the trend.
Does it tell me which insurance to buy?
No. It points out gaps, like missing cover, and suggests you look into them. Choosing a policy is a decision for you, ideally with a qualified adviser.
Is it free?
Yes. Everything in the app is free to use at the moment: there is no paid plan to choose.
See your own numbers
Create an account, add a few entries and open Financial Health Score. It works from what you record.