Measure and score financial well-being
The financial well-being score provides a common metric that allows a comparison of financial well-being across people and over time.
The financial well-being scale is a free tool to help you measure the financial well-being of people you serve. The scale, which was developed and rigorously tested by The Bureau, contains 10 questions to capture how people feel about their financial security and freedom of choice, plus 2 questions to assist with scoring. Responses to the questions can be converted into an overall financial well-being “score” between 0 and 100.
Use the questionnaire
- Collect responses to the questionnaire. In order for the scale to work properly, you must not change the wording of questions or responses and the respondent must answer every question in the questionnaire.
- Calculate the total response value. Using the scoring worksheet, add the person’s responses to find the “total response value.”
- Convert the total response value to a financial well-being score. On part two of the scoring worksheet, locate the total response value in the first column, then follow the row across to the appropriate column based on the respondent’s age group and how the questionnaire was administered.
Download the questionnaire and scoring worksheet: English | Spanish
Looking for a shorter scale?
If the standard scale is not an option due to space or time, you may use the abbreviated 5-item version of the financial well-being scale questionnaire. The scores from the abbreviated scale can be compared directly to the scores from the standard version.
Download the abbreviated questionnaire and scoring worksheet: English | Spanish
Interpret the score
Once you’ve calculated the score for someone, you can use the score to understand their current state of financial well-being and compare the client’s score to the scores of other people you serve.
The benchmarks are based on an analysis of the National Financial Well-Being Survey, a large, national survey of adults ages 18 and older in the United States. The survey included the financial well-being scale questions as well as other questions about demographic characteristics, financial situation, financial skill, and behaviors.
Financial well-being score ranges
Review score ranges and characteristics of people who fall in those ranges.
Financial well-being scores for select comparison groups
Use this tool to compare your client’s score to other people of similar age and income.