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    CFPB Financial Well-Being Scale

    Uploaded by

    Prerna Singh
    The CFPB Financial Well-Being Scale is a free 10-question tool that measures an individual's level of financial well-being, which is defined as being able to meet current and future financial obligations, feel secure in one's financial future, and have the ability to enjoy life. Scores range from 0 to 100, with higher scores indicating greater financial well-being. The scale was developed by the CFPB with input from experts and consumers. It can be used to assess financial well-being before providing services, track changes over time, or measure program effectiveness. Scoring involves adding responses to determine a total value, then converting it to a final score based on age and how questions were administered.

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    CFPB Financial Well-Being Scale

    Uploaded by

    Prerna Singh
    92 views2 pages
    The CFPB Financial Well-Being Scale is a free 10-question tool that measures an individual's level of financial well-being, which is defined as being able to meet current and future financial obligations, feel secure in one's financial future, and have the ability to enjoy life. Scores range from 0 to 100, with higher scores indicating greater financial well-being. The scale was developed by the CFPB with input from experts and consumers. It can be used to assess financial well-being before providing services, track changes over time, or measure program effectiveness. Scoring involves adding responses to determine a total value, then converting it to a final score based on age and how questions were administered.

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    The CFPB Financial Well-Being Scale is a free 10-question tool that measures an individual's level of financial well-being, which is defined as being able to meet current and future financial obligations, feel secure in one's financial future, and have the ability to enjoy life. Scores range from 0 to 100, with higher scores indicating greater financial well-being. The scale was developed by the CFPB with input from experts and consumers. It can be used to assess financial well-being before providing services, track changes over time, or measure program effectiveness. Scoring involves adding responses to determine a total value, then converting it to a final score based on age and how questions were administered.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    92 views2 pages

    CFPB Financial Well-Being Scale

    Uploaded by

    Prerna Singh
    The CFPB Financial Well-Being Scale is a free 10-question tool that measures an individual's level of financial well-being, which is defined as being able to meet current and future financial obligations, feel secure in one's financial future, and have the ability to enjoy life. Scores range from 0 to 100, with higher scores indicating greater financial well-being. The scale was developed by the CFPB with input from experts and consumers. It can be used to assess financial well-being before providing services, track changes over time, or measure program effectiveness. Scoring involves adding responses to determine a total value, then converting it to a final score based on age and how questions were administered.

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    QUICK GUIDE TO THE

    CFPB Financial Well-Being Scale


    The CFPB Financial Well-Being How do I interpret the score?
    Scale is a free tool to measure an CFPB Financial Well-Being Scale score is a number
    between 0 and 100. A higher score indicates a
    individual’s level of financial well-
    higher level of measured financial well-being, but
    being. The scale consists of 10 there is not a specific cut-off for a “good” or “bad”
    questions and a scoring method. financial well-being score. Most people’s scores
    will fall somewhere in the middle—extremely low or
    extremely high scores will be uncommon.
    Financial well-being: a state wherein a person
    can fully meet current and ongoing financial
    obligations, can feel secure in their financial What else do I need to know?
    future, and is able to make choices that allow In order for the scale to work properly, you must
    them to enjoy life. not change the wording of questions or responses
    and the respondent must answer every question
    in the questionnaire. In order to produce a final
    How was it developed? score, you must know the respondent’s age and
    The Consumer Financial Protection Bureau (CFPB) whether the respondent read the questions by him/
    developed this scale with input from experts herself or someone else read the questions to the
    and consumers. The questions in the scale were respondent.
    selected through a rigorous testing process to
    ensure their quality and reliability
    Where can I find more information
    about the scale?
    How can I use the scale? consumerfinance.gov/financial-well-being
    The CFPB Financial Well-Being Scale can be used to

    1. assess a person’s financial well-being before


    providing a service,

    2. track changes in an individual’s financial well-


    being over time, and

    3. measure the extent to which programs are


    improving the financial well-being of the
    individuals that they serve.

    Learn more at
    Consumer Financial
    Protection Bureau consumerfinance.gov/financial-well-being 1 of 2
    How to score:
    Once the individual has completed the questionnaire:

    1. Determine the total response value (or raw total): 2. Convert the total response value to a final score:
    Using the scoring worksheet, add the person’s On part two of the scoring worksheet, locate
    responses to find the “total response value.” 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.

    This will give you the respondent’s CFPB Financial


    Well-Being Scale score.

    The final scores are comparable across individuals


    and over time for the same individual, regardless
    of the respondent’s age and how the questionnaire
    was administered.

    Learn more at
    Consumer Financial
    Protection Bureau consumerfinance.gov/financial-well-being 2 of 2

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