Approach

We identified a suitable model of financial wellbeing relevant to the market in question. Using data collected from an online survey of a nationally representative sample of the population, an algorithim was developed to calculate an overall Financial Wellbeing Score. This further allowed us to identify four key wellbeing segments.

Outcome

The index is used by the bank to develop its own programme of promoting Financial Wellbeing, and promote a range of advisory services available. The bank has also used the financial wellbeing algorithim to develop an online self-assessment tool that allows individuals to check their own financial wellbeing.