Your Financial Wellbeing Score (OUT OF 100) is 58

What does My Financial Wellbeing Score mean?

‘Financial Wellbeing’ refers to managing money in ways that enable you to:

  • Meet all your financial needs, for example being able to pay your regular bills and make repayments
  • Enjoy financial freedom, for example spending money on the things you enjoy
  • Stay in control of your finances, for example knowing where your money is going, and avoiding unnecessary fees and charges by paying on time
  • Feel secure about your future, for example being prepared for unexpected expenses, and putting some money away as a safety net
In addition to driving your spending, saving and borrowing habits, your financial wellbeing also has a big impact on your overall health and wellbeing, relationships at home and at work, as well as your ability to be productive, so it is an important life-skill which you can build over time. Here’s what your Financial Wellbeing Score is telling you:

This Score suggests that you are managing to regularly make ends meet, and are actively paying down any debts, yet are often left with little money at your disposal at the end of each month. You might have limited savings and may be finding it difficult to access safe and affordable credit, yet are unlikely to resort to higher-cost options such as payday loans. While you are likely enjoying some financial freedom when it comes to your lifestyle and the financial choices you are able to make, you are probably not yet able to derive a complete sense of wellbeing from your finances.

Please do not feel that you are the only one experiencing these challenges – even before COVID-19 emerged, almost one in every two Australians had this Score. Getting by with your finances suggests that while you may have set financial goals you aspire to, you may not have had the support to achieve these, or worked out the practical steps you can take to achieve them within a reasonable timeframe.

What can I do to improve my financial wellbeing?

You may benefit from seeking advice on ways to maintain a tighter control on your budget; moving any available funds between your accounts to minimise costs; and consistently paying bills and making repayments on time to avoid any additional fees. If you can seek advice from a trusted source, it would also be useful to take proactive steps towards setting smaller financial goals which are able to be achieved within realistic timeframes, which can empower you to take more control of your money, and improve your future financial wellbeing.

See the links below, for some free tips and tools on how you may achieve this:

Plan for future

Tools and resources

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