Financial Wellbeing Assessment

1. Everyday money

Q1. How comfortable do you feel when paying your bills each month?

I rarely pay my bills on time Sometimes I struggle Comfortable

Q2. How able are you to cope with unexpected costs?

For example, if you had to pay £1,000 to fix your boiler tomorrow how much strain would this put on your monthly finances?

I'd really struggle I'd worry I'd be fine

Q3. When was the last time you did a price comparison on your monthly bills?

This could include comparisons of broadband providers, phone, insurances, other direct debits and more.

I can't remember/never Over a year ago Within the last year

2. Borrowing and debt

Q1. If you use short-term borrowing such as a payday loan, credit card or overdraft, each month do you pay off:

The minimum payment only More than the minimum The full balance

Q2. When was the last time you checked your credit score?

Your credit score is used as an indicator of how reliable you are at managing your finances. A higher credit score can improve your chances of being accepted for credit and even give you acess to cheaper borrowing.

I can't remember/never Over a year ago Within the last year

3. General Savings

Q1. Do you make regular savings for things like holidays, smaller home improvements, or to treat yourself and your friends or family from time-to-time?

No, I find the money when I need it or go without I save a bit but not as much as I would like Yes, and I usually meet my savings goals

Q2. When did you last think about the best place to save your money?

I can't remember/never Over a year ago Within the last year I do not have any savings

4. Saving for retirement

Q1. When did you last think about how much you pay in to your pension?

Saving into a pension can be a tax-efficient way of saving for the longer term.

I can't remember/never Over a year ago Within the last year

Q2. When did you last check your pension investments were still a good fit for you?

If you have a pot of money in the DC Investing Plan or Retirement Savings Plan then your money will be invested. This may also be true for any personal pensions or previous employer pensions you might have.

I can't remember/never Over a year ago Within the last year Not applicable

5. Financial protection

Q1. Do you have a will?

A will is a legal document that sets out your wishes regarding the care of your children, as well as the distribution of your assets and wealth after you pass away.

Not yet Yes, but it's out of date Yes, I set one up recently

Q2. Have you considered whether your family could pay off any debts and maintain their lifesyle if you passed away?

Life cover can act as a safety net to help your loved ones cope financially in the event you pass away.

No/I don't know Yes, but they would struggle Yes, they would be fine

Q3. If you were off work for a year due to poor health, would things be financially difficult?

Yes I might worry No