Financial Wellness Score
Credit Gateway has created a financial service platform for you to measure your financial health, identify the areas where you need help and seamlessly access the product or service to improve it.
Many consumers are struggling financially and need help before and beyond retirement, with 51 percent of people saying they are just breaking even or spending more than they earn each month. As a result, 88 percent of Credit Gateways clients have adopted its Financial Wellness solution, which helps consumers focus on their day-to-day financial status and prioritize the steps needed to improve their situation.
The Platform is based on what we believe are the four key areas of Financial Wellness: budget, debt, savings and cover, all of which are equally significant.
We believe Financial
Wellness means being
well and feeling well
How the score is calculated
The Credit Gateway proprietary Financial Wellness Score is based on a scale from 0 to 100, where 0 represents extreme financial distress and 100 indicates the maximum level of financial wellness.
To assess how financially well you are today, Credit Gateway shows you your current financial data, don’t worry we are a registered Credit Bureau with the NCR, and assess how you are doing and feeling in each area of financial wellness. Credit Gateway then monitors your behaviour within each financial wellness area, example: Performance on your retirement plan including savings rate, loan history, adverse credit ratings, credit score history performance, debt to income ratio performance.
Credit Gateway will also you show you what your financial future will look like, this is critical for you to make proactive decision in order to prevent potential pitfalls.
Applying the Credit Gateway Financial Wellness Score, the results "excellent" (a score between 81 and 100), "good" (a score between 61 and 80), "fair" (a score between 41 and 60) and "need attention" (a score between 0 and 40).