Products
Financial Wellness Score
Credit Gateway Financial Services 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 Gateway Financial Services 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 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 Financial Services 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 Financial Services 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 Financial Services 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 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).