What is a Financial Wellness Score?
Pat yourself if you are here and reading this blog. Your commitment towards your financial health will help you achieve your 2022 goals faster :)
Now, you must be wondering what is a Wizely Financial Wellness Score? Is it the same as a credit score or different?
Let us begin by saying that your Wizely Financial Wellness Score is not the same as your credit score and here is how we define it:
“A Wizely Financial Wellness Score is a unique score that determines how healthy your current finances are based on criteria such as your monthly savings, budget, EMI repayments, and spending habits.”
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Good financial habits can also help you earn rewards. Download the Wizely app and earn Cash Rewards of upto Rs 25 lakhs every week with Wizely Wednesday.
Not quite right, but did you know that good financial habits can help you earn rewards? Download the Wizely app and earn Mega Cash Rewards of upto Rs 25 lakhs every week with Wizely Wednesday.
Let's understand the components of the Financial Wellness score in detail.
What Are the Components That Make up Wizely Financial Wellness Score?
Broadly, we take into account your saving and spending habits to assign you a Financial Wellness score when you sign up on the app.
Your Savings Habit
- Do you have an emergency fund? If yes, how much is it?
- Do you have a retirement plan?
Your Spending Habit
- Do you set a monthly budget?
- Do you adhere to your budgets ?
- Are you paying back all your EMIs on time?
In addition to the above, we also check whether you are completing all the financial tasks that are assigned to you on the Wizely app.
The financial tasks are designed to improve your financial health and help you build good money habits.
The more financial tasks you complete, the more your score increases and guess what? The more your score increases, the more rewards you will earn on the Wizely app!
So by finishing the financial tasks on the Wizely app, you build good financial habits and by building good financial habits you earn rewards on the Wizely app.
Awesome, right?
How is Wizely Financial Score Calculated?
The Financial Wellness score is:
An index out of 1000 and gets updated based on user behaviour at regular frequencies (every day/week) on the Wizely app.
So when you sign up on Wizely, you begin with a Financial Wellness Score of 0, and by completing specific financial tasks, you can increase your Financial Wellness Score up to 1000.
And like we mentioned earlier, every time your Financial Wellness score increases, you earn a reward on the Wizely app!
So download the Wizely app NOW to get started!
Follow our 'Financial Wellness' Blog Series:
What is a Financial Wellness?
Improve Your Financial Wellness Score & Earn Big with Wizely Wednesdays