Over the past few weeks my husband and I have had a bit of a wake-up call when it comes to all things financial. After a recent meeting he had with a financial planner he came home with the news that we were not saving nearly enough for a comfortable retirement and that scared us both!
Then, a few days later I was asked by Multiply, the wellness and rewards programme offered by Momentum, to complete Momentum’s online Financial Wellness assessment to find out how financially fit I was and to see how protected my lifestyle is…. and I am ashamed to say that I didn’t know the answers to so many of the questions!!
You see I have a bit of a “housewife” attitude to money, I tend to leave that department up to my husband and the only interaction I have with our money is to spend it!
After I realized this (and had to call him for a few of the answers) I got a major wake-up call! As an ardent feminist this situation was dire and definitely has to change. For 2015 I am getting on top of things in terms of our finances and getting informed about where we stand and how to change certain things. I think that will be a very productive New Year’s Resolution don’t you think??
Back to the results I received from the Momentum Financial Wellness Assessment tool… there are definite areas which we need to improve on and soon! Of the 8 surveys that I completed, the critical areas of my financial well-being that were identified as having gaps were Income Protection and Critical Illness and Functional Impairment – basically I need to find out what type of disability and illness cover we have should either one of us become sick or disabled (not things any of us give much thought to, but ones that really can affect your whole life should they occur!)
And considering I didn’t get a 100% score for ANY of the 8 surveys I think it’s fair to say that there is room for improvement in ALL areas of my finances and financial knowledge!! This engaging tool really made me realize that and helped me to re-evaluate my financial position and put steps in place to make a few changes! Here’s hoping the next time I take this “test” I’ll do better than 61% – that’s barely a pass 😉
The Momentum Online Financial Wellness Tool is available at no charge to any South African who wants to gain an insight into the effectiveness of their long term financial planning. The tool helps you identify the gaps in your financial planning, and offers an action plan to develop an effective financial wellness strategy with an accredited financial planner.
If you’d like to find out how Financially Fit you are why not take this simple test which will help to highlight areas where you can improve….
It’s really quite simple, follow the steps below:
The ‘My score’ tool generates a unique action plan for each participant after they answer a series of questions, creating an online action checklist for you to work through to raise your level of financial wellness! You can also use the ‘My smarts’, ‘My fintrack’, and ‘My filing’ tools to take control of your financial future, which will ultimately help you achieve financial wellness in 2015. Something we should all be striving for!
A bonus for those of you who are already Multiply members is that you can earn up to 10,000 points when completing the assessment, and for taking the recommended steps to remedy your financial wellbeing! Multiply is the only loyalty and rewards programme in South Africa incentivising and rewarding financial wellness. Members can also earn further points for engaging with a financial advisor following the survey.
The outputs produced by MyScore do not constitute advice or an offer to purchase a specific product. It is meant purely to act as a guideline. You are urged to seek independent financial advice from a suitably qualified professional or financial advisor to ascertain whether the information provided is suited to your personal circumstances, investment requirements and risk profile.
Should you have any questions, or if you would like to find out more about Multiply, or any of Momentum’s products you can refer to Momentum’s website on www.momentum.co.za, or www.multiply.co.za