Financial Well-Being Index Model and Toolkit Applications

There are many applications of the Financial Well-Being Index Model and Toolkit, depending on your type of organization, goals and initiatives. Just a few potential applications are below and in our User Guide:

Policymakers and other Purpose-Drive Organizations

Countries and policymakers can measure and track the financial well-being of their citizens and of key populations including those who are more financially vulnerable. They can also track their citizens’ or communities’ financial well-being and overall well-being.

Policymakers in Conflict Zones

Policymakers can use the Index Model and Toolkit to quickly gather and analyze data on the financial well-being of individuals or households in conflict-affected areas. By comparing populations in conflict zones with those in more stable regions, targeted policies and aid programs can potentially be developed to enhance citizen’s financial and overall well-being in more financially vulnerable communities.

Policymakers of countries or communities impacted by extreme weather events

Extreme weather events (fires, floods and extreme heat) are impacting many households and communities around the world. Governments or organizations can measure and track the financial well-being, and overall well-being, of citizens, customers or communities at given points of time, and pre-and-post extreme weather events.

Financial Institutions and Financial Well-Being Innovators

Financial Institutions (‘FIs”), and indeed any organization focused on helping to improve the financial well-being, financial health, and financial wellness of their stakeholders can integrate the tool into their customer analytics to measure and track the financial well-being of their existing or prospective, customers or communities. The Financial Well-Being Scoring Tool, compatible with PowerBI, can allows for fast and easy scoring of up to 7000 individual customers or stakeholders at a time.

They can measure and track the overall mean financial well-being score of their customers compared to non-customers on an annual basis. This Index model can complement and supplement other transactional, payment and banking data.

Financial Institutions can potentially measure the impact of certain financial or other interventions or innovative financial well-being focused programs, services, education or offerings on improved financial well-being outcomes for their customers or other stakeholders they serve, also with partners. The tool can help drive innovation in financial health and financial well-being products and services, serve as a brand differentiator for Financial Institutions, and strengthen their value proposition. It also supports customer retention, deepens relationships, and enhances financial well-being outcomes, while delivering measurable, tangible business, customer and social benefits for Financial Institutions and the communities they serve.

Community and Development Organizations and Cross-Sector Innovators

NGOs and social impact organizations can use the tool to measure the extent to which their programs or interventions may be helping to improve the financial and overall well-being, of their program(s) users or stakeholders. For example, they can measure the positive financial well-being (and overall well-being) outcomes of people living with low incomes or facing systemic barriers who are using their NGO’s services within the financial empowerment sector or through social programs, pre-and post intervention(s): and compared to those who are not able to access these programs or help. Non-profit organizations, governments and partners can measure the improved financial well-being outcomes of people who do and do not face particular financial inclusion or access-to-help challenges, with this supporting data-driven decision-making and evidence-based policy development and program innovation to support populations that need help the most.

Employers measuring their Employees’ Financial Well-Being

Employers can apply the Financial Well-Being Index Model to understand, track and enhance the financial well-being of their employees, creating targeted support programs such as financial education workshops or enhanced benefits packages for certain employees. The Index model and Toolkit can complement and support Employers’ Financial Wellness Programs and contribute to their Overall Well-Being Strategies, while delivering business, employee and social benefits, aligned with organizations’ purpose, talent management strategies and business goals.

Other Institutes or Organizations

Organizations may have Financial Well-Being websites, Data Hubs or engagement tools to support purpose-led innovation. The Index and Toolkit can be integrated into these sites, and contribute to enhanced reporting, engagement, impact measurement or inspire new or enhanced programs and investments for good. This can ultimately help support systems change, in line with the world’s Sustainable Development Goals, targets and initiatives.