A score to help you score (you’ll see how)

October 8, 2014

I recently did an online assessment on the Momentum website, as part of their Multiply rewards programme, to test my financial savvy and wellbeing. My scores surprised me in many ways as I didn’t realise how “okay” i was in some areas, and how much work i need in other areas, like life cover and critical illness.

I’m not going to bleat on about how you “should” try and get a firm grip of your finances and cover, especially when you have kids, but rather I will just say that this is a great starting solution that I recommend for everyone. The Multiply financial assessment is free (score!), and you don’t need to be a member of Momentum to do it, plus everyone will get results and recommendations via the solution MyScore. If you are a member, then you score more – you can earn Multiply points – 500 for each one completed.

What I liked too was not only the results I was given, but that the questions made me think, check my policies to see what I’m really covered for, and highlighted areas that I really need to jack up on, especially as I’m not supported by anyone (PS: When I was married, I used to be very lax about my finances and policies, which is something I had to learn and get control over).

At the end of the entire questionnaire, you are given an overall financial wellness score. Steps are colour-coded to identify which elements of your financial wellness need the most attention. In addition, an action plan provides you with a unique set of actions, with a priority rating (by date) for each action. You can edit the due date of these actions and will be sent a reminder on that day via the online system.

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MyScore also rates you against people similar to you (eg those in a similar age bracket) so you can measure yourself against others like you. It’s not a competition of course, but rather a useful gage.

With your score and recommendations, you’ll be able to see where your strengths and areas of growth are, and you can either fix the latter yourself, or take your reports to a financial advisor for guidance.

Since there are eight categories (life cover, medical aid, car & home, estate planning, retirement, income protection, financial savvy and critical illness & functional impairment), it’s quite broad, and you can retake any assessments at any time, which means MyScore might yield different results when you do.

You can register online in your own time, and answer questions when it suits you (I did mine while watching Masterchef).


Here’s a clip to see more about how it works:

But wait, there’s more!

– You can win your share of R750 000! Simply register on momentum.co.za, click on My Financial Wellness and answer the questions before the end of December 2014. You could be one of three lucky winners who will start the new year with a retirement annuity of R250 000.

– On top of that you’ll also get a contribution to a Momentum investment of R500 per month for five years.

– To learn more on how the MyScore works, tune into ‘Breakfast with Blewitt’ on Mix.Fm (93.8fm), tomorrow Thursday 9th October at 8.20am. Tony and Momentum’s Financial Wellness expert will discuss this topic in further detail.

– Next week, I’ll be giving away a R2 500 DisChem to a blog reader who completes one of the assessments. Watch for more details then.

 

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