Are you aware Your Financial Health? We Went For A “Financial Health Check” To know Areas For Improvement

 Are you aware Your Financial Health? We Went For A “Financial Health Check” To know Areas For Improvement

The irony about health check-ups is they are most effective whenever you believe that everything is fine and that you haven't any problems. Any adverse health check-up serves to bring to your attention potential problems that you aren't conscious of to be able to remedy them, before they turn into some thing serious.

To help Singaporeans better understand potential blind spots within their financial situation and take steps to patch them up, MoneySense has launched a totally free Financial Health Check tool that you can take and finish within 5 minutes.

For the uninitiated, MoneySense may be the national financial literacy programme helmed by the Monetary Authority of Singapore and Secretary of state for Manpower, with participation from other government departments.

So, despite the fact that I thought my financial health was okay, I went ahead to test MoneySense's Financial Health Check to see when they could identify areas that i can enhance.

Visiting The Newly Revamped MoneySense Website

The very first thing we noticed is the fact that MoneySense revamped their entire website in conjunction with adding new features like the Financial Health Check. Content is grouped into bite-sized guides, along with links to some insightful additional information along with other useful online resources.

With anticipation and curiosity, I began my journey by clicking “Let's Do Iton the Financial Health Check page.

Relevant Questions According to Your Demographics And Answers

Like a good doctor, the Financial Health Check quiz is systematic and asks the minimum number of relevant questions necessary to give a precise diagnosis.

The first couple of questions have to do with basic demographic information, like my age, citizenship, home type and employment status.

The next set of questions deal with one's emergency savings (or lack thereof) and spending habits.

We then move on progressively to insurance, investments, retirement planning and estate planning.


The various stages of MoneySense's Financial Health Check.

Depending on your response to each question, the follow-up questions asked will be different. This really is smart, since I never encountered an issue that didn't seem sensible or was repetitive.

For instance, should you responded you have loans, you'll be asked if you're able to meet the monthly loan instalments for every loan you have:

Another example could be: you'll simply be inspired to input your monthly premiums if you answered you have life insurance and hospitalisation insurance:

Unlike the annual health checkup at the doctor's, this Financial Health Check is a breeze to do and completely painless!

Receiving My (Financial) Health Check Results

After completing the quiz (in under 5 minutes, as the website promised), I received my results instantly. There is no need to provide any your personal data or e-mail.

It may be worth noting they highlight just the three action items that are most significant in helping you enhance your financial health. This is a good move, because it doesn't discourage people who may not be as financially savvy and also have a lot more areas that need strengthening.

If you'd like, it comes with an option for you to provide your e-mail if you want to receive a full report with all the recommendations that are relevant for you. I would state that the recommendations are practical and actionable, with links to relevant tools and resources.

After you've acted around the suggested recommendations, you can come back and take the Financial Health Check again and find out how you can continue doing better. Much like a regular health checkup, it seems sensible to build up a routine of regularly checking on our financial health, since things can alter with time.

For me, I will be doing the 3 suggestions before the year end, because I want to start 2021 within the pink of (financial) health. This means making a CPF nomination, exercising how much I'll requirement for retirement, and relooking my investment portfolio.

Sustaining Good Financial Health Is A Lifelong Process

No matter how healthy (or unhealthy) you believe your financial situation is, you do owe it to you to ultimately take five minutes to give the Financial Health Check a go. It's fast, convenient, and insightful. You don't have to be worried about any hard selling because MoneySense has no lending options to sell you.

After identifying the areas for improvement, after that you can educate yourself more about the particular areas on MoneySense and DollarsAndSense, or confer with your trusted financial adviser about this.

Content on MoneySense website is organised in similar categories because the Financial Health Check, so you can locate fairly easily the information that is most relevant to you.

If you'd rather talk to someone to understand your Financial Health Check results and suggestions better, MoneySense has additionally launched a number of roadshows with “financial clinics” for one-to-one consultations.

You can drop by any time between 11am-6pm at these dates and locations:

– 12 and 13 January 2021: Jwalk Canopy

– 26 and 27 January 2021: Kampung Admiralty

There are restricted slots daily, so be the early bird that catches the worm! You can also take a look at other fun and education activities in the MoneySense roadshow.

To keep active in the most recent updates from MoneySense, you can “Like” the MoneySense Facebook Page and follow them at @moneysense_sg on Instagram.

Have you done your Financial Health Check? Let us know your experience with it and whether you've implemented the recommendations!

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