Are Your Personal Financial Characteristics Healthy?

Abstract

This study set out to discover the key personal financial areas or “personal financial characteristics” that individuals should have a basic knowledge of as well as their ability to manage their personal finances.  Once these areas were determined, a self-assessment survey was created.  Upon completion of the survey, a total score can be determined to assess one’s degree of personal financial healthiness.  The study is important because the instrument can help identify problems areas that people have in managing their own personal finances.  The self-assessment survey could be used by financial planners or financial counselors as they work with clients in becoming better stewards of their financial resources.  The instrument also provides an action planning area to be used to identify areas for improvement.