How we calculated financial wellbeing scores
ANZ has conducted this survey based on a Personal Finance Research Centre (PFRC) model of financial wellbeing. The PFRC model used provided the basis for creating an overall financial wellbeing score for each person. This score was derived from measures of the three components of financial wellbeing:
- ability to meet financial commitments such as bills and loan payments (meeting commitments);
- extent to which they felt comfortable with their current and future financial situation and to which their finances enabled them to enjoy life (feeling comfortable); and
- ability to cope with a significant unexpected expense or fall in income (resilience for the future).
“The extent to which someone is able to meet all their current commitments and needs comfortably, and has the financial resilience to maintain this in the future"
- Professor Elaine Kempson defining financial wellbeing