Find out your Financial Wellness score and stand a chance to win a R2 500 Dis-Chem voucher with Momentum Multiply.
Momentum Multiply’s Financial Wellness programme is one of the more impressive online financial planning tools I have come across in South Africa at the moment and definitely worth checking out.
I was asked by Multiply, the wellness and rewards programme offered by Momentum, to test out their Financial Wellness tool as part of their awareness campaign, which includes a chance for one lucky reader to win a R2 500 Dis-Chem voucher (see box below for details).
After completing the full questionnaire I received a financial wellness score (coming in at 90%) – but what really impressed me was the 20-page report that I received detailing where my gaps were and recommendations to consider. It was like having my own financial adviser.
For me, however, the score itself is probably less important than the questions that it raised. The questions are designed to make to you think and hopefully take action.
For example, the question on estate planning “Do two close relatives know where your will is stored?” reminded me to check with those relatives that they still have a copy of my will and that they know who my financial adviser is if they need to get hold of him. There are a couple of questions around one’s partner’s finances that will no doubt trigger some family discussions!
Your chance to winMomentum Multiply is running a competition to promote their Financial Wellness site and Maya on Money readers have a chance to win a R2 500 Dis-Chem voucher. Go the Momentum site, complete the financial assessment, and tell us about it in the comments section below (closing date: 5 January 2015). Once you have registered, go to the Financial Wellness Assessment tool. Click on the ‘My Score’ tab and complete all eight surveys provided on the tool. Once you have completed the assessment, the tool will produce a report for you, highlighting the areas of your financial wellbeing that need attention. |
There are tools embedded in the questionnaire which were very useful, such a calculator to work out how much cover you would need to provide a specific income each month for your family if you died.
Useful financial tools
There are also some awesome tools that Momentum has put on the site – for free!
“My smarts” is a range of calculators that help you work out how much to put away for your child’s education, for your retirement, savings and loan calculators and even one that will estimate your tax payment this year.
“My FinTrack” is a budget-tracking tool along that allows you to collate all your banking information to track your spending.
“My Filing” allows you to store a digital version of all your important financial documents. This could include your will, ID and passport, medical records and tax documents and warranties. You can also set reminders about actions you need to take, such as a reminder to renew your passport or license.
Although anyone can test out their financial score and receive a comprehensive report, if you are an existing Multiply member you can earn 5 000 points as a single member and 10 000 as a family member when you complete the online surveys. Bonus points are given for completing all eight questionnaires.
I completed the 8 questionaires (scored 84%). Below is my feedback.
Firstly I think it’s a great tool because:
1. It covers all the various areas to consider in a wholistic financial plan.
2. It’s an easy to use tool, with a clean simple look. Can be completed in about 20 minutes.
3. Compels you to do some homework and double check your cover (for example what % of your salary is covered in the event of disability). Without being prompted to go look, most people would assume that they’re adequately covered, when they may in fact not be.
4. Provides links to further advice/consultation to close the gaps in your wholistic financial plan.
Although the tool can’t quite replace the services of a quality financial advisor, it essentially covers the introductory meeting one would have with a new financial planner.
Taking the report from this tool to your advisor, would immediately point the advisor to the gaps in your financial plan, and would avoid you being sold unsuitable products.
Well done Momentum
My score is 78%
Draw up a will professionally with a financial adviser.
Note how you would like to distribute your estate on your death in the will.
Note the details of the charity you wish to leave money to in the will.
Draw up a will with a financial adviser and provide a name of a guardian for your child(ren) were they to be left without a parent.
Insure your home contents.
Increase the percentage of income covered by your disability benefit, possibly through adding a lump sum benefit policy if needed.