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Insurance Credit Score Education

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									Financial Literacy Assessment questions
Section 1 - Managing your Money/ Budgeting
     1. At the end of a typical month, do you...                                           Score Guide               Result
     a) Have money left over for savings.                                                       4
     b) Just break even after paying alls and buying what you need.                             3
     c) Come up short and have to borrow from family or friends.                                2
     d) Add to your credit card, take out a payday loan or take on other debt to get by.        1
                                                                                                         Subtotal:             0

     2. Have you ever created a personal or family budget?                                 Score Guide               Results
     a) Yes, I keep my budget regularly.                                                        4
     b) Yes, I did a budget once but don't use it reguarly.                                     2
     c) No, I have never created a budget                                                       1
                                                                                                         Subtotal:             0

     3. Do any of the following apply to you? (Check all that apply)                         Answer                  Results
     a)Do you have any credit card debt?                                                   Yes:0, No:1
     b)Do you use pay day loans?                                                           Yes:0, No:1
     c) Do you have unpaid medical loans?                                                  Yes:0, No:1
     d) Are you behind on your rent or mortgage?                                           Yes:0, No:1
     e) Are you behind on you card payment?                                                Yes:0, No:1
     f) Do you have other outstanding debts or collections?                                Yes:0, No:1
                                                                                                         Subtotal:             0

Section 2 - Banking Services
                                                                                           Score Guide               Results
     a) Do you have a cheking account?                                                     Yes:1, No:0
     b) Do you have a savings account?                                                     Yes:1, No:0
     c) Do you balance your checkbook?                                                     Yes:1, No:0
     d) Do you use an ATM machine?                                                         Yes:1, No:0
     e) Do you know how to apply for a bank loan?                                          Yes:1, No:0
                                                                                                                   Subtotal:             0

Section 3 - Credit
      1. Do you know your credit score?                                                              Score Guide               Results
      a) Yes, it is above 680                                                                             4
      b) Yes, it is between 620 and 680                                                                   2
      c) Yes, it is less than 620                                                                         1
      d) No, I don't know it                                                                              0
                                                                                                                   Subtotal:             0

      2. Do the following apply to you?                                                              Score Guide               Results
      a) I am behind on my credit card payment                                                       Yes:0, No:1
      b) Have you used credti cards to solve your financial problems?                                Yes:0, No:1
      c) Are you getting calls from collection agencies?                                             Yes:0, No:1
      d) Have you ever filed for bankruptcy?                                                         Yes:0, No:1
      e) Do you have any judgetment (IRS/Child support/court fees/ lien)?                            Yes:0, No:1
                                                                                                                   Subtotal:             0

Section 4 - Financial Goals
      1. If you needed $2,000 for an emergency, where would you get it?                              Score Guide               Results
      a) I have at least $2,000 in savings                                                                3
      b) I have other assets I could sell or cash out ( like a 401 (k) account)                           2
      c) I could borrow the money from family or friends                                                  1
      d) I would get a credit card advance, a payday loan or other new debt                               0
      e) I would not be able to get the money                                                             0
                                                                                                                   Subtotal:             0


      2. How many of the following are true for you (check all that apply)?                          Score Guide               Results
      a) If a lost my job, I would be eligible for unemployment insurance                                 1
      b) I have transferrable skills or education that would help me find a new job if I lost mine        1
      c) My family has more than one source of income                                                     1
      d) I have 3-6 months expenses in savings                                                            1
e) I have a life insurance policy that would provide for my children if anything happened to me        1
                                                                                                                Subtotal:   0

3. Looking ahead one year, which of the following represents your greatest financial goal?        Don't Score
a) I will have my debt under control
b) I will be able to pay my bills each month and still have some money left over
c) I will have money saved for an emergency
d) I will have saved enough money to by a large purchase
e) I will have a back-up plan for my family if something happens to me
f) I will feel less stressed about money overall

Subtotals
Managing your Money Budgeting                                                                               0
Banking Services                                                                                            0
Credit                                                                                                      0
Financial Goals                                                                                             0
Grand Total                                                                                                 0
Recommendations for Participants

Section 1-Managing your money (budgeting)
If you scored,

1-3                 You could benefit from financial
                    education resources for budgeting and
                    money management.
4-6                  You have made a good start but you
                    could still benefit from taking budgeting
                    classes
7-10                You are doing well but there is always
                    room for improvement! You could work
                    on more long term goals through
                    investment options.

Section 2-Banking Service
If you scored,

0-4                 You could benefit from taking banking
                    classes

5                   No need to refer to banking services.



Section 3- Credit
0-8                 You could benefit from taking credit
                    education classes (learn how to avoid
                    credit traps and understand credit
                    scoring)
9                    No need


Section 4- Financial Goals
If you scored,

1-3                 You could benefit from taking financial
                    educations classes to set short term, mid-
                    term and long term goals.
4-6    You have made a great start but you
       could benefit from setting mid-term and
       long term goals,
7-10   You are doing well but there is always
       room for improvement. Set more long
       term goals and invest! Learn how through
       financial education class.

								
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