WealthCare measures the financial health and wellness of an organization’s customers by evaluating both financial behaviours and attitudes across four key dimensions. This approach provides financial institutions with the intelligence they need to engage customers in relevant conversations and help them manage their financial goals in a way that meets their financial wellness profile. WealthCare is built by integrating over 100 data variables across 10 data sources including financial holdings, spending patterns, social values and attitudes related to financial health in Canada.
WealthCare provides an overall indicator of financial wellness by age to help identify the challenges and opportunities customers are likely to experience and to highlight the differences in wellness scores by lifestage.
WealthCare’s overall score is comprised of four component grades:
- Leverage: Evaluates whether your customers have a balanced relationship between assets and debt
- Spending: Determines the likelihood of your customers living within their means
- Planning: Assesses whether households are making their financial future a priority
- Financial Acumen: Analyzes the degree households self-invest, seek advice or hold a diversity of investments
Below are some additional resources linked for your reference: release notes, variable list, and score range glossary.