Facet unveils Financial Wellness Score

The reimagined score creates a new standard for measuring overall wellbeing, providing actionable insights for reaching personal goals
GlobeNewswireNovember 1, 20237 min

Facet, the consumer subscription fintech company that is building the future of financial planning, announced the launch of the Financial Wellness Score, a new tool created by industry experts to provide a more holistic picture of financial health and overall wellbeing. 90% of Americans say money is their greatest source of stress, and the Financial Wellness Score helps to address those concerns and provide an actionable path forward.

Across countries and cultures, experts agree that financial wellbeing is critical to overall health, deeming financial wellness one of the five essential elements to a life well lived. Until now, the financial industry has lacked an objective standard for measuring one’s financial wellness. The Financial Wellness Score is the new national barometer, designed to help consumers understand their full financial picture and put into motion actionable changes to improve the quality of their lives today and in the future.

“Historically, the financial services industry has graded consumers on only two aspects of their financial lives: creditworthiness and how much money they have to invest,” said Brent Weiss, co-founder and Head of Financial Wellness at Facet. “But our financial lives are multi-faceted, and Facet’s Financial Wellness Score reimagines how we view and quantify financial health. It helps illuminate the beliefs, values, attitudes, and emotions that influence every decision in all aspects of personal finances, and provides insights on the actions you can take to drive real, impactful change in your life.”

The financial services industry has focused on the elements of a consumers’ life where they stand to make the most gains; they prioritize a client’s credit so they can issue a loan and make money on the interest, or they only look at investment potential so they can manage that money and charge their clients a fee. Facet’s Financial Wellness Score is not about making money. It’s a revolutionary approach that expresses the company’s core belief that financial wellbeing is achieved when all aspects of a person’s life and financial picture are aligned.

“At Facet, we believe there is no holistic wellness without financial wellness,” said Shruti Joshi, President and Chief Operating Officer of Facet. “The new wellness score tool is a valuable resource for individuals and a culmination of Facet’s mission of putting more Americans on a path to attaining holistic financial and overall health.”

The Financial Wellness Score takes a 360-degree approach to assess multiple aspects of an individual’s finances, including the psychology and emotions that drive decisions and whether money is being used as a tool to achieve their goals. It presents individuals with a unique score from 1-100 that takes into consideration consumers’ assets, debts and investments, as well as the emotional side of finances – like triggers or beliefs about money that don’t serve their goals. The score is then utilized in partnership with Facet’s CERTIFIED FINANCIAL PLANNER™ professionals to craft a personalized, actionable and ongoing financial plan.

Facet launched Financial Wellness Score in beta earlier this year and has already helped more than 18,000 people unlock their full financial picture.

Facet is on a mission to improve the lives of millions of Americans by offering impartial and valuable financial advice and services through an affordable subscription, helping members to thrive in all aspects of life. Facet’s team of CERTIFIED FINANCIAL PLANNER™ professionals partner with members to assess their full financial picture, learn their goals and map out their futures together – offering support through any shifts along the way.

Facet is intentionally designed to be an unbiased and objective money resource for everyday people. To learn more about how Facet is transforming the financial planning industry, or to find out your personal Financial Wellness Score, visit https://facet.com/financial-wellness-quiz/.

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