Questionnaire Description

The Financial Well-Being Questionnaire was developed by the Consumer Financial Protection Bureau (CFPB) of the United States to subjectively measure individuals’ financial well-being. The tool is based on psychometric analysis and enables the evaluation of financial stability, the ability to handle unexpected expenses, and long-term financial security. It consists of ten self-assessment statements that cover everyday financial experiences and expectations for the future.

Objective

The objective of the questionnaire is to understand individuals’ subjective experiences regarding their financial situation. It aims to measure the extent to which people feel financially secure and capable of managing their obligations and goals. It is widely used to evaluate financial education or counseling interventions, as well as to compare different population groups. At the same time, it provides valuable data for policymaking and improving financial services.

Data Analysis and Use

The questionnaire includes ten statements for which participants are asked to indicate their level of agreement or disagreement, using a five-point scale from 1 (strongly disagree) to 5 (strongly agree). The responses are converted into a numerical score ranging from 0 to 100, with higher values representing greater financial well-being. The analysis of the data allows the classification of participants based on well-being levels and the monitoring of changes over time.

Data Usage

The data obtained from the questionnaire can be used for research purposes, behavioral statistical analysis, evaluation of educational or counseling programs, and for decision-making at the policy or organizational level. Additionally, financial advisors and social services can use the results to tailor their interventions to the needs of those they serve.

Scoring

Each question is rated from 1 to 5, and the total scores are converted using the CFPB’s scoring table, which produces a final financial well-being score ranging from 0 to 100. This index allows for comparison between different population groups and the assessment of participants’ progress over time. A score conversion worksheet is provided by the organization to accurately convert responses into a numerical value.

Bibliography

Consumer Financial Protection Bureau (CFPB). (2015). Financial Well-Being: The goal of financial education.