CFI and the Microfinance Centre (MFC) are working together to build a financial health tool to assist customers with gauging and improving their financial health, and to assist financial institutions to help them do so as well.
This Brief, Toward a Financial Health Tool for Consumers—Test Results from Eastern Europe and Central Asia, describes the findings from the first iteration of the tool—a financial health quiz—which was tested in late 2017 with six financial institutions, two national associations, and three financial education organizations and trainers in Eastern Europe and Central Asia.
In administering the quiz, we observed that customers’ motivation to improve their financial health begins with the catalytic “aha moment” the quiz generates. However, more is needed to generate actual behavior change and adoption of the tool, including incorporating feedback loops, introducing modules for certain types of consumers (self-employed vs. employee) and specific challenges (e.g., financial crises, debt management, etc), and careful consideration of functionality, delivery and marketing channels, and the customer’s relationship to the financial institution.
This Brief is part of the Building Financial Capabilities and Strengthening Institutions Through Customer-Centered Innovations project, supported by MetLife Foundation.