Free, online tool tracks overall financial well-being, identifies potential risks
Oct. 5, 2015 – USAA today introduced a new digital tool designed to make it easier for members to view, act on and track their overall financial well-being.
Known as the Financial Readiness Score (FRS), the free patent-pending tool uses a proprietary methodology based on USAA’s core beliefs for building financial security. The dynamic tool identifies financial risks in areas including budgeting, insurance, debt, retirement savings, and certain life events that could negatively impact a member’s financial well-being. It analyzes a member’s financial readiness in four key areas — protecting, saving, spending and planning.
FRS summarizes a member’s financial readiness environment based on personal information such as life stage, household information, and income, into one number from 1 to 100. The tool provides a personalized, prioritized action plan to help improve financial wellness and reduce financial related risks.
“Our mission is to facilitate the financial security of our members and their families, and USAA saw a need to create a simple tool to help them understand and take action steps toward improving their financial well-being,” said Lea Sims, assistant vice president of USAA Enterprise Advice Group. “Our FRS tool meets this need and is more dynamic than some other online financial assessments because it covers a broad spectrum of financial needs and certain financial risks. The FRS tool does some of the heavy lifting for our members behind-the-scenes, and can be updated as members’ financial situations change over time.”
Nearly 141,000 USAA members used the FRS tool in a pilot study conducted during the prior year. Fifty-eight percent of the participants were 25 to 44 years old, and they discovered that their financial well-being could improve most when considering changes in retirement savings and/or emergency funds.
Members can obtain their free FRS score and action plan by visiting usaa.com or the USAA Mobile App.
About USAA
The USAA family of companies provides insurance, banking, investments, retirement products and advice to 11.1 million current and former members of the U.S. military and their families. Known for its legendary commitment to its members, USAA is consistently recognized for outstanding service, employee well-being and financial strength. USAA membership is open to all who are serving our nation in the U.S. military or have received a discharge type of Honorable – and their eligible family members. Founded in 1922, USAA is headquartered in San Antonio. For more information about USAA, follow us on Facebook or Twitter (@USAA), or visit usaa.com.
Contact: Jill Byrd
Jill.Byrd@usaa.com
210-501-4288
USAA on Twitter: @usaa
Membership eligibility and product restrictions apply and are subject to change.
A Financial Readiness Score should not be used as the primary basis for making investment or financial decisions. A Financial Readiness Score provides a basic assessment that is based on information and assumptions provided by you regarding your goals, expectations and financial situation, but it does not guarantee financial success or replace more detailed financial planning. The calculations do not infer that USAA assumes any fiduciary duties. Consider your own financial circumstances and goals carefully before investing or purchasing financial products. Before making any decision, consult your own tax, financial or legal advisors regarding your situation. Information provided by you in connection with the Financial Readiness Score tool is voluntary, will not be considered in connection with a request or application for credit or insurance products/services, and may be used by USAA for marketing and other business purposes as set forth in the USAA Privacy Promise.
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