Calculating your financial health score:
As you connect financial accounts to the app, Albert looks at your holistic financial picture and calculates a financial health score from 0-100. Albert calculates your financial health score by looking at your account data across four categories:
- Savings and investments: the amount of funds held in investment, savings, or checking accounts and your monthly cash flow
- Debt Burden: your ratio of debt to income and the total amount of credit card debt
- Insurance: insurance policies held, e.g. life, renters, car, etc.
- Fees and Rewards: amount paid in banking and credit card fees
You can see a breakdown of your score broken down into the four categories by tapping on the health score from the overview screen.
Improving your financial health score:
Albert will also suggest actionable ways you can improve your financial health score. The more accounts you connect, the more accurate your suggested actions will be. As you take steps to improve your financial health across these four categories, your overall health score will improve. Tapping into a specific area of your financial health will provide you a detaild view of your score and ways to improve it by category.