Are you Financially Healthy?

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Do you want to know how financially healthy you are?

Quiz Questions

• 1.
  1. Which of the following describes how you earn your income?

  • A.
    Formal employment with monthly salary

    (3 points)
  • B.
    Informal employment with daily or weekly payment

    (3 points)
  • C.
    Business Owner

    (3 points)
  • D.
    Farmer

    (3 points)
  • E.
    Dependent with allowances from benefactor

    (0 points)
• 2.
  2. Do your expenses exceed your income?

  • A.
    Always

    (-3 points)
  • B.
    Sometimes

    (-1 points)
  • C.
    Most times

    (-2 points)
  • D.
    Never

    (2 points)
• 3.
  3. In the last 6 months how many times have your expenses exceeded your income?

  • A.
    Never

    (3 points)
  • B.
    1

    (2 points)
  • C.
    2 - 4 

    (0 points)
  • D.
    Above 4

    (-2 points)
• 4.
  4. How do you make ends meet when expenses exceed your income?

  • A.
    Reduce costs

    (5 points)
  • B.
    Use savings

    (5 points)
  • C.
    Borrow from friends and family

    (2 points)
  • D.
    Delay payments

    (4 points)
  • E.
    Borrow from bank, sacco, MFI, financial institution

    (-2 points)
  • F.
    Take goods on credit from shop

    (0 points)
  • G.
    Borrow from mobile lenders e.g. M-Shwari, Branch, Tala

    (-3 points)
• 5.
  5. Do you pay your bills on time?

  • A.
    Always

    (3 points)
  • B.
    Sometimes

    (1 points)
  • C.
    Most times

    (2 points)
  • D.
    Never

    (-3 points)
• 6.
  6. Do you save?

  • A.
    Always

    (5 points)
  • B.
    Sometimes

    (1 points)
  • C.
    Most times

    (3 points)
  • D.
    Never

    (-3 points)
• 7.
  7. How do you save?

  • A.
    I include savings in my budget

    (5 points)
  • B.
    I only save what is left over after expenses

    (2 points)
  • C.
    I only save when I have an unexpected windfall e.g. bonus or commissions

    (2 points)
  • D.
    All the above

    (6 points)
  • E.
    None

    (0 points)
• 8.
  8. What do you save for?

  • A.
    Future expenses e.g. school fees, uniforms, car service, dowry, wedding, etc

    (5 points)
  • B.
    Unexpected occurrences e.g. sickness, death, accidents, increase in prices, etc.

    (3 points)
  • C.
    Investments e.g. land, house, further education, new business/side hustle etc.

    (3 points)
  • D.
    Emergency fund e.g. loss of employment, disability, etc.

    (3 points)
  • E.
    Retirement

    (5 points)
  • F.
    Leisure activities e.g. holidays, gifts, etc.

    (5 points)
• 9.
  9. Where do you save the bulk of your money?

  • A.
    My transactional bank account

    (1 points)
  • B.
    My savings account i.e. separate your savings from your operating account

    (2 points)
  • C.
    Mobile money account e.g. M-Shwari, Airtel Money, M-Pesa

    (1 points)
  • D.
    Fixed deposit account

    (3 points)
  • E.
    Unit trust

    (4 points)
  • F.
    Treasury bills

    (4 points)
  • G.
    Other financial instruments

    (3 points)
  • H.
    Purchasing assets e.g. livestock, land, etc.

    (3 points)
  • I.
    Chama

    (2 points)
• 10.
  10. If you were to lose your source of income today how long would your emergency fund last without having to sell assets?

  • A.
    Less than a month

    (-3 points)
  • B.
    1 - 2 months

    (0 points)
  • C.
    3 - 6 months

    (3 points)
  • D.
    7 - 12 months

    (2 points)
  • E.
    Over an year

    (2 points)
• 11.
  11. What do you borrow money for?

  • A.
    Consumption i.e. to make ends meet

    (-5 points)
  • B.
    School fees

    (-2 points)
  • C.
    Mortgage

    (2 points)
  • D.
    Working capital

    (4 points)
  • E.
    Investment

    (4 points)
  • F.
    Property i.e. land, construction/renovation, etc

    (2 points)
  • G.
    Medical care

    (-2 points)
  • H.
    Leisure activities

    (-5 points)
  • I.
    Car loan (not for investment)

    (-3 points)
• 12.
  12. What percentage of your income do you spend repaying loans? (total amount paid for loans/total income)

  • A.
    Zero

    (2 points)
  • B.
    Less than 20%

    (2 points)
  • C.
    21% - 50%

    (1 points)
  • D.
    50% - 70%

    (-2 points)
  • E.
    Above 70%

    (-4 points)
• 13.
  13. Do you pay your loan on time?

  • A.
    Always

    (4 points)
  • B.
    Sometimes

    (1 points)
  • C.
    Most times

    (2 points)
  • D.
    Never

    (-4 points)
• 14.
  14. How do you make credit card payments?

  • A.
    Don’t have a credit card

    (0 points)
  • B.
    100% payment when bill is due

    (3 points)
  • C.
    Minimum amount payment when bill is due

    (-3 points)
  • D.
    Minimum amount + some amount but not full payment when bill is due

    (1 points)
• 15.
  15. Do you find yourself borrowing to repay other loans?

  • A.
    Always

    (-10 points)
  • B.
    Sometimes

    (-3 points)
  • C.
    Most times

    (-6 points)
  • D.
    Never

    (5 points)
• 16.
  16. Which of the following represents your primary financial goal?

  • A.
    To make ends meet every month with a surplus

    (4 points)
  • B.
    To be debt-free/ to have manageable debt

    (4 points)
  • C.
    To save enough to have money when income is inconsistent

    (4 points)
  • D.
    To retire comfortably

    (4 points)
  • E.
    To open a new business

    (4 points)
  • F.
    To invest

    (4 points)
  • G.
    To improve my quality of life

    (4 points)
  • H.
    To pay school fees

    (4 points)
  • I.
    To have an emergency fund that covers financial shocks and/or loss of income

    (4 points)
• 17.
  17. Do you have a plan to achieve your goal i.e. articulate goal, milestones towards achieving goal and actively track progress?

  • A.
    Yes

    (5 points)
  • B.
    No

    (-2 points)
• 18.
  18. Do you always stick to your budget?

  • A.
    Always

    (5 points)
  • B.
    Sometimes

    (2 points)
  • C.
    Most times

    (3 points)
  • D.
    Never

    (-2 points)
• 19.
  19. Do you have any of the following insurance?

  • A.
    Medical insurance (not paid for by employer)

    (2 points)
  • B.
    Medical insurance (paid by employer)

    (0 points)
  • C.
    Life insurance

    (2 points)
  • D.
    Disability insurance

    (2 points)
  • E.
    Property insurance

    (2 points)
  • F.
    NHIF

    (2 points)
  • G.
    None

    (-4 points)
• 20.
  20. Which insurance do you have for your car?

  • A.
    Don't have a car

    (0 points)
  • B.
    Third party insurance

    (0 points)
  • C.
    Third party with top - up

    (2 points)
  • D.
    Comprehensive insurance

    (5 points)
• 21.
  21. Which of the following does a credit score mainly indicate?

  • A.
    Knowledge of consumer credit

    (-1 points)
  • B.
    Attitude toward consumer credit

    (-1 points)
  • C.
    Amount of consumer debt

    (0 points)
  • D.
    Risk of not repaying the loan

    (5 points)
  • E.
    Financial resources to pay back the loan

    (-1 points)

Quiz Outcomes

• 1.
  -66 to -1 points:

  Very Unhealthy

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  This is not clearly not good. But don't worry. The first step towards achieving financial health is knowing where you are. Financial health is about meeting your expenses, planning for the future and taking charge of your financial goals. You need to adjust your spend, save, borrow and plan habits in order to improve your performance. Start by creating a budget and definitely seek assistance from someone with financial knowledge.
• 2.
  0 to 50 points:

  Fairly Unhealthy

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  This means we can do with some improvement. The key considerations in improving your financial health are; 1. Spend less than income2. Pay bills on time and in full3. Have sufficient living expenses in liquid savings4. Have sufficient long term savings or assets5. A sustainable debt load6. Ease of accessing additional credit7. Use of appropriate financial instruments including insurance 8. Plan ahead for expenses
• 3.
  51 to 95 points:

  Healthy

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  Well done! You are on the right track to achieving financial health. Look at your spend, save, borrow and plan habits to see how you can improve. List your financial goals and articulate clear actions that will enable you achieve them.
• 4.
  96 to 129 points:

  Perfectly Healthy

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  Congratulations!!!! You are perfectly healthy. Your spend, save, borrow and plan habits ensure that you make your ends meet and can absorb financial shocks without pressure. You also take your planning seriously and follow up on your goals to ensure they are achieved. Keep it up!