Assessment Tools:
PERSONAL FINANCE
1. Consumer Financial Protection Bureau Financial Wellness Scale
The financial well-being scale is a free tool to help measure the financial well-being of the people you serve. The scale, which was developed and rigorously tested by The Bureau, contains ten questions to capture how people feel about their financial security and freedom of choice, plus two questions to assist with scoring. Responses to the questions can be converted into an overall financial well- being “score” between 0 and 100. This survey is available in English and Spanish.
The tool and guide for using the tool can be found at https://www.consumerfinance.gov/practitioner- resources/financial-well-being-resources/measure-and-score/
2. Personal Finance Assessment Tools
Dr. Barbara O’Neill of Rutgers University Extension developed several quizzes that can be used in programming to help participants to self-assess. These are now located https://njaes.rutgers.edu/money/assessment-tools/
• Financial Fitness Quiz - how well you have managed your money.
• Personal Health and Finance Quiz- a survey regarding health practices and financial practices that prompts people to simultaneously assess both aspects of their lives.
• Personal Resilience Resources Assessment Quiz – assess available resources that can help them cope with financially stressful situations.
• Investment Risk Tolerance Quiz- Assesses your propensity to take risks and your investment practices.
• Wise Credit Management Quiz- Assess your frequency of performing recommended credit and debt management practices.
FARM BUSINESS FINANCE
1. Oklahoma Farm and Ranch (Financial) Stress Test (Factsheet: AGEC-237)
The farm stress test is designed to provide insight into sources of farm financial stress and the extent of stress. It highlights a few key financial measures and provides a visual interpretation of the numbers. This test can be found at http://dasnr22.dasnr.okstate.edu/docushare/dsweb/Get/Version-4797/F-237web- color.pdf
2. Interpreting Financial Statements and Measures (IFSaM)
Using your financial statements effectively is important. This online, self-paced tool will help you 1) learn how to use your financial statements in day-to-day management, 2) understand how to interpret common financial statements, 3) acquire a powerful skill set to enhance your farm business, and 4) help you gain self-confidence in the area of finance. This resource can be found at https://ifsam.cffm.umn.edu/
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