Financial stability is a term more traditionally used within the business world. It means a state in which the financial system, that is the key financial markets and the financial institutional system, is resistant to economic shocks. The use of the term is becoming widespread when discussing personal finances because personal financial stability is key to achieving financial wellbeing.
A Creditspring membership can help you to achieve financial stability by allowing you to stretch to your budget and absorb a financial shock. This in turn, helps you to improve and maintain your financial wellbeing.
Financial wellbeing is all about having a sense of security and feeling as though you have enough money to cover your needs. It means feeling in control of your everyday month-to-month finances and having the financial freedom to make the choices that allow you to enjoy life.
Our unique Financial Stability Score is specifically designed to help you understand your ability to 'absorb a financial shock'. Calculated using a combination of answers to a survey and data from your credit profile, your Score is personalised and updated monthly.
Your personal Financial Stability Score comes with useful hints and tips to help you improve your financial wellbeing. These are updated monthly along with your score.
As a Creditspring member, you'll have access to our Stability Portal. This contains links to products and services specially selected to help you improve your financial wellbeing. You'll find ways to save money and ways to strengthen your ability to absorb a financial shock.