August 16, 2022
New digital tool, sponsored by Morgan Stanley, allows audiences to learn more about their finances through scores and curated content
August 16, 2022 – Today Bloomberg launched WealthScore, a new interactive tool that helps audiences in the US gain an understanding of their finances.
WealthScore delivers comprehensive scores on a scale of 1-10 along with a list of action items for users to improve their financial position based on the answers provided. The scores are based on questions about age, household size, income, spending, savings, debts and assets. The tool also provides users with curated content to help them achieve their goals and discover strategies for tackling debt, managing spending habits, saving for retirement and more.
Each user’s WealthScore is evaluated on seven benchmarks including Balanced Budget, Housing Expenses, Debt-Income Ratio, Emergency Nest Egg, Retirement Savings Rate, Cumulative Retirement Savings and Net Worth. The final WealthScore is an average of these scores compared to other users in their cohort. Bloomberg consulted personal finance experts and drew on public data sets to determine scores and recommendations.
“Bloomberg Wealth’s coverage is designed to help readers make smart decisions about their finances whatever stage they’re at in life. This tool will provide them with resources to help them attain their goals,” said Craig Giammona, Team Leader, Personal Finance, Bloomberg.
The full methodology for WealthScore can be found here.
“This is an exciting area of growth for Bloomberg Wealth,” said Marissa Zanetti-Crume, Head of Product for Bloomberg Media. “The mission of Bloomberg Wealth is to be a reliable and trustworthy source of financial news and information for our users to help them in their financial journey. WealthScore is meant to do just that, to be an added resource.”
Morgan Stanley is the launch sponsor of WealthScore.
“Education is mission critical when it comes to fostering financial empowerment,” said Jess Schnurr, Head of Brand Marketing at Morgan Stanley. “That’s why we’re proud to collaborate with Bloomberg to launch WealthScore – a new, easy tool that enables readers to assess their financial position and uncover curated resources to take them further in achieving their financial goals.”
Bloomberg Wealth helps readers and viewers make smarter decisions about their personal finances.
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