CHICAGO, Ill. (January 26, 2016) — ConnectedHealth, a leading private insurance exchange, today announced findings from its My Thrive Score online assessment tool, which gives consumers a baseline “credit score” for their health and financial security foundation. According to the data, the average score among all users was a 64 (out of 100 possible points), while people between the ages of 25-35 (the Millennial generation) had an average score of 53.
“Health and financial security are always top of mind for Americans, particularly when it comes to their New Year’s resolutions. Our recent data shows that those resolutions often go unfulfilled, with the majority of people having no strong foundational strategies in place to achieve better health and financial security,” said Joe Donlan, president of ConnectedHealth. “We know from recent studies that an individual’s health and financial well-being are connected and have a direct impact on a person’s productivity in the workplace. Employers and carriers alike have an opportunity to help consumers look more holistically at their personal situations to ensure they have the right protections in place for the long term.”
Additional findings from ConnectedHealth’s My Thrive Score data include:
- Men are slightly better prepared than women in terms of health and financial security. Male consumers who took the My Thrive Score assessment had an average score of 68 (out of 100 possible points), while women had an average score of 61.
- Millennials are struggling the most when it comes to being financially prepared. Gen Y users had a collective My Thrive Score of 53 (out of 100 possible points), equating to an ‘F’ letter grade, and the data suggested that the majority (77 percent) are lacking in key financial preparedness strategies, such as having sufficient emergency cash available.
- Disability insurance is a common area for improvement. Across all generations of My Thrive Score users, only 44 percent had disability coverage in place for themselves or their families.
- Some good news. In general, consumers with dependents (i.e., children) had higher total scores and more health and financial protections in place than those without dependents.
- Financial wellness tools can make a difference. Approximately 34 percent of consumers who took the My Thrive Score assessment later visited ConnectedHealth’s Smart Choices™ Marketplace platform to shop for benefits. This suggests that online engagement tools can be effective in encouraging people to take action to improve their health and financial situation, which can ultimately improve their productivity in the workplace.
ConnectedHealth’s My Thrive Score tool asks users to answer six simple questions relating to four cornerstones of their health and financial security status: Protecting and Maximizing Health, Protecting and Maximizing Income, Protecting Assets and Saving for the Future. The scores reported above are on a scale of 1-100. The company also released an infographic, which offers additional insight into how consumers can achieve better health and financial security. The free My Thrive Score tool is available at www.mythrivescore.com.
ConnectedHealth makes it easy for consumers and employees to shop for personalized insurance benefits online. Founded by pioneers in consumer healthcare transparency, the company’s award-winning e-commerce platform helps businesses control costs and supports their entire workforce in protecting their health and financial security. Learn more at ConnectedHealth.com or on LinkedIn, Facebook and Twitter.