Your Financial Health Checklist gives you a snapshot of where you stand across five areas of your finances, and what to focus on next. It's based on actions you've taken, not just how much money you have.

How it's calculated

Your score is out of 20, broken down across five pillars:

Emergency Preparedness (4 points) 

We estimate your monthly expenses using a simple proxy: 35% of your gross annual income ÷ 12

We then compare that to your chequing and money market balances. The goal is to set aside 3 months of expenses. You earn points as your buffer grows — every step counts.

Retirement Readiness (4 points) 

We check whether you have a funded RRSP and TFSA, and whether your balances are keeping pace with StatCan median balances for your age group. These are soft targets that tell us you’re ahead of the curve. We also look at whether you're prioritizing your RRSP over your TFSA if you’re earning more than $55,000, which is generally the better move for tax-deferred growth.

Investing Behaviour (2 points) 

We check two things: whether your surplus cash is being put to work in the market rather than sitting idle, and whether your managed RRSP is taking on enough risk given your time horizon and retirement goal.

Behavioral Consistency (6 points) 

This is the most heavily weighted pillar, since consistent behaviour is one of the biggest drivers of long-term outcomes. We look at whether you’ve set up recurring contributions (like automated investing or pre-authorized contributions), how frequently you’ve made changes to your portfolio (with fewer than 3 changes in the past 90 days considered stable), and whether you have direct deposit set up into your Wealthsimple chequing account. By directly depositing your paycheque into a high-interest-bearing, no-fee account, you are making the most of every dollar earned, even while not invested.  

Debt Health (4 points) 

We use three ratios to understand how manageable your debt is. We calculate your total debt relative to your income (target ≤ 2.0x) to assess whether it’s sustainable without penalizing you for having a mortgage, your debt relative to your fixed assets (target ≤ 60%) to understand how much is backed by assets like a home, and your liquid savings relative to your total debt (target ≥ 0.5x) to estimate your ability to handle a financial shock.

A few things to know

• It reflects your Wealthsimple data. We use what’s visible to us - your account balances, transaction history, and the financial details you’ve provided (income, assets, and debt). 
• The more up-to-date your profile is, the more accurate your score will be.  If your financial situation has changed since you last updated your profile, your score may not reflect your current picture. 
• It’s an estimate, not a perfect view. Some values, like your monthly expenses, are approximated using simple formulas.
• This is a beta feature. We're actively refining the score in response to feedback. Some pillars may not apply to you yet — for example, the Investing behaviour pillar only scores your RRSP risk alignment if you have a managed RRSP with a retirement goal and 14+ years to retirement.
• It's not financial advice. Your score is a tool to help you reflect on your financial habits — not a recommendation or guarantee. All investing involves risk.