How to read the report
My Finance Wellness market study is aimed at understanding financial wellbeing.
We have simplified our approach on how to decode the findings without the need for special help and consulting.
All scores are numerical and can be a number or a percentage. Percentages will be denoted with “%” sign.
A lot of the scores are in reference to a cluster or group, to denote the ranking or standing of you viewpoint or opinion within it.
You would be provided with a Rank. In case of a Rank, the lower the number, the better. 1st is better than 2nd.
You will also find a Ranking which is a comparative score.
Hence, the higher the number, the better! If you are concerned or confused, help is just a call/email away!
Do keep us in your thoughts always.
Remember that you can always improve your score and human endeavor is all about improving upon the past.
Let us understand through an illustration here:
Let us assume Ananya, showcased with a Score of 315 is a participant.
This means, based on her responses, her individual score is 315, and this number can only be higher or better as she moves up the scale. This is also known as cumulative ranking, where the scores are cumulated to arrive at a single number to denote the person’s achievement. Alternatively, you may also see it as height! If Ananya is 5’4″ in height, she can grow taller with exercise, and thus 5’4″ is her score in tallness.
However, when it comes to Rank, Ananya may have a score similar to someone else. In such a scenario, her rank will be the same as the other person who shares a similar number. In the example above, Ananya gets a 3rd rank and she shares it with another person. However, a person smaller than her gets a higher number, which is 4th while someone better would get a lower number, which is 2nd and 1st, as in Ranking parlance, a lower number is considered higher in reputation or scale.
We hope we have been able to illustrate the difference clearly to you to understand the importance of numbering.
The percentile rank of a score is the percentage of scores in its frequency distribution that are equal to or lower than it. For example, Ananya has scored 315. As she shares the rank, it means that he too has scored 315. On a percentile ranking, they are together at 40th percentile ranking. Among 5 people, 100 / 5 equals 20.
In Rank 1, there is one person; hence she is at 100th percentile ranking.
In Rank 2, there is one person; hence he is at 80th percentile ranking.
In Rank 3, there are two persons; hence they are at 40th percentile ranking.
In Rank 4, there is one person; hence she is at the 20th percentile ranking.