CFPB Consumer Education Resources

Resources to provide consumers up-to-date information to protect and manage their finances during the coronavirus pandemic. Resources include:

  • mortgage and housing assistance
  • managing your finances
  • student loans
  • avoiding scams

And resources for specific audiences, including:

  • older adults & their families
  • parents & kids
  • people experiencing homelessness



Money Mentors – Savings & Debt Resources

Collection of money management resources, including how create effective budgets, realistic spending plans, deal with your debts, save more money, build a stronger credit rating, and prepare for retirement.



State of Fair Banking in Canada 2020: Borrower and Lender Perspectives

The DUCA Impact Lab defines fair banking as any financial product or service that lives up to the following set of principles:

  • Pricing is clear, transparent, and well understood
  • Pricing is representative of the cost of funds, cost of administration and risk, rather than what the market will bear
  • It is clear to all parties how any personal data is being used by the lender
  • Personal data is only used for purposes agreed to by both the borrower and lender
  • The terms and conditions, including penalties and the rights of each party are clearly explained and well understood by both lender and borrower
  • Products are only recommended that will bring the borrower closer to their expressed goals
  • The borrower is clear on what the institution will do (and not do), with deposits to earn a return
  • The assessment of risk is objective, transparent and not prejudicial
  • Financial institution recommendations are not biased towards in-house product recommendations
  • Products empower consumers when they need access to financial services, not just when they do not

Their Fair Banking 2020 report presents data on the following areas:

  • Debt load and its impact on Canadians
  • Financial confidence
  • Divide between borrowers and lenders
  • How financial products are priced
  • Poor credit and ability to access to financial product and services
  • Demographic snapshot: People of colour and Indigenous Canadians

 



Millennials and money: Financial preparedness and money management practices before COVID-19

Millennials (individuals age 18–37 in 2018) are the largest, most highly educated, and most diverse generation in U.S. history

This paper assesses the financial situation, money management practices, and financial literacy of millennials to understand how their financial behaviour has changed over the ten years following the Great Recession of 2008 and the situation they were in on the cusp of the current economic crisis (in 2018) due to the COVID-19 pandemic.

 Findings from the National Financial Capability Study (NFCS) show that millennials tend to rely heavily on debt, engage frequently in expensive short- and long-term money management, and display shockingly low levels of financial literacy. Moreover, student loan burden and expensive financial decision making increased significantly from 2009 to 2018 among young adults.



Pressure Creates Diamonds: Money Management During Coronavirus

The town hall with CFPB Director Kraninger and Pro Linebacker Brandon Copeland includes steps, and tools to help people plan and persevere during financial challenges.

The page also includes access to free resources on a number of topics including mortgage help, dealing with student loans, paying bills, building savings and more.



COVID-19 financial literacy resources

CPA Canada has put together resources to help manage your finances and provide you with the tools you need during this crisis – and beyond.



Race, Ethnicity, and the Financial Lives of Young Adults: Exploring Disparities in Financial Health Outcomes

Young adults of color, particularly those who are Black and Latinx, have borne a disproportionate share of economic hardship, as decades of systemic racism have made their communities more vulnerable to the effects of these crises. This report shares new data on the financial lives of young adults, focusing on Black and Latinx young adults, in order to inform policies, programs, and solutions that can improve financial health for all.



Roadblock to Recovery: Consumer debt of low- and moderate-income Canadians in the time of COVID-19

Almost half of low-income households and 62 per cent of moderate-income households carry debt, with households on low incomes spending 31 per cent of their income on debt repayments, according to a new report published by national charity, Prosper Canada.

This report analyzes the distribution, amount and composition of non-mortgage debt held by low- and moderate-income Canadian households and explores implications for federal and provincial/territorial policy makers as they develop and implement COVID-19 economic recovery plans and fulfill their respective regulatory roles.