The Consumer Financial Protection Bureau (the CFPB) looked at the information sources consumers are exposed to when they make financial decisions. Empowering consumers to make the financial decisions that will help them meet their own life goals is a critical part of the mission of the CFPB. To...
In order to support and guide efforts to improve the effectiveness and quality of financial education, the CFPB is taking up this challenge to provide stronger evidence of what works to improve financial decision making and financial well-being, while ensuring the appropriate research protections...
This brief is the joint submission of the Canadian Literacy and Learning Network (CLLN), Momentum Calgary, SEED Winnipeg, Social and Enterprise Development Innovations (SEDI), and St. Christopher House in Toronto – five non-profit organizations working to strengthen the financial inclusion and...
Very little is known about the number or characteristics of credit invisibles or consumers with unscored credit records. This Data Point documents the results of a research project undertaken by Staff in the Office of Research of the Consumer Financial Protection Bureau (CFPB) to better...
This report presents the results of the Survey of Consumer Views on Debt (“survey”) which was conducted by the Consumer Financial Protection Bureau (“Bureau”) between December 2014 and March 2015. The survey results substantially expand the understanding of debt collection in the United...
Consumers of financial products and services need both a safe, transparent marketplace, and the financial capability to navigate that marketplace effectively. This report describe initial research funded by the CFPB into how people acquire financial capability, to inform financial education and...
Recognizing the potential of financial coaching to improve the well-being of consumers, the Consumer Financial Protection Bureau (CFPB) commissioned a rigorous study on the impact of financial coaching programs.1 Using a randomized controlled trial design, this study allows, for the first time, a...
To assess the current state of financial health in America and to glean insights that can inform cross-sector efforts to improve consumer outcomes, CFSI designed and commissioned a nationally representative survey focused on consumers’ financial behaviours, attitudes, and preferences. This report...
In order to provide practitioners and researchers with a standard, reliable, and broadly available way to measure individual financial well-being, the CFPB led a rigorous research effort to develop a consumer-driven definition of financial well-being, and then tested a set of questions–a...
Over the last decade, initiatives to enhance the financial stability of the economically vulnerable population have multiplied and shown promise. But there is as of yet no strategy on a national scale that addresses the unique consumer financial product and service needs of low-income and...
The CFPB has developed a strategy and a range of initiatives to help consumers take control over their financial lives. Broadly, this strategy recognizes that financial literacy and financial capability require more than simply providing consumers with more information. Being able to manage one’s...
There is wide variation in how people in the U.S. feel about their financial well-being. This report presents findings from a survey by the Consumer Financial Protection Bureau (CFPB) on the distribution of financial well-being scores for the U.S. adult population overall and for selected...
As financial educators know, making day-to-day decisions on spending money is one of the biggest challenges consumers face in keeping their financial lives in order. Many people find it difficult to manage their household finances on a daily basis, let alone over the long term. This brief from the...
The CFPB has undertaken a broad array of education initiatives this year, as well as continued or expanded upon prior initiatives. These initiatives are described in more detail in various sections of this report. The CFPB’s financial education research is focused on identifying the knowledge,...
Where and when during childhood and adolescence do people acquire the foundations of financial capability? The Consumer Financial Protection Bureau (CFPB) researched the childhood origins of financial capability and well-being to identify those roots and to find promising practices and...
This is a companion guide to the 'Your Money, Your Goals' curriculum by the Consumer Financial Protection Bureau (CFPB) in the United States. This guide- Your Money, Your Goals: Focus on People with Disabilities—contains information, tips, and tools based on the insights from people with...
he CFPB and the Office of Fair Lending and Equal Opportunity (the Office of Fair Lending) have taken important strides over the last year in our efforts to protect consumers from credit discrimination and broaden access to credit, as we identify new and emerging fair lending risks and monitor...
Payday loans typically carry annual percentage rates of 300 to 500 percent and are due in a lump sum, or balloon payment, on the borrower’s next payday, usually about two weeks later. These loans are advertised as quick fixes for unexpected expenses, but repaying them consumes more than a third...
Consumer protections safeguard all consumers from predatory practices and enable honest businesses to thrive by ensuring a fair and vibrant marketplace. More than just a regulatory tool, consumer protections—for example, protections against abuse by debt collectors, deceptive advertising by used...
For financial educators and others who help people with decision-making, there is evidence that providing financial rules of thumb to consumers can work better than more detailed and complex financial education in some situations. To further explore the potential of rules of thumb for financial...
To test out the impact of rules of thumb in helping consumers decrease their credit card debt, the CFPB commissioned a rigorous study of two financial rules of thumb on consumers with revolving credit card debt. We created two new guidelines aimed at aiding consumers to decrease their revolving...
About half of households are considered financially fragile, which means they’re not sure they could come up with $2,000 in 30 days if they had to. Lack of emergency savings is common. It affects about half of households that earn $25,000 to $75,000 a year, and about a quarter of households that...
One promising opportunity for teaching young people about financial capability occurs when they are participating in programs that provide youth training and employment. Nearly 20 million youth were employed in July 2013 alone, 2 so youth employment programs offered in local communities...
Mobile payments (m-payments) are an important aspect of mobile banking, which is a form of retail financial services that is growing rapidly around the world. Canadian consumers are increasingly migrating away from branch-based banking towards online and mobile banking. Research suggests that the...
This report summarizes the main themes, ideas and discussion points that emerged from the fourth national conference on financial literacy, which was hosted by the Financial Consumer Agency of Canada (FCAC) in Vancouver, B.C. on November 6 and 7, 2014. The conference brought together the top issues...