Effective financial education: Five principles and how to use them

Effective financial education: Five principles and how to use them

Abstract

The Consumer Financial Protection Bureau (CFPB) has examined what financial well-being means to consumers, in their own words, for their own lives.

They also created a rigorous way to measure it, and developed a model of what factors drive an individual’s financial well-being. What the research demonstrates is that there is no single right way to help adult consumers improve their financial decision-making skills and choices, just as there is no single right way everyone should conduct their financial lives. There are many approaches that work, reflecting the diversity of people’s circumstances, opportunities, and aspirations. CFPB have distilled from this research certain principles, or underlying factors, that can be put into practice through adult financial education to help drive financial action and well-being.

Full content of the publication

Tags

Decisiones financieras Financial decisions Financial education Financial literacy Financial wellness

Authors

CFPB

Web

Additional Information

Date published

01/06/2017

Document Type

Research

Geographies

Global

Target

General

Pages

77

Source

CFPB

Related publications

4 October 2019

The State of U.S. Financial Capability: The 2018 National Financial Capability Study

The FINRA Foundation’s National Financial Capability Study (NFCS) is designed to understand and measure a rich, connec...

4 October 2019

Financial Literacy Gap: Empowering teachers to support the next generation

The wealth gap in the United States is threatening Americans’ aspirations for social advancement and equal opportunity...

11 September 2019

FinFuture: the future of personal finance in Australia

Australia is a prosperous country. Yet many Australian households face formidable financial challenges, which include ov...